Item 6. SELECTED FINANCIAL DATA (dollars and shares in thousands, except per share data)

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Item 6. SELECTED FINANCIAL DATA (dollars and shares in thousands, except per share data)

The selected historical financial data presented below as of and for each of the fiscal years in the five-year period ended June 28, 2014 has been derived from Coach’s audited Consolidated Financial Statements. The financial data should be read in conjunction with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” the Consolidated Financial Statements and Notes thereto and other financial data included elsewhere herein.



	Fiscal Year Ended(1)
	June 28, 2014(2)(3)			June 29, 2013(2)(3)			June 30, 2012(2)(3)			July 2, 2011(3)			July 3, 2010
Consolidated Statements of Income:
Net sales	$	4,806,226		$	5,075,390		$	4,763,180		$	4,158,507		$	3,607,636
Gross profit	3,296,963			3,698,148			3,466,078			3,023,541			2,633,691
Selling, general and administrative ("SG&A") expenses	2,176,889			2,173,607			1,954,089			1,718,617			1,483,520
Operating income	1,120,074			1,524,541			1,511,989			1,304,924			1,150,171
Net income	781,336			1,034,420			1,038,910			880,800			734,940
Net income:
Per basic share	$	2.81		$	3.66		$	3.60		$	2.99		$	2.36
Per diluted share	2.79			3.61			3.53			2.92			2.33
Weighted-average basic shares outstanding	277,790			282,494			288,284			294,877			311,413
Weighted-average diluted shares outstanding	280,379			286,307			294,129			301,558			315,848
Dividends declared per common share	$	1.350		$	1.238		$	0.975		$	0.675		$	0.375

Consolidated Percentage of Net Sales Data:
Gross margin	68.6		%	72.9		%	72.8		%	72.7		%	73.0		%
Selling, general and administrative expenses	45.3		%	42.8		%	41.0		%	41.3		%	41.1		%
Operating margin	23.3		%	30.0		%	31.7		%	31.4		%	31.9		%
Net income	16.3		%	20.4		%	21.8		%	21.2		%	20.4		%

Consolidated Balance Sheet Data:
Working capital	$	1,042,099		$	1,348,437		$	1,086,368		$	859,371		$	773,605
Total assets	3,663,131			3,531,897			3,104,321			2,635,116			2,467,115
Cash, cash equivalents and investments	1,353,144			1,332,231			923,215			712,754			702,398
Inventory	526,175			524,706			504,490			421,831			363,285
Total debt	140,485			985			23,360			24,155			24,901
Stockholders' equity	2,420,653			2,409,158			1,992,931			1,612,569			1,505,293



	Fiscal Year Ended(1)
	June 28, 2014(2)(3)	June 29, 2013(2)(3)	June 30, 2012(2)(3)	July 2, 2011(3)	July 3, 2010
Coach Operated Store Data
Stores open at fiscal year-end:
North American retail stores	332	351	354	345	342
North American outlet stores	207	193	169	143	121
Coach Japan locations	198	191	180	169	161
Coach International, excluding Japan	277	218	188	142	101
Total stores open at fiscal year-end	1,014	953	891	799	725

Store square footage at fiscal year-end:
North American retail stores	910,003	952,422	959,099	936,277	929,580
North American outlet stores	1,132,714	982,202	789,699	649,094	548,797
Coach Japan locations	355,014	350,994	320,781	303,925	293,441
Coach International, excluding Japan	563,981	417,573	344,615	240,873	164,522
Total store square footage at fiscal year-end	2,961,712	2,703,191	2,414,194	2,130,169	1,936,340

Average store square footage at fiscal year-end:
North American retail stores	2,741	2,713	2,709	2,714	2,718
North American outlet stores	5,472	5,089	4,673	4,539	4,536
Coach Japan locations	1,793	1,838	1,782	1,798	1,823
Coach International, excluding Japan	2,036	1,915	1,833	1,696	1,629


(1)	Coach’s fiscal year ends on the Saturday closest to June 30. Fiscal years 2014, 2013, 2012 and 2011 were each 52-week years. Fiscal year 2010 was a 53-week year.


(2)	The Company acquired its international businesses from its former distributors as follows: fiscal 2014 — the remaining 50% interest in Europe; fiscal 2013 — Malaysia and South Korea; fiscal 2012 — Singapore and Taiwan.


(3)	During fiscal years 2014, 2013, 2012 and 2011, the Company recorded certain items which affect the comparability of our results. See item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” for further information on the items related to fiscal 2014, fiscal 2013 and fiscal 2012. Fiscal 2011 was impacted by the result of a favorable settlement of a multi-year tax return examination and charitable contributions. The following table reconciles the Company's reported results on a U.S. GAAP basis to our adjusted results that exclude these items:

(3)

During fiscal years 2014, 2013, 2012 and 2011, the Company recorded certain items which affect the comparability of our results. See item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” for further information on the items related to fiscal 2014, fiscal 2013 and fiscal 2012. Fiscal 2011 was impacted by the result of a favorable settlement of a multi-year tax return examination and charitable contributions. The following table reconciles the Company's reported results on a U.S. GAAP basis to our adjusted results that exclude these items:



								Net Income
Fiscal 2014	Gross Profit		SG&A			Operating Income		Amount		Per Diluted Share
As Reported: (GAAP Basis)	$	3,296,963	$	2,176,889		$	1,120,074	$	781,336	$	2.79
Excluding items affecting comparability	82,192		(49,315		)	131,507		88,281		0.31
Adjusted: (Non-GAAP Basis)	$	3,379,155	$	2,127,574		$	1,251,581	$	869,617	$	3.10

								Net Income
Fiscal 2013	Gross Profit		SG&A			Operating Income		Amount		Per Diluted Share
As Reported: (GAAP Basis)	$	3,698,148	$	2,173,607		$	1,524,541	$	1,034,420	$	3.61
Excluding items affecting comparability	4,800		(48,402		)	53,202		32,568		0.11
Adjusted: (Non-GAAP Basis)	$	3,702,948	$	2,125,205		$	1,577,743	$	1,066,988	$	3.73

								Net Income
Fiscal 2012	Gross Profit		SG&A			Operating Income		Amount		Per Diluted Share
As Reported: (GAAP Basis)	$	3,466,078	$	1,954,089		$	1,511,989	$	1,038,910	$	3.53
Excluding items affecting comparability	—		(39,209		)	39,209		—		—
Adjusted: (Non-GAAP Basis)	$	3,466,078	$	1,914,880		$	1,551,198	$	1,038,910	$	3.53

								Net Income
Fiscal 2011	Gross Profit		SG&A			Operating Income		Amount		Per Diluted Share
As Reported: (GAAP Basis)	$	3,023,541	$	1,718,617		$	1,304,924	$	880,800	$	2.92
Excluding items affecting comparability	—		(25,678		)	25,678		—		—
Adjusted: (Non-GAAP Basis)	$	3,023,541	$	1,692,939		$	1,330,602	$	880,800	$	2.92

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