Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our ordinary shares trade on the NYSE under the symbol “CPRI”. At March 27, 2021, there were 151,280,011 ordinary shares outstanding, and the closing price of our ordinary shares was $50.18. Also as of that date, we had approximately 119 ordinary shareholders of record.
Share Performance Graph
The line graph below compares the cumulative total shareholder return on our ordinary shares with the Standard & Poor’s ("S&P") 500 Stock Index, the S&P 500 Apparel, Accessories & Luxury Goods Index, the S&P Retailing Index, and a prior peer group of companies (the "Prior Peer Group") for the five-year period from April 1, 2016 through March 26, 2021, the last business day of our fiscal year. The Prior Peer Group consists of the following companies: Tapestry, Inc., Guess?, Inc., PVH Corp., L Brands, Inc., Ralph Lauren Corporation, Tiffany & Co. and VF Corporation. During Fiscal 2021, management re-assessed the companies that comprise the S&P Retailing Index and determined that the S&P 500 Apparel, Accessories & Luxury Goods Index is a more appropriate comparison given the composition of companies it contains. In this transition year, the share performance graph below includes the comparative performance of the newly selected index and the previously reported indices. Going forward, we will show a comparison of return on our ordinary shares with the S&P 500 Stock Index and the S&P 500 Apparel, Accessories & Luxury Goods Index only.
The graph below assumes an investment of $100 made at the closing of trading on April 1, 2016, in our ordinary shares and each of the indices presented. All values assume reinvestment of the full amount of all dividends, if any, into additional shares of the same class of equity securities at the frequency with which dividends are paid on such securities during the applicable time period.
Issuer Purchases of Equity Securities
Our share repurchases were made under our $500 million share repurchase program, which was approved by our Board of Directors on August 1, 2019. During the first quarter of Fiscal 2021, the Company suspended its $500 million share-repurchase program in response to the continued impact of the COVID-19 pandemic. We also have in place a “withhold to cover” repurchase program, which allows us to withhold ordinary shares from certain executive officers and directors to satisfy minimum tax withholding obligations relating to the vesting of their restricted share awards.
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The following table provides information regarding our ordinary share repurchases during the three months ended March 27, 2021:
Total Number of Shares Average Price Paid per Share Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximated Dollar Value) of Shares
(or Units) That May Yet Be Purchased Under the Plans or Programs (in millions)
December 27, 2020 – January 23, 2021 — $ — — $ 400
January 24, 2021 – February 20, 2021 — $ — — $ 400
February 21, 2021 – March 27, 2021 381 $ 48.26 — $ 400
381 —
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Item 6. Selected Financial Data
The following table sets forth selected historical consolidated financial and other data for Capri Holdings Limited and its consolidated subsidiaries for the periods presented. The statement of operations data for Fiscal 2021, Fiscal 2020 and Fiscal 2019 and the balance sheet data as of the end of Fiscal 2021 and Fiscal 2020 have been derived from our audited consolidated financial statements included elsewhere in this report. The statement of operations data for Fiscal 2018 and Fiscal 2017 and the balance sheet data as of the end of Fiscal 2019, Fiscal 2018 and Fiscal 2017 have been derived from our prior audited consolidated financial statements, which are not included in this report.
The selected historical consolidated financial data below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our financial statements and the related notes included in this annual report.
Fiscal Years Ended
March 27,
2021 March 28,
2020 March 30,
2019 March 31,
2018 April 1,
2017
(data presented in millions, except for shares and per share data)
Statement of Operations Data:
Total revenue $ 4,060 $ 5,551 $ 5,238 $ 4,719 $ 4,494
Cost of goods sold 1,463 2,280 2,058 1,860 1,833
Gross profit
2,597 3,271 3,180 2,859 2,661
Selling, general and administrative expenses 2,018 2,464 2,075 1,767 1,541
Depreciation and amortization 212 249 225 208 220
Impairment of assets 316 708 21 33 199
Restructuring and other charges 32 42 124 102 11
Total operating expenses 2,578 3,463 2,445 2,110 1,971
Income (loss) from operations 19 (192) 735 749 690
Other income (7) (6) (4) (2) (6)
Interest expense, net 43 18 38 22 4
Foreign currency (gain) loss (20) 11 80 (13) 3
Income (loss) before provision for income taxes 3 (215) 621 742 689
Provision for income taxes 66 10 79 150 137
Net (loss) income
(63) (225) 542 592 552
Less: Net loss attributable to noncontrolling interest and redeemable noncontrolling interest
(1) (2) (1) — (1)
Net (loss) income attributable to Capri
$ (62) $ (223) $ 543 $ 592 $ 553
Weighted average ordinary shares outstanding:
Basic 150,453,568 150,714,598 149,765,468 152,283,586 165,986,733
Diluted 150,453,568 150,714,598 151,614,350 155,102,885 168,123,813
Net (loss) income per ordinary share (1) :
Basic $ (0.41) $ (1.48) $ 3.62 $ 3.89 $ 3.33
Diluted $ (0.41) $ (1.48) $ 3.58 $ 3.82 $ 3.29
(1) Basic net (loss) income per ordinary share is computed by dividing net (loss) income available to ordinary shareholders of Capri by basic weighted average ordinary shares outstanding. Diluted net (loss) income per ordinary share is computed by dividing net (loss) income attributable to ordinary shareholders of Capri by diluted weighted average ordinary shares outstanding.
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Fiscal Years Ended
March 27,
2021 March 28,
2020 March 30,
2019 March 31,
2018 April 1,
2017
(data presented in millions, except for share and store data)
Operating Data:
Retail stores, including concessions, end of period 1,257 1,271 1,249 1,011 827
Balance Sheet Data:
Working capital $ (75) $ 493 $ 187 $ 302 $ 599
Total assets $ 7,481 $ 7,946 $ 6,650 $ 4,059 $ 2,410
Short-term debt $ 123 $ 167 $ 630 $ 200 $ 133
Long-term debt $ 1,219 $ 2,012 $ 1,936 $ 675 $ —
Shareholders’ equity of Capri $ 2,158 $ 2,167 $ 2,429 $ 2,018 $ 1,593
Number of ordinary shares issued 219,222,937 217,320,010 216,050,939 210,991,091 209,332,493
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