Tapestry (TPR) FY2017 results: revenue $4.5 billion, down 0.1% on the year
Tapestry, Inc. (TPR) reported revenue of $4.5 billion for fiscal 2017, the year ended 1 July 2017, down 0.1% on the year before. Net income was $591 million, up 28.3%, and diluted earnings per share $2.09. The figures are the company's own, from the 10-K it filed with the SEC on 16 August 2018.
Revenue
$4.5 billion
-0.1% on the year
FY2010FY2017
Operating margin
17.5%
14.5% a year earlier
FY2010FY2017
Net income
$591 million
+28.3% on the year
FY2010FY2017
Diluted EPS
$2.09
+26.7% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
4,488
4,492
4,192
-0.1%
Cost of revenue
1,407
1,440
1,283
-2.3%
Gross profit
3,081
3,051
2,909
+1.0%
Gross margin
68.6%
67.9%
69.4%
Selling, general and administrative
2,294
2,398
2,291
-4.3%
Operating income
787
654
618
+20.5%
Operating margin
17.5%
14.5%
14.7%
Interest expense
26.8
32.9
11.9
-18.5%
Pre-tax income
759
627
612
+21.1%
Income tax
168
166
209
+1.1%
Effective tax rate
22.1%
26.5%
34.2%
Net income
591
460
402
+28.3%
Net margin
13.2%
10.3%
9.6%
Diluted EPS
$2.09
$1.65
$1.45
+26.7%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
854
759
937
+12.5%
Capital expenditure
283
396
199
-28.6%
Free cash flow
571
362
738
+57.6%
Free cash flow margin
12.7%
8.1%
17.6%
Cash from investing
593
-810
-613
Cash from financing
370
-385
389
Depreciation and amortisation
219
219
241
-0.1%
Share-based compensation
73.6
86.8
88.9
-15.2%
Buybacks
0.0
0.0
0.0
Dividends paid
378
374
372
+0.9%
Dividend per share
$1.35
$1.35
$1.35
0.0%
Diluted shares, weighted
283m
279m
277m
+1.3%
Shares outstanding at period end
282m
278m
277m
+1.2%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
3,002
2,683
2,490
+11.9%
Debt
1,580
876
890
+80.3%
Other liabilities
1,250
1,334
1,287
-6.3%
Total liabilities and equity
5,832
4,893
4,667
+19.2%
Fixed assets
691
920
733
-24.8%
Goodwill
480
502
434
-4.4%
Intangible assets
341
347
360
-1.7%
Investments
486
1,019
640
-52.3%
Cash and equivalents
2,673
859
1,292
+211.2%
Receivables
268
245
220
+9.3%
Inventory
470
459
485
+2.3%
Other assets
422
542
504
-22.0%
Total assets
5,832
4,893
4,667
+19.2%
10-K for the year ended 1 July 2017, filed 16 August 2018: the filing.