Tapestry, Inc. Q1 FY2024 results: revenue $1.5 billion, up 0.4% on the year

Tapestry, Inc. (TPR) reported revenue of $1.5 billion for Q1 FY2024, the quarter ended 30 September 2023, up 0.4% on the same quarter a year earlier. Net income was $195 million, down 0.2% on the year, and diluted earnings per share $0.84. The figures are the company's own, from the 10-Q it filed with the SEC on 9 November 2023.

Revenue$1.5 billionup 0.4%

Net income$195 milliondown 0.2%

Diluted EPS$0.84

QuarterQ1 FY2024ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Quarter before	A year earlier	Change on the year
Revenue	1,513	n/a	n/a	n/a
Cost of revenue	416	n/a	n/a	n/a
Gross profit	1,098	n/a	n/a	n/a
Gross margin	72.5%	n/a	n/a
Selling, general and administrative	844	n/a	n/a	n/a
Operating income	253	n/a	n/a	n/a
Operating margin	16.7%	n/a	n/a
Interest expense	22.3	n/a	n/a	n/a
Pre-tax income	238	n/a	n/a	n/a
Income tax	43.5	n/a	n/a	n/a
Effective tax rate	18.2%	n/a	n/a
Net income	195	n/a	n/a	n/a
Net margin	12.9%	n/a	n/a
Diluted EPS	$0.84	n/a	n/a	n/a

$ million except per share. Free 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 and capital returned

Line	Q1 FY2024	Quarter before	A year earlier	Change on the year
Operating cash flow	75.3	n/a	n/a	n/a
Capital expenditure	20.9	n/a	n/a	n/a
Free cash flow	54.4	n/a	n/a	n/a
Free cash flow margin	3.6%	n/a	n/a
Depreciation and amortisation	44.3	n/a	n/a	n/a
Share-based compensation	19.7	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	80.2	n/a	n/a	n/a
Dividend per share	$0.35	n/a	n/a	n/a
Diluted shares, weighted	232m	n/a	n/a	n/a
Shares outstanding at period end	229m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Quarter before	A year earlier	Change on the year
Total assets	7,142	n/a	n/a	n/a
Cash and equivalents	622	n/a	n/a	n/a
Receivables	265	n/a	n/a	n/a
Inventory	942	n/a	n/a	n/a
Goodwill	1,218	n/a	n/a	n/a
Long-term debt	1,630	n/a	n/a	n/a
Operating lease liabilities	1,297	n/a	n/a	n/a
Shareholders' equity	2,416	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	1,513	2,084	1,482	1,591	1,508	2,195	1,585	1,723	1,705	2,502	1,921	1,877
Cost of revenue	416	591	375	400	373	562	379	408	404	614	444	313
Gross profit	1,098	1,493	1,107	1,191	1,135	1,633	1,206	1,315	1,300	1,888	1,476	1,564
Gross margin	73%	72%	75%	75%	75%	74%	76%	76%	76%	75%	77%	83%
SG&A	844	1,046	903	956	883	1,140	952	1,044	972	1,172	1,049	1,121
Operating income	253	448	204	235	252	493	254	-584	328	716	428	442
Operating margin	17%	21%	14%	15%	17%	22%	16%	-34%	19%	29%	22%	24%
Interest expense	22.3	88.6	130	129	123	85.8	32.8	29.4	30.1	30.9	29.3	29.0
Pre-tax income	238	403	170	201	226	345	239	-594	319	697	416	429
Tax rate	18%	20%	18%	21%	17%	10%	15%	n/a	14%	19%	17%	19%
Net income	195	322	139	159	187	310	203	-517	275	561	344	348
Net margin	13%	15%	9%	10%	12%	14%	13%	-30%	16%	22%	18%	19%
Diluted EPS	$0.84	$1.39	$0.60	$0.67	$0.79	$1.38	$0.95	-$2.30	$1.28	$2.68	$1.65	$1.66
Operating cash flow	75.3	826	97.8	256	120	506	144	447	113	1,081	263	522
Capital expenditure	20.9	22.8	19.0	46.2	25.6	30.9	30.9	35.3	32.4	43.6	36.8	53.2
Free cash flow	54.4	804	78.8	210	93.9	475	113	412	80.2	1,038	226	469
Buybacks	0.0	0.0	0.0	0.0	0.0	1,613	52.3	53.4	698	404	150	303
Dividends paid	80.2	80.2	80.5	80.5	81.4	72.4	72.7	72.8	83.3	81.3	81.0	80.5
Shares outstanding	229m	229m	230m	230m	233m	207m	208m	208m	206m	203m	202m	200m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 9 November 2023, accession 0001116132-23-000027: the filing on EDGAR. All of Tapestry, Inc.'s filings: EDGAR company page.

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