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): April 25, 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 April 25, 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 April 1, 2006. 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 sales have been presented both including and
excluding the effect of currency fluctuation effects from translating
foreign-denominated sales into U.S. dollars for the quarter/nine month
period and compared to the same quarter/nine month period in the prior
fiscal year.
o The Company has also presented its projected percentage increase in
earnings per share for the fourth fiscal quarter both including and
excluding the effect of a non-recurring $7 million tax benefit in the
prior-year period.
o The Company's net income and earnings per share have been presented on
the attached income statement both including and excluding the effect
of stock option expense for the quarter/nine months and compared to
the same periods in the prior fiscal year.
The Company believes that it is appropriate to present this supplemental
information, for the following reasons:
o Presenting the Company's net sales in the attached release without the
impact of currency fluctuations will allow investors to better
understand the Company's operating and 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
increase in net sales over the prior-year periods on a
constant-currency basis, a valuable measure of relative sales
performance in the Company's markets.
o Presenting the projected percentage increase in earnings per share for
the fourth fiscal quarter excluding the effect of a $7 million tax
benefit in the year ago period will allow investors to better
understand the Company's increased income from operating results
without taking into account a one-time, non-recurring tax benefit that
occurred in the prior year.
o Presenting the Company's net income and earnings per share in the
attached income statement both with and without the impact of stock
option expenses will 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 (during which the Company did not
expense stock options) 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 April 25, 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: April 27, 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 April 25, 2006