Tapestry, Inc. (TPR) 2004年年度报告「NYSE」.pdf

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1、COACH ANNUAL REPORT 2004516 West 34th Street,New York,New York 10001ANNUAL REPORT 200454894L01OBC_OFCv1.qxd 9/10/04 1:39 AM Page 12F I N A N C I A L H I G H L I G H T S3C H A I R M A N S L E T T E R4O U R B R A N D7O U R C U S T O M E R8O U R I N N O V AT I O N1 1O U R B A L A N C E1 2O U R G R O W

2、T H1 4O U R S T R AT E G Y1 6O U R R E S U LT S54894L01IFC_IBCv1.qxd 9/10/04 12:58 AM Page 11opening quoteCOACH,INC.AR 2004“We view Coach as a small businesswith large sales,which we manage actively.”Lew Frankfort,Chairman and CEOF I N A N C I A L H I G H L I G H T SIncrease/(Dollars in millions.Exc

3、ept for earnings per share)20042003(Decrease)Net sales$1,321.1$953.238.6%Gross margin74.9%71.1%380 bpsOperating income$444.5$243.882.3%Operating income as a percentage of net sales33.6%25.6%800 bpsNet income$261.7146.678.5%Net income as a percentage of net sales19.8%15.4%440 bpsNet income per dilute

4、d share$1.36$0.7972.2%Weighted-average number of common shares(diluted)192.8185.8Net cash/Investment position$562.7$202.7$360.0Return on average stockholders equity43.3%42.7%Stockholders equity per share$4.13$2.333chairmans letterCOACH,INC.AR 2004T O O U R S H A R E H O L D E R S:Fiscal 2004 was ano

5、ther remarkable year for our company,as we generated outstanding financial results in all dimensions of our business.Our performance reflected the growing strength of the Coach brand,and consumers continued enthusiasm for our fresh and relevantproduct offering.Our results also speak to our philosoph

6、y of operating Coach as a small business with large sales,which we manage veryactively.We understand that we are not simply selling product,but building lasting relationships with our consumers,one at a time.Sales for fiscal 2004 rose 39%to$1.3 billion,with all channels of distribution posting incre