Tapestry (TPR) FY2020 results: revenue $5.0 billion, down 17.7% on the year
Tapestry, Inc. (TPR) reported revenue of $5.0 billion for fiscal 2020, the year ended 27 June 2020, down 17.7% on the year before. Net income was -$652 million, and diluted earnings per share $-2.34. The figures are the company's own, from the 10-K it filed with the SEC on 13 August 2020.
Revenue
$5.0 billion
-17.7% on the year
FY2013FY2020
Operating margin
-11.1%
13.6% a year earlier
FY2013FY2020
Net income
-$652 million
FY2013FY2020
Diluted EPS
-$2.34
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
4,961
6,027
5,880
-17.7%
Cost of revenue
1,722
1,973
2,032
-12.7%
Gross profit
3,239
4,054
3,854
-20.1%
Gross margin
65.3%
67.3%
65.5%
Selling, general and administrative
n/a
3,240
3,183
Operating income
-551
820
671
Operating margin
-11.1%
13.6%
11.4%
Interest expense
71.5
66.9
86.3
+6.9%
Pre-tax income
-624
766
597
Income tax
27.9
123
199
-77.3%
Effective tax rate
n/a
16.0%
33.4%
Net income
-652
643
398
Net margin
-13.1%
10.7%
6.8%
Diluted EPS
-$2.34
$2.21
$1.38
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
407
792
997
-48.6%
Capital expenditure
205
274
267
-25.1%
Free cash flow
202
518
729
-61.0%
Free cash flow margin
4.1%
8.6%
12.4%
Cash from investing
44.3
-574
-2,165
Cash from financing
5.9
-485
-251
Depreciation and amortisation
829
270
271
+206.7%
Share-based compensation
53.1
84.8
81.3
-37.4%
Buybacks
300
100
0.0
+200.0%
Dividends paid
380
391
384
-2.7%
Dividend per share
$1.01
$1.35
$1.35
-25.0%
Diluted shares, weighted
279m
291m
289m
-4.2%
Shares outstanding at period end
276m
287m
288m
-3.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,276
3,513
3,245
-35.2%
Debt
2,299
1,602
1,600
+43.5%
Operating lease liabilities
1,800
n/a
n/a
Finance lease liabilities
4.4
n/a
n/a
Other liabilities
1,544
1,762
1,834
-12.4%
Total liabilities and equity
7,924
6,877
6,678
+15.2%
Fixed assets
775
939
885
-17.4%
Goodwill
1,301
1,516
1,484
-14.2%
Intangible assets
1,379
1,712
1,733
-19.4%
Investments
8.2
265
6.6
-96.9%
Cash and equivalents
1,426
969
1,243
+47.2%
Receivables
193
298
314
-35.2%
Inventory
737
778
674
-5.3%
Other assets
2,104
400
338
+425.7%
Total assets
7,924
6,877
6,678
+15.2%
10-K for the year ended 27 June 2020, filed 13 August 2020: the filing.