Tapestry Inc reported Q4 FY2024 (quarter ended June 29, 2024) revenue of $1.591 billion, down 23.7% year-over-year, with a robust gross margin of approximately 74.9% and an operating margin of about 14.8%. Net income totaled $159.3 million, translating to $0.69 per diluted share. The quarter delivered solid cash generation: operating cash flow of $256.0 million and free cash flow of $209.8 million, supporting a liquidity position of approximately $6.14 billion in cash and equivalents and a net debt position of roughly $2.62 billion. The company continued to deploy capital toward investments and returns, including $0.7 million in share repurchases and $80.5 million in dividends, while investing $46.2 million in capex and absorbing $1.59 billion in investment activity related to holdings. The result underscores Tapestry’s ability to sustain high gross margins and disciplined expense management even as top-line growth slowed, reflecting ongoing mix shift toward higher-margin direct-to-consumer channels and brand strength across Coach, Kate Spade and Stuart Weitzman. Looking ahead, the company did not publish formal forward guidance in the supplied data, but margins remain a relative strength while revenue headwinds persist in a discretionary consumer environment. Investors should monitor: (i) demand trajectory in key regions and channels, (ii) progress on inventory optimization and price realization, (iii) balance sheet leverage given the sizable long-term debt, and (iv) capital allocation including potential returns and selective investments as macro conditions evolve.