Coach 2002 Annual Report Download - page 22
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Table of Contents
Condition and Results of Operations”, the Consolidated Financial Statements and Notes thereto and other financial data included elsewhere
herein.
Fiscal Year Ended
June 28, June 29, June 30, July 1, July 3,
2003 2002 2001 2000 1999
Consolidated Statements of Income:(1)
Net sales $953,226 $719,403 $600,491 $537,694 $500,944
Cost of sales 275,797 236,041 218,507 220,085 226,190
Gross profit 677,429 483,362 381,984 317,609 274,754
Selling, general and administrative
expenses 433,667 346,354 275,727 261,592 248,171
Reorganization costs(2) — 3,373 4,569 — 7,108
Operating income 243,762 133,635 101,688 56,017 19,475
Interest (income) expense, net (1,059) 299 2,258 387 414
Income before provision for income
taxes and minority interest 244,821 133,336 99,430 55,630 19,061
Provision for income taxes 90,585 47,325 35,400 17,027 2,346
Minority interest, net of tax 7,608 184 — — —
Net income $146,628 $85,827 $64,030 $38,603 $16,715
Net income per share
Basic $1.63 $0.97 $0.78 $0.55 $0.24
Diluted $1.58 $0.94 $0.76 $0.55 $0.24
Shares used in computing net income
per share:
Basic 89,779 88,048 81,860 70,052 70,052
Diluted 92,921 90,952 84,312 70,052 70,052
Consolidated Percentage of Net Sales
Data:
Gross margin 71.1% 67.2% 63.6% 59.1% 54.8%
Selling, general and administrative
expenses 45.5% 48.1% 45.9% 48.7% 49.5%
Operating income 25.6% 18.6% 16.9% 10.4% 3.9%
Net income 15.4% 11.9% 10.7% 7.2% 3.3%
Consolidated Balance Sheet Data:
Working capital $287,077 $128,160 $47,119 $54,089 $51,685
Total assets 617,652 440,571 258,711 296,653 282,088
Inventory 143,807 136,404 105,162 102,097 101,395
Receivable from Sara Lee — — — 63,783 54,150
Revolving credit facility 26,471 34,169 7,700 — —
Long-term debt 3,535 3,615 3,690 3,775 3,810
Stockholders’ equity $426,929 $260,356 $148,314 $212,808 $203,162
(1) Coach’s fiscal year ends on the Saturday closest to June 30. Fiscal year 1999 was a 53-week year, while fiscal years 2000, 2001, 2002
and 2003 were 52-week years.
(2) During fiscal 1999, Coach committed to and completed a reorganization plan involving the closure of its Carlstadt, New Jersey,
warehouse and distribution center, the closure of its Italian manufacturing operation, and the reorganization of its Medley, Florida,
manufacturing facility. During fiscal 2001, Coach committed to and completed a reorganization plan involving the complete closure of its
Medley, Florida manufacturing
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