the company utilizes and continues to explore implementing 27 new technologies such as our global web presence , with 22 marketing websites in 23 countries , e-commerce enabled in the united states , canada and japan , and social networking and blogs as cost-effective consumer communication opportunities to increase online and store sales . we believe the growth strategies described above will allow us to deliver long-term superior returns on our investments and drive increased cash flows from operating activities . however , the current macroeconomic environment , while stabilizing , has created a challenging retail market in which consumers , notably in north america and japan , are still cautious . the company believes long-term growth can still be achieved through a combination of expanded distribution , a focus on innovation to support productivity and disciplined expense control . our multi-channel distribution model is diversified and includes substantial international and factory businesses , which reduces our reliance upon our full-price u.s. business . with an essentially debt-free balance sheet and significant cash position , we have a business model that generates significant cash flow and we are in a position to invest in our brand while continuing to return capital to shareholders through common stock repurchases and dividends . fiscal 2012 the key metrics of fiscal 2012 were : earnings per diluted share rose 20.9 % to $ 3.53. net sales increased 14.5 % to $ 4.76 billion . direct-to-consumer sales rose 16.1 % to $ 4.23 billion . comparable sales in coach 's north american stores increased 6.6 % . in north america , coach opened 9 net new retail stores and 26 new factory stores , including 16 men 's , bringing the total number of retail and factory stores to 354 and 169 , respectively , at the end of fiscal 2012. we also expanded 10 factory stores in north america . coach china results continued to be strong with double-digit growth in comparable stores . coach china opened 30 net new locations , bringing the total number of locations at the end of fiscal 2012 to 96. coach japan opened 11 net new locations , bringing the total number of locations at the end of fiscal 2012 to 180. in addition , we expanded three locations . the company acquired its domestic retail coach businesses in taiwan and singapore . as the result of these acquisitions and subsequent openings , the company operated 7 retail locations in singapore and 27 in taiwan as of the end of fiscal 2012. the company has assumed direct control of its domestic business in malaysia in july 2012 and its domestic retail business in korea in august 2012. coach 's board increased the company 's cash dividend by 33 % , to an expected annual rate of $ 1.20 per share starting with the dividend paid on july 2 , 2012 . 28 fiscal 2012 compared to fiscal 2011 the following table summarizes results of operations for fiscal 2012 compared to fiscal 2011 : replace_table_token_18_th net sales the following table presents net sales by operating segment for fiscal 2012 compared to fiscal 2011 : replace_table_token_19_th direct-to-consumer  net sales increased 16.1 % to $ 4.23 billion during fiscal 2012 from $ 3.65 billion during fiscal 2011 , driven by sales increases in our company-operated stores in north america and china . comparable store sales measure sales performance at stores that have been open for at least 12 months , and includes sales from coach.com . coach excludes new locations from the comparable store base for the first year of operation . similarly , stores that are expanded by 15 % or more are also excluded from the comparable store base until the first anniversary of their reopening . stores that are closed for renovations are removed from the comparable store base . in north america , net sales increased 12.7 % driven by sales from new and expanded stores and by a 6.6 % increase in comparable store sales . during fiscal 2012 , coach opened 9 net new retail stores and 26 new factory stores , and expanded 10 factory stores in north america . in japan , net sales increased 11.7 % driven by an approximately $ 40.1 million , or 5.3 % , positive impact from foreign currency exchange . during fiscal 2012 , coach opened 11 net new locations and expanded three locations in japan . coach china results continued to be strong with double-digit percentage growth in comparable store sales . during fiscal 2012 , coach opened 30 net new stores in hong kong and mainland china . indirect  net sales increased 3.8 % to $ 531.5 million from $ 512.1 million in fiscal 2011. the increase was driven primarily by a 7.9 % increase in coach international wholesale net revenue , partially offset by a 1.6 % decrease in u.s. wholesale net revenue . licensing revenue of approximately $ 28.5 million and $ 24.7 million in fiscal 2012 and fiscal 2011 , respectively , is included in indirect sales . 29 operating income operating income increased 15.9 % to $ 1.51 billion in fiscal 2012 as compared to $ 1.30 billion in fiscal 2011. excluding items affecting comparability of $ 39.2 million in fiscal 2012 and $ 25.7 million in fiscal 2011 , operating income increased 16.6 % to $ 1.55 billion . operating margin increased to 31.7 % as compared to 31.4 % in the prior year , as gross margin increased while selling , general , and administrative ( sg & a ) expenses decreased as a percentage of sales . story_separator_special_tag we believe these non-gaap measures are useful to investors in evaluating the company 's ongoing operating and financial results and understanding how such results compare with the company 's historical performance . in addition , we believe excluding the items affecting comparability assists investors in developing expectations of future performance . these items affecting comparability do not represent the company 's direct , ongoing business operations . by providing the non-gaap measures , as a supplement to gaap information , we believe we are enhancing investors ' understanding of our business and our results of operations . the non-gaap financial measures are limited in their usefulness and should be considered in addition to , and not in lieu of , u.s. gaap financial measures . further , these non-gaap measures may be unique to the company , as they may be different from non-gaap measures used by other companies . 34 the year-over-year comparisons of our financial results are affected by the following items included in our reported results : replace_table_token_22_th fiscal 2012 items charitable contributions and tax adjustments during fiscal 2012 , the company decreased the provision for income taxes by $ 23.9 million , primarily as a result of recording the effect of a revaluation of certain deferred tax asset balances due to a change in japan 's corporate tax laws and the favorable settlement of a multi-year transfer pricing agreement with japan . the company used the net income favorability to contribute an aggregate $ 39.2 million to the coach foundation . the company believed that in order to reflect the direct results of the normal , ongoing business operations , both the tax adjustments and the resulting coach foundation funding needed to be adjusted . this exclusion is consistent with the way management views its results and is the basis on which incentive compensation was calculated for fiscal 2012. fiscal 2011 items charitable contributions and tax adjustments during the third quarter of fiscal 2011 , the company decreased the provision for income taxes by $ 15.5 million , primarily as a result of a favorable settlement of a multi-year tax return examination . the company used the net income favorability to contribute $ 20.9 million to the coach foundation and 400 million yen or $ 4.8 million to the japanese red cross society . the company believed that in order to reflect the direct results of the normal , ongoing business operations , both the tax adjustments and the resulting coach foundation funding and japanese red cross society contribution needed to be adjusted . this exclusion is consistent with the way management views its results and is the basis on which incentive compensation was calculated and paid for fiscal 2011 . 35 fiscal 2009 items cost savings measures during the third quarter of fiscal 2009 , the company recorded a charge of $ 13.4 million , related to cost savings initiatives . these initiatives included the elimination of approximately 150 positions from the company 's corporate offices in new york , new jersey and jacksonville , the closure of four underperforming retail stores and the closure of coach europe services , the company 's sample-making facility in italy . prior to these cost savings measures in fiscal 2009 , the company had no recent past history of similar elimination of positions , closure of facilities , or closure of underperforming stores during the stores ' lease terms . charitable contribution and tax adjustments during the fourth quarter of fiscal 2009 , the company decreased the provision for income taxes by $ 18.8 million , primarily as a result of a favorable settlement of a multi-year tax return examination and other tax accounting adjustments . the underlying events and circumstances for the tax settlement and adjustments were not related to the fiscal 2008 settlement . the company used the net income favorability to contribute $ 15.0 million to the coach foundation . the company believed that in order to reflect the direct results of the normal , ongoing business operations , both the tax adjustments and the resulting foundation funding needed to be adjusted . this exclusion is consistent with the way management views its results and is the basis on which incentive compensation was calculated and paid for fiscal 2009. fiscal 2008 items charitable contribution and tax adjustments during the fourth quarter of fiscal 2008 , the company decreased the provision for income taxes by $ 60.6 million , primarily as a result of a favorable settlement of a tax return examination . the underlying events and circumstances for the tax settlement were not related to the fiscal 2009 settlement . the company used the net income favorability to create the coach foundation . the company recorded an initial contribution to the coach foundation in the amount of $ 20.0 million . the company believed that in order to reflect the direct results of the business operations as was done for executive management incentive compensation , both the tax adjustments and the resulting foundation funding needed to be adjusted . variable expenses as a result of the lower income tax provision , the company incurred additional incentive compensation expense of $ 12.1 million , as a portion of the company 's incentive compensation plan is based on net income and earnings per share . incremental incentive compensation driven by tax settlements of this magnitude is unlikely to recur in the near future as the company has modified its incentive compensation plans during fiscal 2009 to be measured exclusive of any unusual accounting adjustments . the company believes excluding these variable expenses , which were directly linked to the tax settlements , assists investors in evaluating the company 's direct , ongoing business operations . currency fluctuation effects the percentage increase in sales and u.s. dollar increases in operating expenses in fiscal 2012 and fiscal 2011 for coach japan have been presented both including and excluding currency fluctuation effects from translating these foreign-denominated amounts into u.s. dollars

cash flow net cash provided by operating activities was $ 1.22 billion in fiscal 2012 compared to $ 1.03 billion in fiscal 2011. the increase of $ 188.4 million was primarily due to the $ 158.1 million increase in net income as well as the result of working capital changes between the two fiscal years , the most significant of which 36 occurred in inventories , accrued liabilities and other liabilities . increases in inventory balances in fiscal 2012 resulted in the use of cash of $ 71.7 million as compared to $ 64.7 million in fiscal 2011 , primarily due to the company 's international expansion . changes during the year in accrued liabilities balances provided cash of $ 84.2 million in fiscal 2012 , compared to $ 53.7 million in fiscal 2011 , driven primarily by the timing of certain expenses and tax payments . changes in other liabilities balances resulted in a use of cash of $ 17.6 million in fiscal 2012 compared to a cash source of $ 13.4 million in fiscal 2011 , primarily due to the timing of certain cash payments . net cash used in investing activities was $ 259.4 million in fiscal 2012 compared to $ 59.6 million in fiscal 2011 , with the increase of $ 199.8 million largely driven by acquisitions , higher planned capital investment , and the timing of cash investments . during fiscal 2012 , the company acquired 100 % of its domestic retail businesses in singapore and taiwan from the former distributors for an aggregate $ 53.2 million , net of cash acquired .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash flow net cash provided by operating activities was $ 1.22 billion in fiscal 2012 compared to $ 1.03 billion in fiscal 2011. the increase of $ 188.4 million was primarily due to the $ 158.1 million increase in net income as well as the result of working capital changes between the two fiscal years , the most significant of which 36 occurred in inventories , accrued liabilities and other liabilities . increases in inventory balances in fiscal 2012 resulted in the use of cash of $ 71.7 million as compared to $ 64.7 million in fiscal 2011 , primarily due to the company 's international expansion . changes during the year in accrued liabilities balances provided cash of $ 84.2 million in fiscal 2012 , compared to $ 53.7 million in fiscal 2011 , driven primarily by the timing of certain expenses and tax payments . changes in other liabilities balances resulted in a use of cash of $ 17.6 million in fiscal 2012 compared to a cash source of $ 13.4 million in fiscal 2011 , primarily due to the timing of certain cash payments . net cash used in investing activities was $ 259.4 million in fiscal 2012 compared to $ 59.6 million in fiscal 2011 , with the increase of $ 199.8 million largely driven by acquisitions , higher planned capital investment , and the timing of cash investments . during fiscal 2012 , the company acquired 100 % of its domestic retail businesses in singapore and taiwan from the former distributors for an aggregate $ 53.2 million , net of cash acquired .
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 Suspicious Activity Report : the company utilizes and continues to explore implementing 27 new technologies such as our global web presence , with 22 marketing websites in 23 countries , e-commerce enabled in the united states , canada and japan , and social networking and blogs as cost-effective consumer communication opportunities to increase online and store sales . we believe the growth strategies described above will allow us to deliver long-term superior returns on our investments and drive increased cash flows from operating activities . however , the current macroeconomic environment , while stabilizing , has created a challenging retail market in which consumers , notably in north america and japan , are still cautious . the company believes long-term growth can still be achieved through a combination of expanded distribution , a focus on innovation to support productivity and disciplined expense control . our multi-channel distribution model is diversified and includes substantial international and factory businesses , which reduces our reliance upon our full-price u.s. business . with an essentially debt-free balance sheet and significant cash position , we have a business model that generates significant cash flow and we are in a position to invest in our brand while continuing to return capital to shareholders through common stock repurchases and dividends . fiscal 2012 the key metrics of fiscal 2012 were : earnings per diluted share rose 20.9 % to $ 3.53. net sales increased 14.5 % to $ 4.76 billion . direct-to-consumer sales rose 16.1 % to $ 4.23 billion . comparable sales in coach 's north american stores increased 6.6 % . in north america , coach opened 9 net new retail stores and 26 new factory stores , including 16 men 's , bringing the total number of retail and factory stores to 354 and 169 , respectively , at the end of fiscal 2012. we also expanded 10 factory stores in north america . coach china results continued to be strong with double-digit growth in comparable stores . coach china opened 30 net new locations , bringing the total number of locations at the end of fiscal 2012 to 96. coach japan opened 11 net new locations , bringing the total number of locations at the end of fiscal 2012 to 180. in addition , we expanded three locations . the company acquired its domestic retail coach businesses in taiwan and singapore . as the result of these acquisitions and subsequent openings , the company operated 7 retail locations in singapore and 27 in taiwan as of the end of fiscal 2012. the company has assumed direct control of its domestic business in malaysia in july 2012 and its domestic retail business in korea in august 2012. coach 's board increased the company 's cash dividend by 33 % , to an expected annual rate of $ 1.20 per share starting with the dividend paid on july 2 , 2012 . 28 fiscal 2012 compared to fiscal 2011 the following table summarizes results of operations for fiscal 2012 compared to fiscal 2011 : replace_table_token_18_th net sales the following table presents net sales by operating segment for fiscal 2012 compared to fiscal 2011 : replace_table_token_19_th direct-to-consumer  net sales increased 16.1 % to $ 4.23 billion during fiscal 2012 from $ 3.65 billion during fiscal 2011 , driven by sales increases in our company-operated stores in north america and china . comparable store sales measure sales performance at stores that have been open for at least 12 months , and includes sales from coach.com . coach excludes new locations from the comparable store base for the first year of operation . similarly , stores that are expanded by 15 % or more are also excluded from the comparable store base until the first anniversary of their reopening . stores that are closed for renovations are removed from the comparable store base . in north america , net sales increased 12.7 % driven by sales from new and expanded stores and by a 6.6 % increase in comparable store sales . during fiscal 2012 , coach opened 9 net new retail stores and 26 new factory stores , and expanded 10 factory stores in north america . in japan , net sales increased 11.7 % driven by an approximately $ 40.1 million , or 5.3 % , positive impact from foreign currency exchange . during fiscal 2012 , coach opened 11 net new locations and expanded three locations in japan . coach china results continued to be strong with double-digit percentage growth in comparable store sales . during fiscal 2012 , coach opened 30 net new stores in hong kong and mainland china . indirect  net sales increased 3.8 % to $ 531.5 million from $ 512.1 million in fiscal 2011. the increase was driven primarily by a 7.9 % increase in coach international wholesale net revenue , partially offset by a 1.6 % decrease in u.s. wholesale net revenue . licensing revenue of approximately $ 28.5 million and $ 24.7 million in fiscal 2012 and fiscal 2011 , respectively , is included in indirect sales . 29 operating income operating income increased 15.9 % to $ 1.51 billion in fiscal 2012 as compared to $ 1.30 billion in fiscal 2011. excluding items affecting comparability of $ 39.2 million in fiscal 2012 and $ 25.7 million in fiscal 2011 , operating income increased 16.6 % to $ 1.55 billion . operating margin increased to 31.7 % as compared to 31.4 % in the prior year , as gross margin increased while selling , general , and administrative ( sg & a ) expenses decreased as a percentage of sales . story_separator_special_tag we believe these non-gaap measures are useful to investors in evaluating the company 's ongoing operating and financial results and understanding how such results compare with the company 's historical performance . in addition , we believe excluding the items affecting comparability assists investors in developing expectations of future performance . these items affecting comparability do not represent the company 's direct , ongoing business operations . by providing the non-gaap measures , as a supplement to gaap information , we believe we are enhancing investors ' understanding of our business and our results of operations . the non-gaap financial measures are limited in their usefulness and should be considered in addition to , and not in lieu of , u.s. gaap financial measures . further , these non-gaap measures may be unique to the company , as they may be different from non-gaap measures used by other companies . 34 the year-over-year comparisons of our financial results are affected by the following items included in our reported results : replace_table_token_22_th fiscal 2012 items charitable contributions and tax adjustments during fiscal 2012 , the company decreased the provision for income taxes by $ 23.9 million , primarily as a result of recording the effect of a revaluation of certain deferred tax asset balances due to a change in japan 's corporate tax laws and the favorable settlement of a multi-year transfer pricing agreement with japan . the company used the net income favorability to contribute an aggregate $ 39.2 million to the coach foundation . the company believed that in order to reflect the direct results of the normal , ongoing business operations , both the tax adjustments and the resulting coach foundation funding needed to be adjusted . this exclusion is consistent with the way management views its results and is the basis on which incentive compensation was calculated for fiscal 2012. fiscal 2011 items charitable contributions and tax adjustments during the third quarter of fiscal 2011 , the company decreased the provision for income taxes by $ 15.5 million , primarily as a result of a favorable settlement of a multi-year tax return examination . the company used the net income favorability to contribute $ 20.9 million to the coach foundation and 400 million yen or $ 4.8 million to the japanese red cross society . the company believed that in order to reflect the direct results of the normal , ongoing business operations , both the tax adjustments and the resulting coach foundation funding and japanese red cross society contribution needed to be adjusted . this exclusion is consistent with the way management views its results and is the basis on which incentive compensation was calculated and paid for fiscal 2011 . 35 fiscal 2009 items cost savings measures during the third quarter of fiscal 2009 , the company recorded a charge of $ 13.4 million , related to cost savings initiatives . these initiatives included the elimination of approximately 150 positions from the company 's corporate offices in new york , new jersey and jacksonville , the closure of four underperforming retail stores and the closure of coach europe services , the company 's sample-making facility in italy . prior to these cost savings measures in fiscal 2009 , the company had no recent past history of similar elimination of positions , closure of facilities , or closure of underperforming stores during the stores ' lease terms . charitable contribution and tax adjustments during the fourth quarter of fiscal 2009 , the company decreased the provision for income taxes by $ 18.8 million , primarily as a result of a favorable settlement of a multi-year tax return examination and other tax accounting adjustments . the underlying events and circumstances for the tax settlement and adjustments were not related to the fiscal 2008 settlement . the company used the net income favorability to contribute $ 15.0 million to the coach foundation . the company believed that in order to reflect the direct results of the normal , ongoing business operations , both the tax adjustments and the resulting foundation funding needed to be adjusted . this exclusion is consistent with the way management views its results and is the basis on which incentive compensation was calculated and paid for fiscal 2009. fiscal 2008 items charitable contribution and tax adjustments during the fourth quarter of fiscal 2008 , the company decreased the provision for income taxes by $ 60.6 million , primarily as a result of a favorable settlement of a tax return examination . the underlying events and circumstances for the tax settlement were not related to the fiscal 2009 settlement . the company used the net income favorability to create the coach foundation . the company recorded an initial contribution to the coach foundation in the amount of $ 20.0 million . the company believed that in order to reflect the direct results of the business operations as was done for executive management incentive compensation , both the tax adjustments and the resulting foundation funding needed to be adjusted . variable expenses as a result of the lower income tax provision , the company incurred additional incentive compensation expense of $ 12.1 million , as a portion of the company 's incentive compensation plan is based on net income and earnings per share . incremental incentive compensation driven by tax settlements of this magnitude is unlikely to recur in the near future as the company has modified its incentive compensation plans during fiscal 2009 to be measured exclusive of any unusual accounting adjustments . the company believes excluding these variable expenses , which were directly linked to the tax settlements , assists investors in evaluating the company 's direct , ongoing business operations . currency fluctuation effects the percentage increase in sales and u.s. dollar increases in operating expenses in fiscal 2012 and fiscal 2011 for coach japan have been presented both including and excluding currency fluctuation effects from translating these foreign-denominated amounts into u.s. dollars

