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 April 2, 2022, there were 142,806,269 ordinary shares outstanding, and the closing price of our ordinary shares was $50.99. Also as of that date, we had approximately 127 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 and the S&P 500 Apparel, Accessories & Luxury Goods Index for the five-year period from March 31, 2017 through April 1, 2022, the last business day of our fiscal year. The graph below assumes an investment of $100 made at the close of trading on March 31, 2017, 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
During the first quarter of Fiscal 2022, we reinstated our $500 million share repurchase program, which was previously suspended during the first quarter of Fiscal 2021 in response to the impact of the COVID-19 pandemic and the provisions of the Second Amendment of the 2018 Credit Facility. Subsequently, on November 3, 2021, we announced that our Board of Directors terminated the Company’s existing $500 million share repurchase program (the “Prior Plan”), which had $250 million of availability remaining at the time, and authorized a new share repurchase program (the “Fiscal 2022 Plan”) pursuant to which we may, from time to time, repurchase up to $1.0 billion of our outstanding ordinary shares within a period of two years from the effective date of the program. 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.
On June 1, 2022, we announced that our Board of Directors has terminated our Fiscal 2022 Plan, with $500 million of availability remaining, and authorized a new share repurchase program pursuant to which we may, from time to time, repurchase up to $1.0 billion of our outstanding ordinary shares within period of two years from the effective date of the program. Share repurchases may be made in open market or privately negotiated transactions, subject to market conditions,
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applicable legal requirements, trading restrictions under our insider trading policy and other relevant factors. The program may be suspended or discontinued at any time.
The following table provides information regarding our ordinary share repurchases during the three months ended April 2, 2022:
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 26, 2021 – January 22, 2022 — $ — — $ 800
January 23, 2022 – February 19, 2022 943,978 $ 66.40 943,978 $ 737
February 20, 2022 – April 2, 2022 4,146,860 $ 57.36 4,136,319 $ 500
5,090,838 5,080,297
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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 2022, Fiscal 2021 and Fiscal 2020 and the balance sheet data as of the end of Fiscal 2022 and Fiscal 2021 have been derived from our audited consolidated financial statements included elsewhere in this report. The statement of operations data for Fiscal 2019 and Fiscal 2018 and the balance sheet data as of the end of Fiscal 2020, Fiscal 2019 and Fiscal 2018 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
April 2,
2022 March 27,
2021 March 28,
2020 March 30,
2019 March 31,
2018
(data presented in millions, except for shares and per share data)
Statement of Operations Data:
Total revenue $ 5,654 $ 4,060 $ 5,551 $ 5,238 $ 4,719
Cost of goods sold 1,910 1,463 2,280 2,058 1,860
Gross profit
3,744 2,597 3,271 3,180 2,859
Selling, general and administrative expenses 2,533 2,018 2,464 2,075 1,767
Depreciation and amortization 193 212 249 225 208
Impairment of assets 73 316 708 21 33
Restructuring and other charges 42 32 42 124 102
Total operating expenses 2,841 2,578 3,463 2,445 2,110
Income (loss) from operations 903 19 (192) 735 749
Other income (2) (7) (6) (4) (2)
Interest (income) expense, net (18) 43 18 38 22
Foreign currency loss (gain) 8 (20) 11 80 (13)
Income (loss) before provision for income taxes 915 3 (215) 621 742
Provision for income taxes 92 66 10 79 150
Net income (loss) 823 (63) (225) 542 592
Less: Net income (loss) attributable to noncontrolling interest 1 (1) (2) (1) —
Net income (loss) attributable to Capri $ 822 $ (62) $ (223) $ 543 $ 592
Weighted average ordinary shares outstanding:
Basic 149,724,675 150,453,568 150,714,598 149,765,468 152,283,586
Diluted 152,497,907 150,453,568 150,714,598 151,614,350 155,102,885
Net income (loss) per ordinary share attributable to Capri:
Basic $ 5.49 $ (0.41) $ (1.48) $ 3.62 $ 3.89
Diluted $ 5.39 $ (0.41) $ (1.48) $ 3.58 $ 3.82
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Fiscal Years Ended
April 2,
2022 March 27,
2021 March 28,
2020 March 30,
2019 March 31,
2018
(data presented in millions, except for share and store data)
Operating Data:
Retail stores, including concessions, end of period 1,271 1,257 1,271 1,249 1,011
Balance Sheet Data:
Working capital $ 325 $ (75) $ 493 $ 187 $ 302
Total assets $ 7,480 $ 7,481 $ 7,946 $ 6,650 $ 4,059
Short-term debt $ 29 $ 123 $ 167 $ 630 $ 200
Long-term debt $ 1,131 $ 1,219 $ 2,012 $ 1,936 $ 675
Shareholders’ equity of Capri $ 2,559 $ 2,158 $ 2,167 $ 2,429 $ 2,018
Number of ordinary shares issued 221,967,599 219,222,937 217,320,010 216,050,939 210,991,091
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