Tapestry, Inc. (NYSE:TPR) Q4 2019 Earnings Conference Call Transcript

Aug 15, 2019 • 08:30 am ET

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Tapestry, Inc. (NYSE:TPR) Q4 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, and welcome to the Tapestry Conference Call. Today's call is being recorded. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] At this time, for opening remarks and introductions, I would like to turn the call over to Christina Colone, Vice President, Investor Relations.

Executive
Christina Colone

Good morning and thank you for joining us. With me today to discuss our quarterly and annual results are Victor Luis, Tapestry's Chief Executive Officer and Andrea Shaw Resnick, Tapestry's Global Head of Investor Relations and Corporate Communications.

Before we begin we must point out that this conference call will involve certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act including projections for our business in the current or future quarters or fiscal years. Forward-looking statements are not guarantees and our actual results may differ materially from those expressed or implied in the forward-looking statements. Please refer to our Annual Report on Form 10-K, the press release we issued this morning and our other filings with the Securities and Exchange Commission for a complete list of risks and important factors that could impact our future results and performance.

Non-GAAP financial measures are included in our comments today and in our presentation slides. You may find the corresponding GAAP financial information as well as the related reconciliations on our website www.tapestry.com/investors and then viewing the earnings release and the presentation slides posted today.

Now let me outline the speakers and topics for this conference call. Victor will provide an overview of our fourth quarter and full year 2019 results for Tapestry, as well as our three brands. Andrea will continue with details on the financial and operational results and our outlook for FY20. Following that, we will hold a question-and-answer session, where we will be joined by Todd Kahn Tapestry's President and Chief Administrative Officer and Chief Legal Officer; Josh Schulman, CEO and Brand President of Coach; and Joanne Crevoiserat, Tapestry's recently appointed CFO. Following Q&A we will conclude with some brief summary remarks.

I'd now like to turn it over to Victor Luis, Tapestry's CEO.

Executive
Victor Luis

Good morning. Thank you, Christina, and welcome everyone. As noted in our press release, 2019 was a year of meaningful evolution for Tapestry. Importantly, we made significant progress on our strategic initiatives, against a difficult retail backdrop in North America. Touching on results by brand, we achieved solid and consistent performance at Coach, which speaks to the success of our transformation strategy, driving brand health and vibrancy. For the year, Coach's International and digital channels led, while the brand also outperformed its direct competition in North America.

Coach's performance is key for two important reasons. First Coach is the core of Tapestry. We understand that driving sustainable growth at Coach is essential to the success of our Company overall. Therefore we are incredibly proud of the brand's results in spite of the volatile backdrop. Second, this performance reinforces our strategic intent to diversify our acquired brands across geographies and channels.

Turning to Stuart