Tapestry (TPR) FY2021 results: revenue $5.7 billion, up 15.8% on the year
Tapestry, Inc. (TPR) reported revenue of $5.7 billion for fiscal 2021, the year ended 3 July 2021, up 15.8% on the year before. Net income was $834 million, and diluted earnings per share $2.95. The figures are the company's own, from the 10-K it filed with the SEC on 19 August 2021.
Revenue
$5.7 billion
+15.8% on the year
FY2014FY2021
Operating margin
16.8%
-11.1% a year earlier
FY2014FY2021
Net income
$834 million
FY2014FY2021
Diluted EPS
$2.95
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
5,746
4,961
6,027
+15.8%
Cost of revenue
1,664
1,722
1,973
-3.4%
Gross profit
4,082
3,239
4,054
+26.0%
Gross margin
71.0%
65.3%
67.3%
Selling, general and administrative
3,114
n/a
3,240
Operating income
968
-551
820
Operating margin
16.8%
-11.1%
13.6%
Interest expense
73.5
71.5
66.9
+2.8%
Pre-tax income
897
-624
766
Income tax
63.1
27.9
123
+126.2%
Effective tax rate
7.0%
n/a
16.0%
Net income
834
-652
643
Net margin
14.5%
-13.1%
10.7%
Diluted EPS
$2.95
-$2.34
$2.21
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
1,324
407
792
+225.2%
Capital expenditure
116
205
274
-43.5%
Free cash flow
1,208
202
518
+499.1%
Free cash flow margin
21.0%
4.1%
8.6%
Cash from investing
-91.0
44.3
-574
Cash from financing
-666
5.9
-485
Depreciation and amortisation
220
829
270
-73.4%
Share-based compensation
64.1
53.1
84.8
+20.7%
Buybacks
0.0
300
100
Dividends paid
0.0
380
391
Dividend per share
$0.00
$1.01
$1.35
Diluted shares, weighted
283m
279m
291m
+1.6%
Shares outstanding at period end
280m
276m
287m
+1.2%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
3,259
2,276
3,513
+43.2%
Debt
1,591
2,299
1,602
-30.8%
Operating lease liabilities
1,526
1,800
n/a
-15.2%
Finance lease liabilities
3.4
4.4
n/a
-22.7%
Other liabilities
2,003
1,544
1,762
+29.7%
Total liabilities and equity
8,382
7,924
6,877
+5.8%
Fixed assets
n/a
775
939
Goodwill
1,297
1,301
1,516
-0.3%
Intangible assets
1,373
1,379
1,712
-0.4%
Investments
8.2
8.2
265
0.0%
Cash and equivalents
2,008
1,426
969
+40.8%
Receivables
200
193
298
+3.6%
Inventory
735
737
778
-0.3%
Other assets
2,761
2,104
400
+31.2%
Total assets
8,382
7,924
6,877
+5.8%
10-K for the year ended 3 July 2021, filed 19 August 2021: the filing.