Tapestry, Inc. (NYSE:TPR) Q4 2020 Earnings Conference Call - Final Transcript

Aug 13, 2020 • 08:00 am ET


Tapestry, Inc. (NYSE:TPR) Q4 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 Vice President of Investor Relations at Tapestry, Christina Colone.

Christina Colone

Good morning. Thank you for joining us. With me today to discuss our fourth quarter and year-end results as well as our strategies and outlook, are Joanne Crevoiserat, Tapestry's interim Chief Executive Officer; Andrea Shaw Resnick, Tapestry's interim Chief Financial Officer; Todd Kahn, President and interim CEO and Brand President of Coach; Liz Fraser, CEO & Brand President of Kate Spade; and Giorgio Sarne, CEO & Brand President of Stuart Weitzman.

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. This includes 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, our most recent quarterly report on Form 10-Q and the press release we issued this morning and our other filings with the Securities and Exchange Commission, for a complete list of risks and other important factors that could impact our future results and performance.

Non-GAAP 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 reconciliation on our website, www.tapestry.com/investors and then viewing the earnings release and the presentation posted today.

Now, let me outline the speakers and topics for this conference call. Joanne will begin with a brief recap of our fourth quarter and year-end results for Tapestry. She will then provide an overview of our multi-year growth agenda. Todd, Liz and Giorgio will speak to our individual brand strategies and initiatives. Andrea will continue with our financial results and our priorities going forward. Following that, we will hold a question-and-answer session. After Q&A, we will conclude with brief closing remarks.

I'd now like to turn it over to Joanne Crevoiserat, Tapestry's CEO.

Joanne Crevoiserat

Thank you and good morning, everyone. I'm honored to have the opportunity to speak with you today as Tapestry's CEO, particularly given this pivotal moment in the company's history. I have a passion for our business and our brands, and I see tremendous opportunity ahead. In addition to having a portfolio of three strong brands, Tapestry has built a powerful platform to enable our brands to achieve higher heights than they could on their own.

Today, I'll be sharing the work we're doing to strengthen this platform through the Acceleration Program that we announced this morning. This program is aptly named, as it will accelerate our path to stronger growth in operating margins in each of our brands in the years to come.

I'm pleased to be joined on the call by our Brand CEOs, all of