Tapestry (TPR) 10-Q 3 Feb 10 2010 Q2 Quarterly report Financial data

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (USD $)
In Thousands	Dec. 26, 2009	Jun. 27, 2009
ASSETS
Cash and cash equivalents	$1,103,177	$800,362
Trade accounts receivable, less allowances of $9,818 and $6,347, respectively	178,849	108,707
Inventories	269,200	326,148
Deferred income taxes	66,230	49,476
Other current assets	98,936	111,716
Total current assets	1,716,392	1,396,409
Long-term investments	6,000	6,000
Property and equipment, net	564,483	592,982
Goodwill	293,911	283,387
Other assets	288,344	285,558
Total assets	2,869,130	2,564,336
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	120,167	103,029
Accrued liabilities	457,557	348,619
Revolving credit facilities	0	7,496
Current portion of long-term debt	737	508
Total current liabilities	578,461	459,652
Long-term debt	24,339	25,072
Other liabilities	400,764	383,570
Total liabilities	1,003,564	868,294
Stockholders' Equity:
Preferred stock: (authorized 25,000,000 shares; $0.01 par value) none issued	0	0
Common stock: (authorized 1,000,000,000 shares; $0.01 par value) issued and outstanding - 313,984,013 and 318,006,466 shares, respectively	3,140	3,180
Additional paid-in-capital	1,314,301	1,189,060
Retained earnings	534,203	499,951
Accumulated other comprehensive income	13,922	3,851
Total stockholders' equity	1,865,566	1,696,042
Total liabilities and stockholders' equity	$2,869,130	$2,564,336

1_Condensed Consolidated Balanc

Condensed Consolidated Balance Sheets [Parentheticals] (USD $)
In Thousands, except Share data	Dec. 26, 2009	Jun. 27, 2009
Condensed Consolidated Balance Sheets Parentheticals [Abstract]
Allowance for Doubtful Accounts Receivable, Current	$9,818	$6,347
Preferred Stock, Shares Authorized	25,000,000	25,000,000
Preferred Stock, Par or Stated Value Per Share	0.01	0.01
Preferred Stock, Shares Issued	0	0
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Par or Stated Value Per Share	0.01	0.01
Common Stock, Shares, Issued	313,984,013	318,006,466
Common Stock, Shares, Outstanding	313,984,013	318,006,466

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (USD $)
In Thousands, except Per Share data	3 Months Ended Dec. 26, 2009	3 Months Ended Dec. 27, 2008	6 Months Ended Dec. 26, 2009	6 Months Ended Dec. 27, 2008
Net sales	$1,065,005	$960,256	$1,826,442	$1,712,785
Cost of sales	294,066	268,220	505,325	462,556
Gross profit	770,939	692,036	1,321,117	1,250,229
Selling, general and administrative expenses	390,102	343,673	717,033	668,380
Operating income	380,837	348,363	604,084	581,849
Interest income (expense), net	112	532	(484)	3,178
Income before provision for income taxes	380,949	348,895	603,600	585,027
Provision for income taxes	139,999	131,989	221,823	222,310
Net income	$240,950	$216,906	$381,777	$362,717
Net income per share
Basic	0.76	0.67	1.2	1.11
Diluted	0.75	0.67	1.19	1.1
Shares used in computing net income per share
Basic	317,458	323,655	317,761	327,881
Diluted	321,381	325,168	321,137	329,716

2_Condensed Consolidated Statem

Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands	6 Months Ended Dec. 26, 2009	6 Months Ended Dec. 27, 2008
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$381,777	$362,717
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	61,433	61,092
Provision for bad debt	1,454	3,932
Share-based compensation	38,888	31,972
Excess tax benefit from share-based compensation	(18,994)	(1,354)
Deferred income taxes	(14,464)	(15,670)
Other, net	(7,838)	3,602
Changes in operating assets and liabilities:
Increase in trade accounts receivable	(69,590)	(77,578)
Decrease (increase) in inventories	59,544	(54,258)
(Increase) decrease in other assets	925	10,512
Increase (decrease) in other liabilities	23,969	(7,564)
Increase (decrease) in accounts payable	17,431	(16,034)
Increase in accrued liabilities	129,701	30,645
Net cash provided by operating activities	604,236	332,014
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of distributor	(1,200)	(14,507)
Purchases of property and equipment	(36,899)	(84,889)
Purchase of corporate headquarters building	0	(103,300)
Net cash used in investing activities	(38,099)	(202,696)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend payment	(47,726)	0
Repurchase of common stock	(300,000)	(403,787)
Repayment of long-term debt	(504)	(285)
(Repayments) borrowings of revolving credit facilities	(7,496)	1,896
Proceeds from share-based awards, net	67,404	2,116
Excess tax benefit from share-based compensation	18,994	1,354
Net cash used in financing activities	(269,328)	(398,706)
Effect of changes in foreign exchange rates on cash and cash equivalents	6,006	(5,364)
Increase (decrease) in cash and cash equivalents	302,815	(274,752)
Cash and cash equivalents at beginning of period	800,362	698,905
Cash and cash equivalents at end of period	$1,103,177	$424,153

Basis of Presentation and Organ

Basis of Presentation and Organization
	6 Months Ended Dec. 26, 2009 USD / shares
Basis of Presentation and Organization [Abstract]
Basis of Presentation and Organization	1. Basis of Presentation and Organization The accompanying unaudited condensed consolidated financial statements include the accounts of Coach, Inc. (Coach or the Company) and all 100% owned subsidiaries.These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC).Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from this report as is permitted by SEC rules and regulations.However, the Company believes that the disclosures are adequate to make the information presented not misleading.This report should be read in conjunction with the audited consolidated financial statements and notes thereto, included in the Companys Annual Report on Form 10-K filed with the SEC for the year ended June 27, 2009 (fiscal 2009). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the consolidated financial condition, results of operations and changes in cash flows of the Company for the interim periods presented.The results of operations for the quarter ended December 26, 2009 are not necessarily indicative of results to be expected for the entire fiscal year, which will end on July 3, 2010 (fiscal 2010).

Stockholders' Equity

Stockholders' Equity
	6/28/2009 - 12/26/2009 USD / shares
Stockholders' Equity [Abstract]
Stockholders' Equity	2. Stockholders Equity Activity for the quarters ended December 26, 2009 and December 27, 2008 in the accounts of Stockholders Equity is summarized below: Common Stockholders' Equity Additional Paid-in- Capital Retained Earnings Accumulated Other Comprehensive Income Total Stockholders' Equity Balances at June 28, 2008 $ 3,367 $ 1,115,041 $ 353,122 $ 18,845 $ 1,490,375 Net income - - 362,717 - 362,717 Unrealized losses on cash flow hedging derivatives, net of tax - - - (13,112 ) (13,112 ) Translation adjustments - - - (5,463 ) (5,463 ) Comprehensive income 344,142 Shares issued for stock options and employee benefit plans 9 2,107 - - 2,116 Share-based compensation - 31,972 - - 31,972 Excess tax benefit from share-based compensation - 1,354 - - 1,354 Repurchase of common stock (166 ) - (403,621 ) - (403,787 ) Adjustment to adopt SFAS 158 measurement date provision, net of tax - - (183 ) 22 (161 ) Balances at December 27, 2008 $ 3,210 $ 1,150,474 $ 312,035 $ 292 $ 1,466,011 Balances at June 27, 2009 $ 3,180 $ 1,189,060 $ 499,951 $ 3,851 $ 1,696,042 Net income - - 381,777 - 381,777 Unrealized gains on cash flow hedging derivatives, net of tax - - - 1,126 1,126 Translation adjustments - - - 8,945 8,945 Comprehensive income 391,848 Shares issued for stock options and employee benefit plans 45 67,359 - - 67,404 Share-based compensation - 38,888 - - 38,888 Excess tax benefit from share-based compensation - 18,994 - - 18,994 Repurchase of common stock (85 ) - (299,915 ) - (300,000 ) Dividend declared - - (47,610 ) - (47,610 ) Balances at December 26, 2009 $ 3,140 $ 1,314,301 $ 534,203 $ 13,922 $ 1,865,566 The components of accumulated other comprehensive income, as of the dates indicated, are as foll

Earnings Per Share

Earnings Per Share
	6 Months Ended Dec. 26, 2009 USD / shares
Earnings Per Share [Abstract]
Earnings Per Share	3. Earnings Per Share Basic net income per share is calculated by dividing net income by the weighted-average number of shares outstanding during the period.Diluted net income per share is calculated similarly but includes potential dilution from the exercise of stock options and employee benefit and share awards. The following is a reconciliation of the weighted-average shares outstanding and calculation of basic and diluted net income per share: Quarter Ended Six Months Ended December 26, December 27, December 26, December 27, 2009 2008 2009 2008 Net income $ 240,950 $ 216,906 $ 381,777 $ 362,717 Total weighted-average basic shares 317,458 323,655 317,761 327,881 Dilutive securities: Employee benefit and share award plans 1,181 41 996 250 Stock option programs 2,742 1,472 2,380 1,585 Total weighted-average diluted shares 321,381 325,168 321,137 329,716 Net income per share: Basic $ 0.76 $ 0.67 $ 1.20 $ 1.11 Diluted $ 0.75 $ 0.67 $ 1.19 $ 1.10 At December 26, 2009, options to purchase 9,164 shares of common stock were outstanding but not included in the computation of diluted earnings per share, as these options exercise prices, ranging from $34.64 to $51.56, were greater than the average market price of the common shares. At December 27, 2008, options to purchase 24,830 shares of common stock were outstanding but not included in the computation of diluted earnings per share, as these options exercise prices, ranging from $19.35 to $51.56, were greater than the average market price of the common shares.

Share-Based Compensation

Share-Based Compensation
	6 Months Ended Dec. 26, 2009 USD / shares
Share-Based Compensation [Abstract]
Share-Based Compensation	4. Share-Based Compensation The following table shows the total compensation cost charged against income for share-based compensation plans and the related tax benefits recognized in the income statement: Quarter Ended Six Months Ended December 26, December 27, December 26, December 27, 2009 2008 2009 2008 Share-based compensation expense $ 19,920 $ 18,734 $ 38,888 $ 31,972 Income tax benefit related to share-based compensation expense 6,957 6,706 13,622 11,359 Stock Options A summary of option activity under the Coach option plans as of December 26, 2009 and changes during the period then ended is as follows: Number of Options Outstanding Weighted-Average Exercise Price Outstanding at June 27, 2009 31,287 $ 29.12 Granted 3,616 29.50 Exercised (4,053 ) 17.63 Forfeited or expired (729 ) 33.28 Outstanding at December 26, 2009 30,121 $ 30.61 Vested and expected to vest at December 26, 2009 30,047 $ 30.62 Exercisable at December 26, 2009 20,222 30.64 At December 26, 2009, $66,469 of total unrecognized compensation cost related to non-vested stock option awards is expected to be recognized over a weighted-average period of 1.1 years. The weighted-average grant-date fair value of individual options granted during the first six months of fiscal 2010 and fiscal 2009 was $10.93 and $8.39, respectively.The total intrinsic value of options exercised during the first six months of fiscal 2010 and fiscal 2009 was $69,244 and $6,765, respectively.The total cash received from these option exercises was $71,442 and $5,633, respectively, and the actual tax benefit realized from these option exercises was $26,650 and $2,667, respectively. Share Unit Awards The grant-date fair value of each Coach share unit award is equal to the fair value of Coach stock at the grant date.The following table summarizes information about non-vested share units as of and for the period ended December 26, 2009: Number of Non-vested Share Units Weighted-Average Grant-Date Fair Value Non-vested at June 27, 2009 2,583 $ 29.36 Granted 1,975 29.64 Vested (600 ) 30.34 Forfeited (119 ) 32.90 Non-vested at December 26, 2009 3,839 $ 29.24 At December 26, 2009, $74,301 of total unrecognized compensation cost related to non-vested share awards is expected to be recognized over a weighted-average period of 1.2 years. The weighted-average grant-date fair value of share awards granted during the first six months of fiscal 2010 and fiscal 2009 was $32.61 and $25.70, respectively.The total fair value of shares vested during the first six months of fiscal 2010 and fiscal 2009 was $17,784 and $13,842, res

Fair Value Measurements

Fair Value Measurements
	6 Months Ended Dec. 26, 2009 USD / shares
Fair Value Measurements [Abstract]
Fair Value Measurements	5. Fair Value Measurements The Company adopted the provisions of the Accounting Standards Codification (ASC) 820-10, Fair Value Measurements and Disclosures, related to financial assets and liabilities in the first quarter of fiscal 2009.During the first quarter of fiscal 2010, the Company adopted the provisions of the standard related to non-financial assets and liabilities measured at fair value on a non-recurring basis with no material impact on our consolidated financial statements.In accordance with ASC 820-10, the Company categorized its assets and liabilities, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy as set forth below.The three levels of the hierarchy are defined as follows: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities.Coach currently does not have any Level 1 financial assets or liabilities. Level 2 Observable inputs other than quoted prices included in Level 1.Level 2 inputs include quoted prices for identical assets or liabilities in non-active markets, quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for substantially the full term of the asset or liability. Level 3 Unobservable inputs reflecting managements own assumptions about the input used in pricing the asset or liability. The following table shows the fair value measurements of the Companys assets and liabilities at December 26, 2009 and December 27, 2008: Level 2 Level 3 December 26, December 27, December 26, December 27, 2009 2008 2009 2008 Assets: Long-term investment -auction rate security (a) $ - $ - $ 6,000 $ 6,000 Derivative assets - zero-cost collar options (b) 1,043 - - - Total $ 1,043 $ - $ 6,000 $ 6,000 Liabilities: Derivative liabilities - zero-cost collar options (b) $ 931 $ 13,810 $ - $ - Derivative liabilities -cross-currency swap (c) - - 46,480 47,815 Total $ 931 $ 13,810 $ 46,480 $ 47,815 (a) The fair value of the security is determined using a model that takes into consideration the financial conditions of the issuer and the bond insurer, current market conditions and the value of the collateral bonds. (b) The Company enters into zero-cost collar options to manage its exposure to foreign currency exchange rate fluctuations resulting from Coach Japan's U.S. dollar-denominated inventory purchases.The fair value of these cash flow hedges is primarily based on the forward curves of the specific indices upon which settlement is based and includes an adjustment for the counterpartys or Companys credit risk. (c) The Company is a party to a cross-currency swap transaction in order to manage its exposure to foreign currency exchange rate fluctuations resulting from Coach Japan's U.S. dollar-denominated fixed rate intercompany loan.The fair value of this cash flow h

Commitments and Contingencies

Commitments and Contingencies
	6 Months Ended Dec. 26, 2009 USD / shares
Commitments and Contingencies [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies At December 26, 2009, the Company had letters of credit outstanding totaling $124,714.The letters of credit, which expire at various dates through 2013, primarily collateralize the Companys obligation to third parties for the purchase of inventory. In the ordinary course of business, Coach is a party to several pending legal proceedings and claims.Although the outcome of such items cannot be determined with certainty, Coachs General Counsel and management are of the opinion that the final outcome will not have a material effect on Coachs financial position, results of operations or cash flows.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities
	6 Months Ended Dec. 26, 2009 USD / shares
Derivative Instruments and Hedging Activities [Abstract]
Derivative Instruments and Hedging Activities	7. Derivative Instruments and Hedging Activities Substantially all purchases and sales involving international parties are denominated in U.S. dollars, which limits the Companys exposure to foreign currency exchange rate fluctuations.However, the Company is exposed to market risk from foreign currency exchange risk related to Coach Japans U.S. dollar-denominated inventory purchases and its $231,000 U.S. dollar-denominated fixed rate intercompany loan.Coach uses derivative financial instruments to manage these risks.These derivative transactions are in accordance with the Companys risk management policies.Coach does not enter into derivative transactions for speculative or trading purposes. Coach Japan enters into certain foreign currency derivative contracts, primarily zero-cost collar options, to manage the exchange rate risk related to its inventory purchases.As of December 26, 2009 and June 27, 2009, $100,902 and $32,041 of foreign currency forward contracts were outstanding, respectively.These contracts have durations no greater than 12 months.To manage the exchange rate risk related to its intercompany loan, Coach Japan entered into a cross currency swap transaction on July 1, 2005.The terms of the cross currency swap transaction include an exchange of a U.S. dollar fixed interest rate for a yen fixed interest rate and an exchange of yen and U.S. dollar-based principals when the loan matures in 2010. The Companys derivative instruments are designated as cash flow hedges.The effective portion of gains or losses on the derivative instruments are reported as a component of other comprehensive income and reclassified into earnings in the same periods during which the hedged transaction affects earnings.Gains and losses on the derivatives representing hedge ineffectiveness are recognized in current earnings and are included within net cash provided by operating activities. The following tables provide information related to the Companys derivatives: Derivatives Designated as Hedging Balance Sheet Fair Value Instruments Classification At December 26, 2009 At June 27, 2009 Foreign exchange contracts Other Current Assets $ 1,043 $ - Total derivative assets $ 1,043 $ - Foreign exchange contracts Accrued Liabilities $ 47,411 $ 37,061 Total derivative liabilities $ 47,411 $ 37,061 Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) Quarter Ended Six Months Ended Derivatives in Cash Flow Hedging Relationships December 26, 2009 December 27, 2008 December 26, 2009 December 27, 2008 Foreign exchange contracts $ 279 $ (14,124 ) $ (1,079 ) $ (12,532 ) Total $ 279 $ (14,124 ) $ (1,079 ) $ (12,532 ) For the second quarter of fiscal 2010 and fiscal 2009, the amounts above are net of tax of

Goodwill and Intangible Assets

Goodwill and Intangible Assets
	6 Months Ended Dec. 26, 2009 USD / shares
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	8. Goodwill and Intangible Assets The change in the carrying value of goodwill for the first six months of fiscal 2010 ended December 26, 2009, by operating segment, is as follows: Direct-to- Consumer Indirect Total Goodwill balance at June 27, 2009 $ 281,871 $ 1,516 $ 283,387 Foreign exchange impact 10,524 - 10,524 Goodwill balance at December 26, 2009 $ 292,395 $ 1,516 $ 293,911 At December 26, 2009 and June 27, 2009, intangible assets not subject to amortization consisted of $9,788 of trademarks.

Segment Information

Segment Information
	6 Months Ended Dec. 26, 2009 USD / shares
Segment Information [Abstract]
Segment Information	9. Segment Information The Company operates its business in two reportable segments: Direct-to-Consumer and Indirect.The Company's reportable segments represent channels of distribution that offer similar merchandise and service and utilize similar marketing strategies.Sales of Coach products through Company-operated stores in North America, Japan, Hong Kong, Macau and mainland China, the Internet and the Coach catalog constitute the Direct-to-Consumer segment.The Indirect segment includes sales to wholesale customers in over 20 countries, including the United States, and royalties earned on licensed product.In deciding how to allocate resources and assess performance, the Company's executive officers regularly evaluate the net sales and operating income of these segments.Operating income is the gross margin of the segment less direct expenses of the segment.Unallocated corporate expenses include production variances, general marketing, administration and information systems expenses, as well as distribution and consumer service expenses. Direct-to- Corporate Consumer Indirect Unallocated Total Quarter Ended December 26, 2009 Net sales $ 933,938 $ 131,067 $ - $ 1,065,005 Operating income (loss) 394,832 75,155 (89,150 ) 380,837 Income (loss) before provision for income taxes and discontinued operations 394,832 75,155 (89,038 ) 380,949 Depreciation and amortization expense 19,788 1,797 6,468 28,053 Additions to long-lived assets 3,330 401 6,457 10,188 Quarter Ended December 27, 2008 Net sales $ 817,521 $ 142,735 $ - $ 960,256 Operating income (loss) 335,393 82,445 (69,475 ) 348,363 Income (loss) before provision for income taxes and discontinued operations 335,393 82,445 (68,943 ) 348,895 Depreciation and amortization expense 21,040 2,559 6,802 30,401 Additions to long-lived assets 8,515 6,202 141,108 155,825 Six Months Ended December 26, 2009 Net sales $ 1,587,830 $ 238,612 $ - $ 1,826,442 Operating income (loss) 641,653 137,422 (174,991 ) 604,084 Income (loss) before provision for income taxes and discontinued operations 641,653 137,422 (175,475 ) 603,600 Depreciation and amortization expense 40,424 4,597 16,412 61,433 Additions to long-lived assets 17,966 1,155 10,239 29,360 Six Months Ended December 27, 2008 Net sales $ 1,409,757 $ 303,028 $ - $ 1,712,785 Operating income (loss) 551,053 182,641 (151,845 ) 581,849 Income

Stock Repurchase Program

Stock Repurchase Program
	6 Months Ended Dec. 26, 2009 USD / shares
Stock Repurchase Program [Abstract]
Stock Repurchase Program	10. Stock Repurchase Program Purchases of Coachs common stock are made from time to time, subject to market conditions and at prevailing market prices, through open market purchases.Repurchased shares of common stock become authorized but unissued shares and may be issued in the future for general corporate and other purposes.The Company may terminate or limit the stock repurchase program at any time. For the second quarter of fiscal 2010 and fiscal 2009, the Company repurchased and retired 8,565 and 6,053 shares of common stock at an average cost of $35.03 and $17.08 per share, respectively.For the first six months of fiscal 2010 and fiscal 2009, the Company repurchased and retired 8,565 and 16,583 shares of common stock at an average cost of $35.03 and $24.35 per share, respectively.As of December 26, 2009, Coach had $409,625 remaining in the stock repurchase program.

Recent Accounting Developments

Recent Accounting Developments
	6 Months Ended Dec. 26, 2009 USD / shares
Recent Accounting Developments [Abstract]
Recent Accounting Developments	11. Recent Accounting Developments ASC 820-10, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements.The Company adopted the provisions of the standard related to financial assets and liabilities in the first quarter of fiscal 2009.During the first quarter of fiscal 2010, the Company adopted the provisions of the standard related to non-financial assets and liabilities measured at fair value on a non-recurring basis with no material impact on our consolidated financial statements.For further information about the fair value measurements of our financial assets and liabilities see note on Fair Value Measurements. ASC 715-20, Compensation Retirement Benefits provides guidance on employers disclosures about plan assets of a defined benefit pension or other postretirement plan.ASC 715-20 is effective for fiscal years ending after December 15, 2009.The Company does not expect the application of this ASC to have a material impact on the Companys consolidated financial statements. ASC 805-10, Business Combinations, requires an acquiring entity to recognize all the assets acquired and liabilities assumed in a transaction at the acquisition-date fair value with limited exceptions.ASC 805-10 changed the accounting treatment for certain specific acquisition-related items, including expensing acquisition-related costs as incurred, valuing noncontrolling interests (minority interests) at fair value at the acquisition date, and expensing restructuring costs associated with an acquired business.ASC 805-10 also includes expanded disclosure requirements.ASC 805-10 is applied prospectively to business combinations for which the acquisition date is on or after June 28, 2009.The Company has not had a business combination since June 28, 2009. ASC 105, Generally Accepted Accounting Principles, states that the FASB Accounting Standards Codification is the source of authoritative U.S. GAAP recognized by the FASB.The GAAP hierarchy was modified to include only two levels of GAAP: authoritative and nonauthoritative.This standard was effective for Coachs financial statements beginning with the interim period ending September 26, 2009.The adoption of this standard did not have a material impact on the Companys consolidated financial statements.

Subsequent Event Evaluation

Subsequent Event Evaluation
	6 Months Ended Dec. 26, 2009 USD / shares
Subsequent Event Evaluation [Abstract]
Subsequent Event Evaluation	12. Subsequent Event Evaluation The Company evaluated subsequent events through February 3, 2010, the date these financial statements were issued, for both conditions existing and not existing as of February 3, 2010 and concluded there were no subsequent events to recognize or disclose.

Document Information

Document Information
	6 Months Ended Dec. 26, 2009 USD / shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2009-12-26

Entity Information

Entity Information (USD $)
	6 Months Ended Dec. 26, 2009	Jan. 22, 2010
Entity Information [Line Items]
Entity Registrant Name	COACH INC
Entity Central Index Key	0001116132
Current Fiscal Year End Date	--07-03
Entity Filer Category	Large Accelerated Filer
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		314,200,811