Tapestry (TPR) FY2014 results: revenue $4.8 billion, down 5.3% on the year
Tapestry, Inc. (TPR) reported revenue of $4.8 billion for fiscal 2014, the year ended 28 June 2014, down 5.3% on the year before. Net income was $781 million, down 24.5%, and diluted earnings per share $2.79. The figures are the company's own, from the 10-K it filed with the SEC on 15 August 2014.
Revenue
$4.8 billion
-5.3% on the year
FY2008FY2014
Operating margin
23.3%
30.0% a year earlier
FY2008FY2014
Net income
$781 million
-24.5% on the year
FY2008FY2014
Diluted EPS
$2.79
-22.7% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
4,806
5,075
4,763
-5.3%
Cost of revenue
1,509
1,377
1,297
+9.6%
Gross profit
3,297
3,698
3,466
-10.8%
Gross margin
68.6%
72.9%
72.8%
Selling, general and administrative
2,177
2,174
1,954
+0.2%
Operating income
1,120
1,525
1,512
-26.5%
Operating margin
23.3%
30.0%
31.7%
Interest expense
1.7
1.4
n/a
+21.4%
Pre-tax income
1,122
1,521
1,506
-26.2%
Income tax
341
486
467
-29.9%
Effective tax rate
30.4%
32.0%
31.0%
Net income
781
1,034
1,039
-24.5%
Net margin
16.3%
20.4%
21.8%
Diluted EPS
$2.79
$3.61
$3.53
-22.7%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
985
1,414
1,222
-30.3%
Capital expenditure
220
241
184
-9.0%
Free cash flow
766
1,173
1,037
-34.7%
Free cash flow margin
15.9%
23.1%
21.8%
Cash from investing
-708
-570
-259
Cash from financing
-748
-689
-742
Depreciation and amortisation
189
163
133
+16.2%
Share-based compensation
95.1
120
108
-21.0%
Buybacks
525
400
700
+31.2%
Dividends paid
376
340
260
+10.8%
Dividend per share
$1.35
$1.24
$0.98
+8.9%
Diluted shares, weighted
280m
286m
294m
-2.1%
Shares outstanding at period end
274m
282m
285m
-2.7%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
2,421
2,409
1,993
+0.5%
Debt
140
1.0
23.4
+14,164.0%
Other liabilities
1,102
1,122
1,088
-1.8%
Total liabilities and equity
3,663
3,532
3,104
+3.7%
Fixed assets
714
695
644
+2.8%
Goodwill
361
345
376
+4.7%
Intangible assets
9.8
9.8
9.8
0.0%
Investments
761
269
6.0
+182.5%
Cash and equivalents
592
1,063
917
-44.3%
Receivables
199
175
174
+13.2%
Inventory
526
525
504
+0.3%
Other assets
500
450
472
+11.2%
Total assets
3,663
3,532
3,104
+3.7%
10-K for the year ended 28 June 2014, filed 15 August 2014: the filing.