Tapestry expects 'modest' net decrease in Coach brand stores in FY19
Says will continue to invest in brands and business for sustainable growth. Says will acquire new brands on strategic, opportunistic basis. Says will continue to return capital to shareholders with a focus on dividends. Expects revenues for fiscal FY19 to increase at a mid-single-digit rate from fiscal 2018 to $6.1B-$6.2B. Consensus $6.08B. Expects Kate Spade sales to increase at double-digit rate in FY19. Says expects Stuart Weitzman to return revenue growth in FY19. Expects CapEx to be in range of $300-$325M in FY19. Expects modest net decrease in Coach Brand stores in FY19, expects 40-50 net new doors for Kate Spade, expects to open approx. 30 net new stores for Stuart Weitzman in FY19, primarily in China. Says remains very optimistic about global opportunities.