Coach 2009 Annual Report Download - page 48

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TABLE OF CONTENTS
COACH, INC.
CONSOLIDATED STATEMENTS OF INCOME
(amounts in thousands, except per share data)
Fiscal Year Ended
July 3,
2010
June 27,
2009
June 28,
2008
Net sales $ 3,607,636 $ 3,230,468 $ 3,180,757
Cost of sales 973,945 907,858 773,654
Gross profit 2,633,691 2,322,610 2,407,103
Selling, general and administrative expenses 1,483,520 1,350,697 1,259,974
Operating income 1,150,171 971,913 1,147,129
Interest income, net 1,757 5,168 47,820
Income before provision for income taxes and discontinued operations 1,151,928 977,081 1,194,949
Provision for income taxes 416,988 353,712 411,910
Income from continuing operations 734,940 623,369 783,039
Income from discontinued operations, net of income taxes (See note on
discontinued operations)
— — 16
Net income $ 734,940 $ 623,369 $ 783,055
Net income per share
Basic
Continuing operations $ 2.36 $ 1.93 $ 2.20
Discontinued operations — — 0.00
Net income $ 2.36 $ 1.93 $ 2.20
Diluted
Continuing operations $ 2.33 $ 1.91 $ 2.17
Discontinued operations — — 0.00
Net income $ 2.33 $ 1.91 $ 2.17
Shares used in computing net income per share
Basic 311,413 323,714 355,731
Diluted 315,848 325,620 360,332
See accompanying Notes to Consolidated Financial Statements.
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