Tapestry (TPR) FY2013 results: revenue $5.1 billion, up 6.6% on the year
Tapestry, Inc. (TPR) reported revenue of $5.1 billion for fiscal 2013, the year ended 29 June 2013, up 6.6% on the year before. Net income was $1.0 billion, down 0.4%, and diluted earnings per share $3.61. The figures are the company's own, from the 10-K it filed with the SEC on 22 August 2013.
Revenue
$5.1 billion
+6.6% on the year
FY2008FY2013
Operating margin
30.0%
31.7% a year earlier
FY2008FY2013
Net income
$1.0 billion
-0.4% on the year
FY2008FY2013
Diluted EPS
$3.61
+2.3% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
5,075
4,763
4,159
+6.6%
Cost of revenue
1,377
1,297
1,135
+6.2%
Gross profit
3,698
3,466
3,024
+6.7%
Gross margin
72.9%
72.8%
72.7%
Selling, general and administrative
2,174
1,954
1,719
+11.2%
Operating income
1,525
1,512
1,305
+0.8%
Operating margin
30.0%
31.7%
31.4%
Interest expense
1.4
n/a
n/a
Pre-tax income
1,521
1,506
1,301
+1.0%
Income tax
486
467
420
+4.1%
Effective tax rate
32.0%
31.0%
32.3%
Net income
1,034
1,039
881
-0.4%
Net margin
20.4%
21.8%
21.2%
Diluted EPS
$3.61
$3.53
$2.92
+2.3%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,414
1,222
1,033
+15.7%
Capital expenditure
241
184
148
+31.0%
Free cash flow
1,173
1,037
886
+13.0%
Free cash flow margin
23.1%
21.8%
21.3%
Cash from investing
-570
-259
-59.6
Cash from financing
-689
-742
-875
Depreciation and amortisation
163
133
125
+22.6%
Share-based compensation
120
108
95.8
+12.0%
Buybacks
400
700
1,098
-42.9%
Dividends paid
340
260
178
+30.5%
Dividend per share
$1.24
$0.98
$0.68
+26.5%
Diluted shares, weighted
286m
294m
302m
-2.7%
Shares outstanding at period end
282m
285m
289m
-1.1%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
2,409
1,993
1,613
+20.9%
Debt
1.0
23.4
24.2
-95.8%
Other liabilities
1,122
1,088
998
+3.1%
Total liabilities and equity
3,532
3,104
2,635
+13.8%
Fixed assets
695
644
582
+7.8%
Goodwill
345
376
331
-8.2%
Intangible assets
9.8
9.8
9.8
0.0%
Investments
269
6.0
2.3
+4,390.8%
Cash and equivalents
1,063
917
700
+15.9%
Receivables
175
174
143
+0.6%
Inventory
525
504
422
+4.0%
Other assets
450
472
445
-4.7%
Total assets
3,532
3,104
2,635
+13.8%
10-K for the year ended 29 June 2013, filed 22 August 2013: the filing.