Tapestry (TPR) FY2011 results: revenue $4.2 billion, up 15.3% on the year
Tapestry, Inc. (TPR) reported revenue of $4.2 billion for fiscal 2011, the year ended 2 July 2011, up 15.3% on the year before. Net income was $881 million, up 19.8%, and diluted earnings per share $2.92. The figures are the company's own, from the 10-K it filed with the SEC on 19 August 2011.
Revenue
$4.2 billion
+15.3% on the year
FY2008FY2011
Operating margin
31.4%
31.9% a year earlier
FY2008FY2011
Net income
$881 million
+19.8% on the year
FY2008FY2011
Diluted EPS
$2.92
+25.3% on the year
FY2008FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
4,159
3,608
3,230
+15.3%
Cost of revenue
1,135
974
908
+16.5%
Gross profit
3,024
2,634
2,323
+14.8%
Gross margin
72.7%
73.0%
71.9%
Selling, general and administrative
1,719
1,484
1,351
+15.8%
Operating income
1,305
1,150
972
+13.5%
Operating margin
31.4%
31.9%
30.1%
Pre-tax income
1,301
1,158
983
+12.4%
Income tax
420
423
359
-0.7%
Effective tax rate
32.3%
36.5%
36.6%
Net income
881
735
623
+19.8%
Net margin
21.2%
20.4%
19.3%
Diluted EPS
$2.92
$2.33
$1.91
+25.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
1,033
991
809
+4.3%
Capital expenditure
148
81.1
137
+82.1%
Free cash flow
886
910
672
-2.7%
Free cash flow margin
21.3%
25.2%
20.8%
Cash from investing
-59.6
-182
-265
Cash from financing
-875
-1,020
-440
Depreciation and amortisation
125
127
123
-1.3%
Share-based compensation
95.8
81.4
67.5
+17.7%
Buybacks
1,098
1,150
454
-4.5%
Dividends paid
178
94.3
n/a
+88.8%
Dividend per share
$0.68
n/a
n/a
Diluted shares, weighted
302m
316m
326m
-4.5%
Shares outstanding at period end
289m
297m
318m
-2.8%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
1,613
1,505
1,696
+7.1%
Debt
24.2
24.9
25.6
-3.0%
Other liabilities
998
937
843
+6.6%
Total liabilities and equity
2,635
2,467
2,564
+6.8%
Fixed assets
582
548
593
+6.2%
Goodwill
331
306
283
+8.2%
Intangible assets
9.8
9.8
9.8
0.0%
Investments
2.3
106
6.0
-97.9%
Cash and equivalents
700
596
800
+17.3%
Receivables
143
109
109
+31.0%
Inventory
422
363
326
+16.1%
Other assets
445
428
437
+4.0%
Total assets
2,635
2,467
2,564
+6.8%
10-K for the year ended 2 July 2011, filed 19 August 2011: the filing.