The selected historical financial data presented below as of and for each of the fiscal years in the five-year period ended June 27, 2020 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**(3)**
June 27,2020
June 29, 2019
June 30, 2018
July 1, 2017
July 2, 2016
(millions, except per share data)
Consolidated Statements of Operations:
Net sales
$
4,961.4
$
6,027.1
$
5,880.0
$
4,488.3
$
4,491.8
Gross profit
3,239.3
4,053.7
3,848.5
3,081.1
3,051.3
Selling, general and administrative ("SG&A") expenses
3,790.1
3,234.0
3,176.5
2,283.5
2,395.5
Operating income (loss)
(550.8
)
819.7
672.0
797.6
655.8
Net income (loss)
$
(652.1
)
643.4
397.5
591.0
460.5
Net income (loss) per share:
Basic
$
(2.34
)
$
2.22
$
1.39
$
2.11
$
1.66
Diluted
$
(2.34
)
$
2.21
$
1.38
$
2.09
$
1.65
Weighted-average basic shares outstanding
278.6
289.4
285.4
280.6
277.6
Weighted-average diluted shares outstanding
278.6
290.8
288.6
282.8
279.3
Dividends declared per common share
$
1.013
$
1.350
$
1.350
$
1.350
$
1.350
Consolidated Percentage of Net Sales Data:
Gross margin
65.3
%
67.3
%
65.5
%
68.6
%
67.9
%
SG&A expenses
76.4
53.7
54.0
50.9
53.3
Operating margin
(11.1
)
13.6
11.4
17.8
14.6
Net income (loss)
(13.1
)
10.7
6.8
13.2
10.3
Consolidated Balance Sheet Data:
Working capital
$
811.0
$
1,638.8
$
1,494.4
$
3,199.5
$
1,346.2
Total assets
7,924.2
6,877.3
6,678.3
5,831.6
4,892.7
Cash, cash equivalents and investments
1,434.5
1,233.9
1,250.0
3,158.7
1,878.0
Inventory
736.9
778.3
673.8
469.7
459.2
Total debt
2,299.4
1,602.7
1,600.6
1,579.5
876.2
Stockholders' equity
2,276.4
3,513.4
3,244.6
3,001.9
2,682.9
Fiscal Year Ended
June 27,2020
June 29, 2019(1)
June 30, 2018(1)
July 1, 2017
July 2, 2016(2)
Store Data:
Stores open at fiscal year-end:
Coach North America stores
375
391
402
419
432
Coach International stores
583
595
585
543
522
Kate Spade North America stores
213
213
200
—
—
Kate Spade International stores
207
194
142
—
—
Stuart Weitzman North America stores
58
71
68
69
64
Stuart Weitzman International stores
73
76
35
12
11
Total stores open at fiscal year-end
1,509
1,540
1,432
1,043
1,029
Store square footage at fiscal year-end:
Coach North America stores
1,758,668
1,802,410
1,835,543
1,884,204
1,892,146
Coach International stores
1,285,329
1,304,618
1,256,525
1,166,920
1,086,315
Kate Spade North America stores
603,487
578,649
495,121
—
—
Kate Spade International stores
291,322
267,349
171,754
—
—
Stuart Weitzman North America stores
102,784
125,336
117,869
117,944
105,264
Stuart Weitzman International stores
89,182
90,300
47,498
18,808
12,556
Total store square footage at fiscal year-end
4,130,772
4,168,662
3,924,310
3,187,876
3,096,281
Average store square footage at fiscal year-end:
Coach North America stores
4,690
4,610
4,566
4,497
4,380
Coach International stores
2,205
2,193
2,148
2,149
2,081
Kate Spade North America stores
2,833
2,717
2,476
—
—
Kate Spade International stores
1,407
1,378
1,210
—
—
Stuart Weitzman North America stores
1,772
1,765
1,733
1,709
1,645
Stuart Weitzman International stores
1,222
1,188
1,357
1,567
1,141
(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 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 2020 and fiscal 2019. During fiscal 2018, the Company recorded adjustments in cost of sales and SG&A expenses of $116.4 million and $204.7 million, respectively, related to the Operational Efficiency plan and its Integration and Acquisition costs. 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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