The selected historical financial data presented below as of and for each of the fiscal years in the five-year period ended June 29, 2019 has been derived from the Company’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**(4)**
June 29,2019
June 30, 2018
July 1, 2017
July 2, 2016
June 27, 2015(3)
(millions, except per share data)
Consolidated Statements of Operations:
Net sales
$
6,027.1
$
5,880.0
$
4,488.3
$
4,491.8
$
4,191.6
Gross profit
4,053.7
3,848.5
3,081.1
3,051.3
2,908.6
Selling, general and administrative ("SG&A") expenses
3,239.6
3,177.7
2,293.7
2,397.8
2,290.6
Operating income
814.1
670.8
787.4
653.5
618.0
Net income
$
643.4
397.5
591.0
460.5
402.4
Net income per share:
Basic
$
2.22
$
1.39
$
2.11
$
1.66
$
1.46
Diluted
$
2.21
$
1.38
$
2.09
$
1.65
$
1.45
Weighted-average basic shares outstanding
289.4
285.4
280.6
277.6
275.7
Weighted-average diluted shares outstanding
290.8
288.6
282.8
279.3
277.2
Dividends declared per common share
$
1.350
$
1.350
$
1.350
$
1.350
$
1.350
Consolidated Percentage of Net Sales Data:
Gross margin
67.3
%
65.5
%
68.6
%
67.9
%
69.4
%
SG&A expenses
53.8
%
54.0
%
51.1
%
53.4
%
54.6
%
Operating margin
13.5
%
11.4
%
17.5
%
14.5
%
14.7
%
Net income
10.7
%
6.8
%
13.2
%
10.3
%
9.6
%
Consolidated Balance Sheet Data:
Working capital
$
1,638.8
$
1,494.4
$
3,199.5
$
1,346.2
$
1,671.8
Total assets
6,877.3
6,678.3
5,831.6
4,892.7
4,666.9
Cash, cash equivalents and investments
1,233.9
1,250.0
3,158.7
1,878.0
1,931.8
Inventory
778.3
673.8
469.7
459.2
485.1
Total debt
1,602.7
1,600.6
1,579.5
876.2
890.4
Stockholders' equity
3,513.4
3,244.6
3,001.9
2,682.9
2,489.9
Fiscal Year Ended
June 29,2019(1)
June 30, 2018(1)
July 1, 2017
July 2, 2016(2)
June 27, 2015(3)
Store Data:
Stores open at fiscal year-end:
Coach North America stores
391
402
419
432
462
Coach International stores
595
585
543
522
503
Kate Spade North America stores
213
200
—
—
—
Kate Spade International stores
194
142
—
—
—
Stuart Weitzman North America stores
71
68
69
64
46
Stuart Weitzman International stores
76
35
12
11
8
Total stores open at fiscal year-end
1,540
1,432
1,043
1,029
1,019
Store square footage at fiscal year-end:
Coach North America stores
1,802,410
1,835,543
1,884,204
1,892,146
1,917,851
Coach International stores
1,304,618
1,256,525
1,166,920
1,086,315
1,030,695
Kate Spade North America stores
578,649
495,121
—
—
—
Kate Spade International stores
267,349
171,754
—
—
—
Stuart Weitzman North America stores
125,336
117,869
117,944
105,264
81,877
Stuart Weitzman International stores
90,300
47,498
18,808
12,556
9,224
Total store square footage at fiscal year-end
4,168,662
3,924,310
3,187,876
3,096,281
3,039,647
Average store square footage at fiscal year-end:
Coach North America stores
4,610
4,566
4,497
4,380
4,151
Coach International stores
2,193
2,148
2,149
2,081
2,049
Kate Spade North America stores
2,717
2,476
—
—
—
Kate Spade International stores
1,378
1,210
—
—
—
Stuart Weitzman North America stores
1,765
1,733
1,709
1,645
1,780
Stuart Weitzman International stores
1,188
1,357
1,567
1,141
1,153
(1)
Refer to Part I, Item 1, "Business" for the number of stores acquired during the respective fiscal year for each brand.
(2)
The Company acquired the Stuart Weitzman Canada distributor in the fourth quarter of fiscal 2016 (which included the impact of an additional 14 retail stores in North America).
(3)
The Company acquired Stuart Weitzman Holdings LLC in the fourth quarter of fiscal 2015.
(4)
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 2019 and fiscal 2018. During fiscal 2017, the Company recorded adjustments in cost of sales and SG&A expenses of $2.9 million and $22.3 million, respectively, related to the Operational Efficiency plan and its Integration and Acquisition efforts. During fiscal 2016, the Company recorded adjustments in cost of sales and SG&A expenses of $1.1 million and $122.0 million related to the Company's multi-year strategic plan to transform the Coach brand, announced in fiscal 2014, the Operational Efficiency Plan and Stuart Weitzman acquisition-related costs. The following table reconciles the Company's reported results presented in accordance with accounting principles generally accepted in the United States of America ("GAAP") to our adjusted results that exclude these items:
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