SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): January 24, 2006
Coach, Inc.
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(Exact name of registrant as specified in its charter)
Maryland 1-16153 52-2242751
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(State of (Commission File Number) (IRS Employer
Incorporation) Identification No.)
516 West 34th Street, New York, NY 10001
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(Address of principal executive offices) (Zip Code)
(212) 594-1850
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(Registrant's telephone number, including area code)
Item 2.02: Results of Operations and Financial Condition.
On January 24, 2006, Coach, Inc. (the "Company") issued a press release
(the "Press Release") in which the Company announced its financial results for
its fiscal quarter ended December 31, 2005. All information in the press release
is being furnished to the Securities and Exchange Commission and shall not be
deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934
(the "Exchange Act") or otherwise subject to liability under that section, nor
shall it be deemed incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act, except as expressly set forth by
specific reference in such a filing.
The attached press release includes the following Non-GAAP financial
information:
o The Company's net income, net income per share have been presented
both including and excluding the effect of stock option expense for
the quarter and compared to the same quarter in the prior fiscal year.
Selling, general & administrative expense has also been presented both
with and without the impact of option expense.
o The Company has also presented its projected earnings per diluted
share for the second fiscal quarter and full fiscal year both
including and excluding the effect of stock option expense.
The Company believes that it is appropriate to present this
supplemental information, for the following reasons:
o Effective July 3, 2005, the Company adopted Statement of Financial
Accounting Standards No. 123(R), which requires companies to measure
all employee stock-based compensation awards using a fair value method
and recognize compensation costs in its financial statements.
o Prior to fiscal year 2006, all written earnings and earnings-per-share
guidance issued by the Company had not included the impact of expenses
from such compensation; historically, this has been the way in which
management has analyzed and managed the Company's business.
o Presenting the Company's earnings and earnings per share in the
attached release both with and without the impact of such expenses
will allow investors to better understand the Company's financial
results and how such results compare with the Company's prior
guidance. In addition, this presentation will help investors and
analysts to understand the relationship of the Company's results to
analysts' coverage and projected earnings forecasts, which have not
included the impact of stock option expense.
o This presentation will also allow investors to better understand the
change in the Company's financial results from last year to the
current year and the impact from fiscal 2005 to fiscal 2006 of
expenses from such compensation on the Company's earnings and earnings
per share.
Item 9.01: Financial Statements and Exhibits.
(c) Exhibits. The following exhibit is being furnished herewith:
99.1 Text of Press Release, dated January 24, 2006
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: January 24, 2006
COACH, INC.
By: /s/ Carole P. Sadler
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Carole P. Sadler
Senior Vice President, General Counsel
and Secretary
EXHIBIT INDEX
99.1 Text of Press Release, dated January 24, 2006