Tapestry Inc. (TPR) Q3 2023 Earnings Call Transcript

Tapestry Inc. (NYSE:TPR) Q3 2023 Results Conference Call May 11, 2023 8:00 AM ET

Company Participants

Christina Colone - Head of IR

Joanne Crevoiserat - CEO

Scott Roe - CFO

Todd Kahn - Co-CEO

Conference Call Participants

Bob Drbul - Guggenheim

Ike Boruchow - Wells Fargo

Lorraine Hutchinson - Bank of America

Matthew Boss - JPMorgan

Brook Roche - Goldman Sachs

Oliver Chen - TD Cowen

Mark Altschwager - Baird

Operator

Good day, and welcome to this Tapestry Conference call. Today's call is being recorded.

[Operator Instructions] Please note this call may be recorded. At this time, for opening remarks and introductions, I would like to turn the conference call over to the Global Head of Investor Relations, Christina Colone.

Christina Colone

Good morning. Thank you for joining us. With me today to discuss our third quarter results as well as our strategies and outlook are Joanne Crevoiserat, Tapestry's Chief Executive Officer; and Scott Rowe, Tapestry's Chief Financial Officer and Chief Operating 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. 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, 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 financial measures are included in our comments today and in our presentation slides. For a full reconciliation to corresponding GAAP financial information, please visit our website. www.tavestry.com/investors and then view the earnings release and the presentation posted today.

Now let me outline the speakers and topics for this conference call. Joanne will begin with highlights for Tapestry and our brand. Scott will continue with our financial results, capital allocation priorities and our outlook going forward. Following that, we will hold a question-and-answer session, where we will be joined by Todd Kahn, CEO and Brand President of Coach. After Q&A, Joanne will conclude with brief closing remarks.

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

Joanne Crevoiserat

Good morning. Thank you, Cristina, and welcome, everyone. As noted in our press release, we delivered strong revenue, margin and earnings growth in the third quarter, significantly outpacing expectations. This demonstrates the power of brand building, customer centricity and our agile operating model. Importantly, we continue to advance our long-term strategic agenda, creating lasting customer relationships around the world through product innovation and compelling omnichannel experiences a testament to the ingenuity of our talented global teams who continue to drive our results.