In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A.
−Removed: “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended March 30, 2019, as amended and supplemented by the risk factor set forth below, which could materially and adversely affect our business, financial condition or future results.
+Added: “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended March 28, 2020, which could materially and adversely affect our business, financial condition or future results.
These risks are not the only risks that we face.
Our business operations could also be affected by additional factors that are not presently known to us or that we currently consider to be immaterial to our operations.
−Removed: The following is an amended and restated version of a Risk Factor included in Item 1A.
−Removed: “Risk Factors” of our Annual Report on Form 10-K for the year ended March 30, 2019:
−Removed: We face risks associated with operating globally and our strategy to continue to expand internationally.
−Removed: We operate on a global basis, with approximately 48% of our total revenue from operations outside of the U.S.
−Removed: as of the end of the third quarter of Fiscal 2020.
−Removed: As a result, we are subject to the risks of doing business internationally, including:
−Removed: • political or civil unrest, including protests and other civil disruption, such as the continuing business disruption in Hong Kong, which has negatively affected our business and is expected to continue to cause disruptions to our business for the foreseeable future;
−Removed: • unforeseen public health crises, such as pandemic and epidemic diseases, including the recent outbreak of coronavirus in China which could result in closed offices, retail stores and factories, reduced workforces, scarcity of raw materials, embargoing of goods produced in areas infected by the virus, and reduced consumer traffic and spending within China and outside of China if the virus continues to spread, and could materially adversely affect our business and financial condition;
−Removed: • economic instability and unsettled regional and global conflicts, which may negatively affect consumer spending by foreign tourists and local consumers in the various regions where we operate;
−Removed: • laws, regulations and policies of foreign governments;
−Removed: • potential negative consequences from changes in taxation policies;
−Removed: • natural disasters or other extreme weather events, including those attributed to climate change;
−Removed: • acts of terrorism, military actions or other conditions over which we have no control.
−Removed: In addition, on June 23, 2016, voters in the United Kingdom (“U.K.”) approved an advisory referendum to withdraw from the European Union (“Brexit”).
−Removed: On March 29, 2017, the U.K.
−Removed: triggered Article 50 of the Lisbon Treaty formally starting negotiations with the EU.
−Removed: formally left the EU on January 31, 2020.
−Removed: There is an agreement in principle to transitional provisions under which EU law would remain in force in the U.K.
−Removed: until the end of December 2020, but this remains subject to the successful conclusion of a final withdrawal agreement between the parties.
−Removed: Although the terms of the U.K.’s future relationship with the EU are still unknown, it is possible that there will be increased regulatory and legal complexities, including potentially divergent national laws and regulations between the U.K.
−Removed: Brexit may also cause disruption and create uncertainty surrounding our business, including affecting our relationship with our existing and future customers, suppliers and employees and resulting in increased cost by way of new or elevated customs duties or financial implications from operational challenges.
−Removed: Finally, if our international expansion plans are unsuccessful, it could have a material adverse effect on our business, results of operations and financial condition.
−Removed: We sell our products at varying retail price points based on geographic location that yield different gross profit margins and we achieve different operating profit margins, depending on geographic region, due to a variety of factors including product mix, store size, occupancy costs, labor costs and retail pricing.
−Removed: Changes in any one or more of these factors could result in lower revenues, increased costs, and negatively impact our business, results of operations and financial condition.
−Removed: There are also some countries where we do not yet have significant operating experience, and in most of these countries we face established competitors with significantly more operating experience in those locations.
−Removed: Furthermore, consumer demand and behavior, as well as tastes and purchasing trends may differ in these countries and, as a result, sales of our product may not be successful, or the margins on those sales may not be in line with those we currently anticipate.
−Removed: There can be no assurance that any or all of these events will not have a material adverse effect on our business, results of operations and financial condition.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.