$TPR

COACH INC

CIK:0001116132|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Jun. 27, 2026	Jun. 28, 2025	Jun. 29, 2024
Income Statement [Abstract]
Net sales	$ 8,004.2	$ 7,010.7	$ 6,671.2
Cost of sales	1,775.2	1,721.8	1,781.7
Gross profit	6,229.0	5,288.9	4,889.5
Other selling, general and administrative expenses	4,314.6	4,019.1	3,749.4
Impairment of goodwill and intangible assets	0.0	854.8	0.0
Operating income (loss)	1,914.4	415.0	1,140.1
Loss on extinguishment of debt	0.0	120.1	0.0
Interest expense, net	55.2	85.4	125.0
Other expense (income)	(1.4)	(6.6)	3.2
Income (loss) before provision for income taxes	1,860.6	216.1	1,011.9
Provision (benefit) for income taxes	332.9	32.9	195.9
Net income (loss)	$ 1,527.7	$ 183.2	$ 816.0
Net income (loss) per share:
Basic (USD per share)	$ 7.49	$ 0.84	$ 3.56
Diluted (USD per share)	$ 7.27	$ 0.82	$ 3.50
Shares used in computing net income (loss) per share:
Basic (shares)	204.0	216.8	229.2
Diluted (shares)	210.2	222.5	233.2

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Jun. 27, 2026	Jun. 28, 2025	Jun. 29, 2024
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net income (loss)	$ 1,527.7	$ 183.2	$ 816.0
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	160.8	162.9	174.0
Amortization of cloud computing arrangements	56.4	62.0	55.0
Impairment charges	0.0	854.8	0.0
Provision for bad debt	6.1	3.6	4.3
Loss on extinguishment of debt	0.0	120.1	0.0
Share-based compensation	104.5	87.3	85.9
Deferred income taxes	50.8	(139.8)	2.5
Changes to lease related balances, net	(19.3)	(35.0)	(42.6)
Other non-cash charges, net	(27.7)	(43.2)	(7.4)
Changes in operating assets and liabilities:
Trade accounts receivable	(12.0)	8.8	(37.3)
Inventories	35.4	(108.2)	85.8
Accounts payable	131.6	(15.0)	49.1
Accrued liabilities	29.9	56.0	91.6
Other liabilities	75.8	3.9	(21.2)
Other assets	(141.5)	15.2	(0.1)
Net cash provided by (used in) operating activities	1,978.5	1,216.6	1,255.6
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES
Purchases of investments	(163.0)	(1,886.4)	(2,713.0)
Proceeds from maturities and sales of investments	1.6	2,923.1	1,676.3
Purchases of property and equipment	(166.0)	(122.7)	(108.9)
Proceeds from sale of business, net of cash divested	109.1	0.0	0.0
Settlement of net investment hedge	0.0	0.0	103.7
Net cash provided by (used in) investing activities	(218.3)	914.0	(1,041.9)
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
Payment of dividends	(326.1)	(299.3)	(321.4)
Repurchase of common stock	(1,554.6)	(1,718.7)	0.0
Share repurchase not yet settled	0.0	(300.0)	0.0
Proceeds from issuance of debt, net of discount	0.0	2,248.1	6,089.5
Payment of debt issuance costs	(0.5)	(13.4)	(78.3)
Payment of debt extinguishment costs	0.0	(63.5)	0.0
Repayment of debt	0.0	(7,163.3)	(468.8)
Proceeds from share-based awards	118.9	156.1	27.3
Taxes paid to net settle share-based awards	(81.6)	(36.5)	(32.7)
Proceeds from revolving credit facility	0.0	1,016.5	0.0
Repayment of revolving credit facility	(17.0)	(1,000.0)	0.0
Other financing activities	0.0	(1.2)	(1.2)
Net cash provided by (used in) financing activities	(1,860.9)	(7,175.2)	5,214.4
Effect of exchange rate changes on cash and cash equivalents	(24.6)	26.3	(12.2)
Net increase (decrease) in cash and cash equivalents, including cash classified within assets held for sale	(125.3)	(5,018.3)	5,415.9
Less: net increase (decrease) in cash classified within current assets held for sale	0.0	(23.7)	0.0
Net increase (decrease) in cash and cash equivalents	(125.3)	(5,042.0)	5,415.9
Cash and cash equivalents at beginning of year	1,100.0	6,142.0	726.1
Cash and cash equivalents at end of year	974.7	1,100.0	6,142.0
Supplemental information:
Cash paid for income taxes, net	200.7	189.5	200.1
Cash paid for interest	241.6	394.9	262.8
Non-cash investing activity – property and equipment obligations	$ 35.2	$ 25.7	$ 15.1

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 27, 2026	Jun. 28, 2025
Current Assets:
Cash and cash equivalents	$ 974.7	$ 1,100.0
Short-term investments	177.3	19.6
Trade accounts receivable, less allowances for credit losses of $6.1 and $5.7, respectively	237.1	239.3
Inventories	826.2	860.7
Income tax receivable	269.3	277.3
Prepaid expenses	155.2	133.8
Other current assets	242.5	98.5
Assets held for sale	0.0	176.4
Total current assets	2,882.3	2,905.6
Property and equipment, net of accumulated depreciation of $1,264.2 and $1,215.0, respectively	502.1	489.5
Operating lease right-of-use assets	1,417.2	1,331.0
Goodwill	957.7	983.3
Intangible assets	716.5	719.6
Deferred income taxes	35.7	33.8
Other assets	180.2	117.7
Total assets	6,691.7	6,580.5
Current Liabilities:
Accounts payable	582.3	456.1
Accrued liabilities	754.9	736.9
Current portion of operating lease liabilities	307.8	299.0
Current debt	0.0	16.7
Liabilities held for sale	0.0	48.2
Total current liabilities	1,645.0	1,556.9
Long-term debt	2,379.0	2,377.9
Long-term operating lease liabilities	1,266.2	1,205.6
Deferred income taxes	172.8	79.8
Other liabilities	536.6	502.5
Total liabilities	5,999.6	5,722.7
See Note 13 on commitments and contingencies
Stockholders’ Equity:
Preferred stock: (authorized 25.0 million shares; $0.01 par value) none issued	0.0	0.0
Common stock: (authorized 1.00 billion shares; $0.01 par value) issued and outstanding – 200.4 million and 208.1 million shares, respectively	2.0	2.1
Additional paid-in-capital	4,118.4	3,673.7
Retained earnings (accumulated deficit)	(3,209.7)	(2,556.8)
Accumulated other comprehensive income (loss)	(218.6)	(261.2)
Total stockholders’ equity	692.1	857.8
Total liabilities and stockholders’ equity	$ 6,691.7	$ 6,580.5