Tapestry (TPR) FY2019 results: revenue $6.0 billion, up 2.5% on the year
Tapestry, Inc. (TPR) reported revenue of $6.0 billion for fiscal 2019, the year ended 29 June 2019, up 2.5% on the year before. Net income was $643 million, up 61.9%, and diluted earnings per share $2.21. The figures are the company's own, from the 10-K it filed with the SEC on 15 August 2019.
Revenue
$6.0 billion
+2.5% on the year
FY2012FY2019
Operating margin
13.6%
11.4% a year earlier
FY2012FY2019
Net income
$643 million
+61.9% on the year
FY2012FY2019
Diluted EPS
$2.21
+60.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
6,027
5,880
4,488
+2.5%
Cost of revenue
1,973
2,032
1,407
-2.9%
Gross profit
4,054
3,854
3,081
+5.2%
Gross margin
67.3%
65.5%
68.6%
Selling, general and administrative
3,240
3,183
2,294
+1.8%
Operating income
820
671
787
+22.2%
Operating margin
13.6%
11.4%
17.5%
Interest expense
66.9
86.3
26.8
-22.5%
Pre-tax income
766
597
759
+28.4%
Income tax
123
199
168
-38.4%
Effective tax rate
16.0%
33.4%
22.1%
Net income
643
398
591
+61.9%
Net margin
10.7%
6.8%
13.2%
Diluted EPS
$2.21
$1.38
$2.09
+60.1%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
792
997
854
-20.6%
Capital expenditure
274
267
283
+2.5%
Free cash flow
518
729
571
-29.0%
Free cash flow margin
8.6%
12.4%
12.7%
Cash from investing
-574
-2,165
593
Cash from financing
-485
-251
370
Depreciation and amortisation
270
271
219
-0.3%
Share-based compensation
84.8
81.3
73.6
+4.3%
Buybacks
100
0.0
0.0
Dividends paid
391
384
378
+1.7%
Dividend per share
$1.35
$1.35
$1.35
0.0%
Diluted shares, weighted
291m
289m
283m
+0.8%
Shares outstanding at period end
287m
288m
282m
-0.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
3,513
3,245
3,002
+8.3%
Debt
1,602
1,600
1,580
+0.1%
Other liabilities
1,762
1,834
1,250
-3.9%
Total liabilities and equity
6,877
6,678
5,832
+3.0%
Fixed assets
939
885
691
+6.0%
Goodwill
1,516
1,484
480
+2.1%
Intangible assets
1,712
1,733
341
-1.2%
Investments
265
6.6
486
+3,909.1%
Cash and equivalents
969
1,243
2,673
-22.1%
Receivables
298
314
268
-5.1%
Inventory
778
674
470
+15.5%
Other assets
400
338
422
+18.5%
Total assets
6,877
6,678
5,832
+3.0%
10-K for the year ended 29 June 2019, filed 15 August 2019: the filing.