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

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Item 6. SELECTED FINANCIAL DATA (dollars and shares in millions, 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 27, 2015 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 27, 2015(2)(4)			June 28, 2014(3)(4)			June 29, 2013(3)(4)			June 30, 2012(3)(4)			July 2, 2011(4)
Consolidated Statements of Income:
Net sales	$	4,191.6		$	4,806.2		$	5,075.4		$	4,763.2		$	4,158.5
Gross profit	2,908.6			3,297.0			3,698.1			3,466.1			3,023.5
Selling, general and administrative ("SG&A") expenses	2,290.6			2,176.9			2,173.6			1,954.1			1,718.6
Operating income	618.0			1,120.1			1,524.5			1,512.0			1,304.9
Net income	402.4			781.3			1,034.4			1,038.9			880.8
Net income:
Per basic share	$	1.46		$	2.81		$	3.66		$	3.60		$	2.99
Per diluted share	1.45			2.79			3.61			3.53			2.92
Weighted-average basic shares outstanding	275.7			277.8			282.5			288.3			294.9
Weighted-average diluted shares outstanding	277.2			280.4			286.3			294.1			301.6
Dividends declared per common share	$	1.350		$	1.350		$	1.238		$	0.975		$	0.675

Consolidated Percentage of Net Sales Data:
Gross margin	69.4		%	68.6		%	72.9		%	72.8		%	72.7		%
SG&A expenses	54.6		%	45.3		%	42.8		%	41.0		%	41.3		%
Operating margin	14.7		%	23.3		%	30.0		%	31.7		%	31.4		%
Net income	9.6		%	16.3		%	20.4		%	21.8		%	21.2		%

Consolidated Balance Sheet Data:
Working capital	$	1,671.8		$	1,042.1		$	1,348.4		$	1,086.4		$	859.4
Total assets	4,666.9			3,663.1			3,531.9			3,104.3			2,635.1
Cash, cash equivalents and investments	1,931.8			1,353.1			1,332.2			923.2			712.8
Inventory	485.1			526.2			524.7			504.5			421.8
Total debt	890.4			140.5			1.0			23.4			24.2
Stockholders' equity	2,489.9			2,420.6			2,409.2			1,992.9			1,612.6



	Fiscal Year Ended(1)
	June 27, 2015(2)	June 28, 2014(3)	June 29, 2013(3)	June 30, 2012(3)	July 2, 2011
Coach Operated Store Data:
Stores open at fiscal year-end:
North American retail stores	258	332	351	354	345
North American outlet stores	204	207	193	169	143
Coach International	503	475	409	368	311
Stuart Weitzman stores	54	—	—	—	—
Total stores open at fiscal year-end	1,019	1,014	953	891	799

Store square footage at fiscal year-end:
North American retail stores	728,833	910,003	952,422	959,099	936,277
North American outlet stores	1,189,018	1,132,714	982,202	789,699	649,094
Coach International	1,030,695	918,995	768,567	665,396	544,798
Stuart Weitzman stores	91,101	—	—	—	—
Total store square footage at fiscal year-end	3,039,647	2,961,712	2,703,191	2,414,194	2,130,169

Average store square footage at fiscal year-end:
North American retail stores	2,825	2,741	2,713	2,709	2,714
North American outlet stores	5,829	5,472	5,089	4,673	4,539
Coach International	2,049	1,935	1,879	1,808	1,752
Stuart Weitzman stores	1,687	—	—	—	—


(1)	The Company’s fiscal year ends on the Saturday closest to June 30. Fiscal years 2015, 2014, 2013, 2012 and 2011 were each 52-week years.


(2)	The Company acquired Stuart Weitzman in the fourth quarter of fiscal 2015.


(3)	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.


(4)	For all fiscal years presented below, 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 2015, fiscal 2014, and fiscal 2013. During Fiscal 2012, the Company decreased its provision for income taxes by $23.9 million, primarily as a result of recording the effect of a revaluation of certain deferred tax asset balances due to a change in Japan's corporate tax laws and the favorable settlement of a multi-year transfer pricing agreement within Japan. The Company used the net income favorability to contribute an aggregate $39.2 million to the Coach Foundation. 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:

(4)

For all fiscal years presented below, 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 2015, fiscal 2014, and fiscal 2013. During Fiscal 2012, the Company decreased its provision for income taxes by $23.9 million, primarily as a result of recording the effect of a revaluation of certain deferred tax asset balances due to a change in Japan's corporate tax laws and the favorable settlement of a multi-year transfer pricing agreement within Japan. The Company used the net income favorability to contribute an aggregate $39.2 million to the Coach Foundation. 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 2015	Gross Profit		SG&A			Operating Income		Amount		Per Diluted Share
As Reported: (GAAP Basis)	$	2,908.6	$	2,290.6		$	618.0	$	402.4	$	1.45
Excluding items affecting comparability	9.7		(160.8		)	170.5		128.8		0.47
Adjusted: (Non-GAAP Basis)	$	2,918.3	$	2,129.8		$	788.5	$	531.2	$	1.92

								Net Income
Fiscal 2014	Gross Profit		SG&A			Operating Income		Amount		Per Diluted Share
As Reported: (GAAP Basis)	$	3,297.0	$	2,176.9		$	1,120.1	$	781.3	$	2.79
Excluding items affecting comparability	82.2		(49.3		)	131.5		88.3		0.31
Adjusted: (Non-GAAP Basis)	$	3,379.2	$	2,127.6		$	1,251.6	$	869.6	$	3.10

								Net Income
Fiscal 2013	Gross Profit		SG&A			Operating Income		Amount		Per Diluted Share
As Reported: (GAAP Basis)	$	3,698.1	$	2,173.6		$	1,524.5	$	1,034.4	$	3.61
Excluding items affecting comparability	4.8		(48.4		)	53.2		32.6		0.11
Adjusted: (Non-GAAP Basis)	$	3,702.9	$	2,125.2		$	1,577.7	$	1,067.0	$	3.73

								Net Income
Fiscal 2012	Gross Profit		SG&A			Operating Income		Amount		Per Diluted Share
As Reported: (GAAP Basis)	$	3,466.1	$	1,954.1		$	1,512.0	$	1,038.9	$	3.53
Excluding items affecting comparability	—		(39.2		)	39.2		—		—
Adjusted: (Non-GAAP Basis)	$	3,466.1	$	1,914.9		$	1,551.2	$	1,038.9	$	3.53

								Net Income
Fiscal 2011	Gross Profit		SG&A			Operating Income		Amount		Per Diluted Share
As Reported: (GAAP Basis)	$	3,023.5	$	1,718.6		$	1,304.9	$	880.8	$	2.92
Excluding items affecting comparability	—		(25.7		)	25.7		—		—
Adjusted: (Non-GAAP Basis)	$	3,023.5	$	1,692.9		$	1,330.6	$	880.8	$	2.92

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