Coach 2009 Annual Report Download - page 29

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TABLE OF CONTENTS
FISCAL 2009 COMPARED TO FISCAL 2008
The following table summarizes results of operations for fiscal 2009 compared to fiscal 2008:
Fiscal Year Ended
June 27, 2009 June 28, 2008 Variance
(dollars in millions, except per share data)
Amount % of
net sales
Amount % of
net sales
Amount %
Net sales $ 3,230.5 100.0% $ 3,180.8 100.0% $ 49.7 1.6%
Gross profit 2,322.6 71.9 2,407.1 75.7 (84.5) (3.5)
Selling, general and administrative
expenses
1,350.7 41.8 1,260.0 39.6 90.7 7.2
Operating income 971.9 30.1 1,147.1 36.1 (175.2) (15.3)
Interest income, net 5.2 0.2 47.8 1.5 (42.7) (89.2)
Provision for income taxes 353.7 10.9 411.9 13.0 (58.2) (14.1)
Income from continuing operations 623.4 19.3 783.0 24.6 (159.7) (20.4)
Income from discontinued operations,
net of taxes
— 0.0 0.0 0.0 (0.0) (100.0)
Net income 623.4 19.3 783.1 24.6 (159.7) (20.4)
Net Income per share:
Basic
Continuing operations $ 1.93 $ 2.20 $ (0.28) (12.5)%
Discontinued operations — 0.00 (0.00) (100.0)
Net income 1.93 2.20 (0.28) (12.5)
Diluted
Continuing operations $ 1.91 $ 2.17 $ (0.26) (11.9)%
Discontinued operations — 0.00 (0.00) (100.0)
Net income 1.91 2.17 (0.26) (11.9)
Net Sales
The following table presents net sales by operating segment for fiscal 2009 compared to fiscal 2008:
Fiscal Year Ended
Net Sales Percentage of
Total Net Sales
June 27,
2009
June 28,
2008
Rate of Change June 27,
2009
June 28,
2008
(dollars in millions) (FY09 vs. FY08)
Direct-to-Consumer $ 2,726.9 $ 2,557.9 6.6% 84.4% 80.4%
Indirect 503.6 622.9 (19.2) 15.6 19.6
Total net sales $ 3,230.5 $ 3,180.8 1.6% 100.0% 100.0%
In connection with the acquisitions of the retail businesses in Hong Kong, Macau and mainland China, the Company evaluated the
composition of its reportable segments and concluded that sales in these regions should be included in the Direct-to-Consumer segment.
Accordingly, fiscal 2008 comparable sales have been reclassified to conform to the current year presentation.
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