The FTC filed a complaint to block the Capri acquisition, leading to a court injunction and an ongoing legal battle. This introduces uncertainty regarding the company's expansion plans and potential synergies.

The company introduced the 2025 growth strategy (“futurespeed”), designed to amplify and extend the competitive advantages of its brands, with a focus on four strategic priorities.

SG&A expenses increased from $844.5 million to $882.9 million. This increase suggests potential inefficiencies or increased investments in marketing and administrative activities.

The ongoing legal challenge by the FTC introduces significant risk and uncertainty regarding the completion of the Capri acquisition, potentially impacting Tapestry's strategic direction and financial outlook.

The company acknowledges that several organizations that monitor the world's economy, including the International Monetary Fund, continue to forecast growth in the global economy, and remains unchanged since the fourth quarter of fiscal 2024.

Coach brand net sales increased 1.1% or $13.2 million to $1.17 billion in the first quarter of fiscal 2025. Excluding the impact of foreign currency, Net sales increased 1.6% or $18.3 million.

Kate Spade Net Sales decreased 6.6% or $20.0 million to $283.2 million in the first quarter of fiscal 2025. Excluding the impact of foreign currency, Net sales decreased 6.3% or $18.9 million.

Stuart Weitzman Net Sales increased 2.1% or $1.1 million to $53.7 million in the first quarter of fiscal 2025. Excluding the impact of foreign currency, Net sales increased 2.0% or $1.0 million.

The company suspended its share repurchase activity in August 2023 in connection with the Capri Acquisition. This indicates a shift in capital allocation priorities towards the acquisition.