Tapestry, Inc. (NYSE:TPR) Q1 2020 Earnings Conference Call - Final Transcript

Nov 05, 2019 • 08:30 am ET


Tapestry, Inc. (NYSE:TPR) Q1 2020 Earnings Conference Call - Final Transcript


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Good day, and welcome to the Tapestry Conference Call. Today's call is being recorded. [Operator Instructions]

At this time for opening remarks and introductions, I would like to turn the call over to the Global Head of Investor Relations and Corporate Communications at Tapestry Andrea Shaw Resnick.

Andrea Shaw Resnick

Good morning and thank you for joining us. With me today to discuss our quarterly results are Jide Zeitlin, Tapestry's Chairman and Chief Executive Officer, and Joanne Crevoiserat, Tapestry's Chief Financial Officer. 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. Jide will provide an overall summary of our fiscal first quarter 2020 results for Tapestry as well as our 3 brands. Joanne will continue with details on financial and operational results of the quarter and our outlook for FY 20. 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 and Josh Schulman, CEO & Brand President of Coach. Following Q&A, we will conclude with some brief summary remarks. I'd now like to turn it over to Jide Zeitlin, Tapestry's Chairman and CEO.

Jide J. Zeitlin

Good morning. Thank you, Andrea and thank you to each of you for joining our earnings call. Although this is my first as CEO, this is Tapestry's 77th call since Coach's IPO in 2000. I still remember how exciting it was to listen to that first call 19 years ago when I joined the call as an advisor to the company. Having seen this journey progress over the years, my principal take away relates to the resilience of this remarkable organization. The combination of a powerful brand with exceptional people and culture has enabled this company to reinvent itself to fix historical mistakes and to address new competitors and evolving consumer desires. I've approached my first 2 months of CEO with an optimism born of our history, and an appreciation that this history has been defined by innovation and change.

I've immersed myself in day-to-day operations and key decision-making. My experience during this period of time has deepened my conviction that our 3