Coach 2008 Annual Report Download - page 44

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TABLE OF CONTENTS
COACH, INC.
CONSOLIDATED STATEMENTS OF INCOME
(amounts in thousands, except per share data)
Fiscal Year Ended
June 27,
2009
June 28,
2008
June 30,
2007
Net sales $ 3,230,468 $ 3,180,757 $ 2,612,456
Cost of sales 907,858 773,654 589,470
Gross profit 2,322,610 2,407,103 2,022,986
Selling, general and administrative expenses 1,350,697 1,259,974 1,029,589
Operating income 971,913 1,147,129 993,397
Interest income, net 5,168 47,820 41,273
Income before provision for income taxes and discontinued operations 977,081 1,194,949 1,034,670
Provision for income taxes 353,712 411,910 398,141
Income from continuing operations 623,369 783,039 636,529
Income from discontinued operations, net of income taxes (Note 17) — 16 27,136
Net income $ 623,369 $ 783,055 $ 663,665
Net income per share
Basic
Continuing operations $ 1.93 $ 2.20 $ 1.72
Discontinued operations — 0.00 0.07
Net income $ 1.93 $ 2.20 $ 1.80
Diluted
Continuing operations $ 1.91 $ 2.17 $ 1.69
Discontinued operations — 0.00 0.07
Net income $ 1.91 $ 2.17 $ 1.76
Shares used in computing net income per share
Basic 323,714 355,731 369,661
Diluted 325,620 360,332 377,356
See accompanying Notes to Consolidated Financial Statements.
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