This includes approximately $250 million completed in the first quarter to repurchase roughly 6 million shares of its common stock at an average cost of $41.02. Share Repurchase Programs: During the fiscal year, the Company now intends to repurchase $1 billion of common stock, doubling the prior expectation for $500 million.As a result, Tapestry now expects to return approximately $1.25 billion to shareholders in Fiscal 2022, a meaningful increase from the previous outlook.
Given Tapestry’s first quarter results, robust balance sheet, significant free cash flow generation, and outlook for growth, the Company’s Board of Directors approved an incremental $1 billion share repurchase program. We remain sharply focused on accelerating growth and profitability and are committed to creating value for all stakeholders.” Taken together, we are increasing our revenue and EPS outlook for the fiscal year, reflecting our first quarter performance and strong underlying business trends. The incremental share repurchase program announced today further underscores our confidence in the strength of our brands and our ability to drive sustainable growth. While supply chain challenges persist due to the global pandemic, we’re remaining agile and taking deliberate actions to meet growing consumer demand. “Overall, this performance reaffirms our conviction in our ability to fuel continued revenue and profit gains. Tapestry’s standout results highlight our teams’ extraordinary execution and the foundational changes we’ve made to transform into a more consumer-centric, data-driven, and responsive organization through the pillars of our Acceleration Program.”
Importantly, revenue trends accelerated compared to pre-pandemic levels driven by North America, as well as continued growth in Digital and China - two key drivers of long-term opportunity.
Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc., said, “We delivered another quarter of solid performance, reflecting strong customer engagement and increased demand for our brands. (NYSE: TPR), a leading New York-based house of modern luxury accessories and lifestyle brands including Coach, Kate Spade, and Stuart Weitzman, today reported results for the fiscal first quarter ended October 2, 2021.