Coach 2008 Annual Report Download

Download and view the complete annual report

Please find the complete 2008 Coach annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 83

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended June 27, 2009
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 1-16153
Coach, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland 52-2242751
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
516 West 34th Street, New York, NY 10001
(Address of Principal Executive Offices); (Zip Code)
(212) 594-1850
(Registrant’s Telephone Number, Including Area Code)
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each Class: Name of Each Exchange on Which Registered
Common Stock, par value $.01 per share New York Stock Exchange
Securities Registered Pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes x No o
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes o No x
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.Yes x No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive
Data File required to be submitted and posted pursuant to rule 405 of Regulation S-T during the preceding 12 months (or for such shorter
period that the registrant was required to submit and post such files).Yes o No o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the
Exchange Act.
Large Accelerated Filer x Accelerated Filer o Non-Accelerated Filer o Smaller Reporting Company o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes o No x
The aggregate market value of Coach, Inc. common stock held by non-affiliates as of December 27, 2008 (the last business day of the
most recently completed second fiscal quarter) was approximately $6.4 billion. For purposes of determining this amount only, the registrant

Table of contents

  • Page 1
    ... Number: 1-16153 Coach, Inc. Maryland (Exact Name of Registrant as Specified in Its Charter) 52-2242751 (I.R.S. Employer Identification No.) (State or Other Jurisdiction of Incorporation or Organization) 516 West 34th Street, New York, NY 10001 (Address of Principal Executive Offices); (Zip Code...

  • Page 2
    ... that such person is controlled by or under common control with the registrant. On August 7, 2009, the Registrant had 318,081,762 shares of common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Documents Form 10-K Reference Proxy Statement for the 2009 Annual Meeting of Stockholders Part...

  • Page 3
    ...Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Controls and Procedures Other Information PART III Directors, Executive Officers and Corporate Governance Executive Compensation Security Ownership of Certain Beneficial Owners and Management and Related Stockholder...

  • Page 4
    ...terms. Coach, Inc.'s actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed in the sections of this Form 10-K filing entitled "Risk Factors" and "Management's Discussion and Analysis of Financial...

  • Page 5
    ... wherever the consumer may shop. We utilize a flexible, cost-effective global sourcing model, in which independent manufacturers supply our products, allowing us to bring our broad range of products to market rapidly and efficiently. Coach offers a number of key differentiating elements that set...

  • Page 6
    ... accessories market. Products Coach's product offerings include handbags, women's and men's accessories, footwear, jewelry, wearables, business cases, sunwear, travel bags, fragrance and watches. The following table shows the percent of net sales that each product category represented: Fiscal Year...

  • Page 7
    ... segments represent channels of distribution that offer similar products, service and marketing strategies. Direct-to-Consumer Segment The Direct-to-Consumer segment consists of channels that provide us with immediate, controlled access to consumers: Coach-operated stores in North America, Japan...

  • Page 8
    ...- Coach Japan operates department store shop-in-shop locations as well as freestanding flagship, retail and factory stores. Flagship stores, which offer the broadest assortment of Coach products, are located in select shopping districts throughout Japan. The following table shows the number of Coach...

  • Page 9
    ...handbag and accessories category has remained strong, in part due to the strength of the Coach brand. The Company continues to tightly manage inventories in this channel given weak results at point-of-sale. Coach recognizes the continued importance of U.S. department stores as a distribution channel...

  • Page 10
    ... promoting a consistent global image, Coach uses its extensive customer database and consumer knowledge to target specific products and communications to specific consumers to efficiently stimulate sales across all distribution channels. Coach engages in several consumer communication initiatives...

  • Page 11
    ... sourcing and product development offices in Hong Kong, China, South Korea and India that work closely with our independent manufacturers. This broad-based, global manufacturing strategy is designed to optimize the mix of cost, lead times and construction capabilities. Over the last several years...

  • Page 12
    TABLE OF CONTENTS accurately process and pack orders, track shipments, manage inventory and generally provide excellent service to our customers. Coach's products are primarily shipped to Coach retail stores and wholesale customers via express delivery providers and common carriers, and direct to ...

  • Page 13
    ...product sourcing and international sales operations. Competition The premium handbag and accessories industry is highly competitive. The Company mainly competes with European luxury brands as well as private label retailers, including some of Coach's wholesale customers. Over the last several years...

  • Page 14
    ... affect our business. We face intense competition in the product lines and markets in which we operate. Our competitors are European luxury brands as well as private label retailers, including some of Coach's wholesale customers. There is a risk that our competitors may develop new products that are...

  • Page 15
    ... manufacturers before it receives wholesale customers' orders, it could experience higher excess inventories if wholesale customers order fewer products than anticipated. Our operating results are subject to seasonal and quarterly fluctuations, which could adversely affect the market price of Coach...

  • Page 16
    ..., Florida New York, New York Carlstadt, New Jersey Tokyo, Japan Dongguan, China Hong Kong Hong Kong Shanghai, China Seoul, South Korea Distribution and consumer service Corporate, sourcing and product development Corporate and product development Coach Japan regional management Sourcing, quality...

  • Page 17
    ... or for termination of employment that is wrongful or in violation of implied contracts. Coach believes that the outcome of all pending legal proceedings in the aggregate will not have a material adverse effect on Coach's business or consolidated financial statements. Coach has not entered into...

  • Page 18
    ...the market for Coach's common stock, the quarterly market price information and the number of common shareholders of record appearing under the caption "Market and Dividend Information" included herein. Performance Graph The following graph compares the cumulative total stockholder return (assuming...

  • Page 19
    TABLE OF CONTENTS Dividend Policy In April 2009, the Company's Board of Directors voted to declare a cash dividend at an expected annual rate of $0.30 per share. The first quarterly payment of $0.075 per quarter, or approximately $23.8 million was made on June 29, 2009 (the first day of fiscal ...

  • Page 20
    ... 41.8% 30.1% 19.3% Dividends declared per common share (5) Revolving credit facility Long-term debt Stockholders' equity Coach Operated Store Data: (6) North American retail stores North American factory stores Coach Japan locations Coach China locations Total stores open at fiscal year-end North...

  • Page 21
    ... of accounting for inventories in Japan and retrospectively applied the impact of this change on previously reported balance sheet amounts for fiscal years 2008, 2007, 2006 and 2005. See Note 3 to the Consolidated Financial Statements. (5) During the fourth quarter of fiscal 2009, the Company...

  • Page 22
    ... document. Executive Overview Coach is a leading American marketer of fine accessories and gifts for women and men. Our product offerings include handbags, women's and men's accessories, footwear, jewelry, wearables, business cases, sunwear, travel bags, fragrance and watches. Coach operates in two...

  • Page 23
    ...'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. Charitable Contribution and Tax Adjustments During the fourth quarter of fiscal 2009, the Company...

  • Page 24
    ... in our full-priced stores. Coach Japan sales, when translated into U.S. dollars, rose 11.1%. This increase in sales reflects an 11.8% increase due to currency translation. In North America, Coach opened 33 net new retail stores and nine new factory stores, bringing the total number of retail and...

  • Page 25
    ...: Fiscal Year Ended June 27, 2009 Amount June 28, 2008 Variance (dollars in millions, except per share data) % of Amount % of Amount Net Sales Net Sales % Net sales Gross profit Selling, general and administrative expenses Operating income Interest income, net Provision for income taxes Income...

  • Page 26
    ... employee compensation, media space and production, advertising agency fees, new product design costs, public relations, market research expenses and mail order costs. Distribution and consumer service expenses include warehousing, order fulfillment, shipping and handling, customer service and bag...

  • Page 27
    ... from new and expanded stores opened during fiscal 2009 and the incremental expense associated with having a full year of expenses related to stores opened in the prior year. Fiscal 2009 includes operating expenses of Coach China, which consisted of investments in stores, marketing, organization...

  • Page 28
    ... stores in North America. In Japan, net sales increased 23.4% driven primarily by sales from new and expanded stores. Coach Japan's reported net sales were positively impacted by approximately $44 million as a result of foreign currency exchange. During fiscal 2008, Coach opened 12 net new locations...

  • Page 29
    ...and new store operating expenses. The impact of foreign currency exchange rates increased reported expenses by approximately $19.2 million. The remaining increase in selling expenses was due to increased variable expenses to support sales growth in other channels. Advertising, marketing, and design...

  • Page 30
    ...increase over prior year. The increase is primarily attributable to increased net sales as discussed above. Income from Discontinued Operations In March 2007, the Company exited its corporate accounts business in order to better control the location and image of the brand where Coach product is sold...

  • Page 31
    ... inventory for the holiday selling season, opens new retail stores and generates higher levels of trade receivables. In the second fiscal quarter its working capital requirements are reduced substantially as Coach generates consumer sales and collects wholesale accounts receivable. In fiscal 2009...

  • Page 32
    ...valuation of financial instruments that are marked-to-market are based upon independent third-party sources. Long-Term Debt Coach is party to an Industrial Revenue Bond related to its Jacksonville, Florida distribution and consumer service facility. This loan has a remaining balance of $2.6 million...

  • Page 33
    ..., first-out method. Prior to fiscal 2009, inventory of Coach Japan was determined by the last-in, first-out method. For further information about this change in accounting principle, see Note 3 to the Consolidated Financial Statements. The Company reserves for slow-moving and aged inventory based on...

  • Page 34
    ... agreements with manufacturers of other consumer products that incorporate the Coach brand. Revenue earned under these contracts is recognized based upon reported sales from the licensee. At June 27, 2009, a 10% change in the allowances for estimated uncollectible accounts, discounts and returns...

  • Page 35
    ... on employer's disclosures about plan assets of a defined benefit pension or other postretirement plan. FSP 132(R)1 is effective for fiscal years ending after December 15, 2009. The Company does not expect the application of this FSP to have a material impact on the Company's consolidated financial...

  • Page 36
    ... revenues and expenses translated into U.S. dollars. Substantially all of Coach's fiscal 2009 non-licensed product needs were purchased from independent manufacturers in countries other than the United States. These countries include China, Italy, United States, Hong Kong, India, Thailand, Vietnam...

  • Page 37
    ... Executive Officer of the Company, and Michael F. Devine, III, the Chief Financial Officer of the Company, has concluded that the Company's disclosure controls and procedures are effective as of June 27, 2009. Management's Report on Internal Control over Financial Reporting The Company's management...

  • Page 38
    ... the end of the fiscal year covered by this Form 10-K pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended. Item 11. Executive Compensation The information set forth in the Proxy Statement for the 2009 Annual Meeting of Stockholders is incorporated herein by reference...

  • Page 39
    ..., thereunto duly authorized. Date: August 19, 2009 COACH, INC. By: /s/ Lew Frankfort Name: Lew Frankfort Title: Chairman and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of...

  • Page 40
    ... UNITED STATES SECURITES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K FINANCIAL STATEMENTS For the Fiscal Year Ended June 27, 2009 COACH, INC. New York, New York 10001 INDEX TO FINANCIAL STATEMENTS Page Reports of Independent Registered Public Accounting Firm Consolidated Balance...

  • Page 41
    ...for Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109." We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company's internal control over financial reporting as of June 27, 2009, based on the criteria...

  • Page 42
    ... opinion. A company's internal control over financial reporting is a process designed by, or under the supervision of, the company's principal executive and principal financial officers, or persons performing similar functions, and effected by the company's board of directors, management, and other...

  • Page 43
    TABLE OF CONTENTS COACH, INC. CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share data) June 27, 2009 June 28, 2008 ASSETS Current Assets: Cash and cash equivalents Trade accounts receivable, less allowances of $6,347 and $7,717, respectively Inventories Deferred income taxes Prepaid ...

  • Page 44
    ... data) Fiscal Year Ended June 27, 2009 June 28, 2008 June 30, 2007 Net sales Cost of sales Gross profit Selling, general and administrative expenses Operating income Interest income, net Income before provision for income taxes and discontinued operations Provision for income taxes Income from...

  • Page 45
    ..., net of tax Translation adjustments Change in pension liability, net of tax Comprehensive income Cumulative effect of change in accounting principle (Note 3) Shares issued for stock options and employee benefit plans Share-based compensation Excess tax benefit from share-based compensation 369,831...

  • Page 46
    41

  • Page 47
    ... Adjustment to excess tax benefit from share-based compensation Net cash (used in) provided by financing activities Effect of exchange rate changes on cash and cash equivalents Increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of...

  • Page 48
    ... handbags, women's and men's accessories, footwear, jewelry, wearables, business cases, sunwear, travel bags, fragrance and watches. Coach's products are sold through the Direct-to-Consumer segment, which includes Company-operated stores in North America, Japan, Hong Kong, Macau and mainland China...

  • Page 49
    ... to fiscal 2009, the Company valued the cost of Coach Japan's inventory using the last-in, first-out method. See Note 3 for further information. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over...

  • Page 50
    ... excluded from revenue. Preopening Costs Costs associated with the opening of new stores are expensed in the period incurred. Advertising Advertising costs include expenses related to direct marketing activities, such as catalogs, as well as media and production costs. In fiscal 2009, fiscal 2008...

  • Page 51
    ...Notes to Consolidated Financial Statements (dollars and shares in thousands, except per share data) 2. Significant Accounting Policies - (continued) Coach Japan enters into foreign currency contracts that hedge certain U.S. dollar-denominated inventory purchases and its fixed rate intercompany loan...

  • Page 52
    ... on employer's disclosures about plan assets of a defined benefit pension or other postretirement plan. FSP 132(R)1 is effective for fiscal years ending after December 15, 2009. The Company does not expect the application of this FSP to have a material impact on the Company's consolidated financial...

  • Page 53
    ... shows the impact of the accounting principle change on reported balances at June 27, 2009: Without Effect of Accounting Principle Change Effect of Accounting Principle Change Inventories Deferred income taxes - current asset Deferred income taxes - liability Retained earnings Accumulated other...

  • Page 54
    .... These plans were approved by Coach's stockholders. The exercise price of each stock option equals 100% of the market price of Coach's stock on the date of grant and generally has a maximum term of 10 years. Stock options and share awards that are granted as part of the annual compensation process...

  • Page 55
    ...of option activity under the Coach stock option plans as of June 27, 2009 and changes during the year then ended is as follows: Number of Options Weighted- Weighted- Aggregate Intrinsic Average Exercise Price Average Remaining Contractual Term (In Years) Outstanding Value Outstanding at June...

  • Page 56
    ... the Employee Stock Purchase Plan, full-time Coach employees are permitted to purchase a limited number of Coach common shares at 85% of market value. Under this plan, Coach sold 268, 155 and 159 new shares to employees in fiscal 2009, fiscal 2008 and fiscal 2007, respectively. Compensation expense...

  • Page 57
    ..., property taxes and the effect on costs from changes in consumer price indices. Certain rentals are also contingent upon factors such as sales. Rent-free periods and scheduled rent increases are recorded as components of rent expense on a straight-line basis over the related terms of such leases...

  • Page 58
    ... an adjustment for counterparty or the Company's 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 as a result of Coach Japan's U.S. dollar-denominated fixed rate intercompany loan. The fair...

  • Page 59
    ... administrative agent (the "Bank of America facility"). The facility expires on July 26, 2012. At Coach's request, the Bank of America facility can be expanded to $200,000 and can also be extended for two additional one-year periods. Under the Bank of America facility, Coach pays a commitment fee of...

  • Page 60
    ...(continued) To provide funding for working capital and general corporate purposes, Coach Japan has available credit facilities with several Japanese financial institutions. These facilities allow a maximum borrowing of 7.6 billion yen, or approximately $79,865, at June 27, 2009. Interest is based on...

  • Page 61
    .... However, the Company is exposed to market risk from foreign currency exchange risk related to Coach Japan's 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...

  • Page 62
    ... tables provide information related to the Company's derivatives: Derivatives Designated as Hedging Instruments Under Statement 133 Balance Sheet Classification 2009 Fair Value At June 27, At June 28, 2008 Foreign exchange contracts Total derivative assets Foreign exchange contracts Total...

  • Page 63
    ... Intangible Assets The changes in the carrying amount of goodwill for the years ended June 27, 2009 and June 28, 2008 are as follows: Direct-toConsumer Indirect Total Balance at June 30, 2007 Foreign exchange impact Balance at June 28, 2008 Acquisition of Hong Kong, Macau and Mainland China retail...

  • Page 64
    ... of deferred tax assets and liabilities at the respective year-ends were as follows: Fiscal 2009 Fiscal 2008 Share-based compensation Reserves not deductible until paid Goodwill Pensions and other employee benefits Property and equipment Net operating loss Other Gross deferred tax assets Prepaid...

  • Page 65
    .... It is the Company's policy to establish provisions for taxes that may become payable in future years as a result of an examination by tax authorities. The Company establishes the provisions based upon management's assessment of exposure associated with uncertain tax positions. The provisions...

  • Page 66
    ... following tables provide information about the Company's pension plans: Fiscal Year Ended June 27, 2009 June 28, 2008 Change in Benefit Obligation Benefit obligation at beginning of year Service cost Interest cost Actuarial (gain) loss Foreign exchange impact Benefits paid Benefit obligation at...

  • Page 67
    ... return for each asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on plan assets assumption for the portfolio. This resulted in the selection of the 6.0% assumption for the fiscal year ended June 27, 2009. In the Company's U.S. Plan...

  • Page 68
    ... 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, service and marketing strategies. Sales of Coach products through Company-operated stores in North America, Japan...

  • Page 69
    ... of the common costs not allocated in the determination of segment performance: Fiscal Year Ended June 27, 2009 June 28, 2008 June 30, 2007 Production variances Advertising, marketing and design Administration and information systems Distribution and customer service Total corporate unallocated...

  • Page 70
    ... and 28 department store shop-in-shops, retail stores and factory stores in Hong Kong, Macau and mainland China. Coach also operates distribution, product development and quality control locations in the United States, Hong Kong, China, South Korea and India. Geographic revenue information is based...

  • Page 71
    ... Operations In March 2007, the Company exited its corporate accounts business in order to better control the location and image of the brand where Coach product is sold. Through the corporate accounts business, Coach sold products primarily to distributors for gift-giving and incentive programs...

  • Page 72
    ... OF CONTENTS COACH, INC. Notes to Consolidated Financial Statements (dollars and shares in thousands, except per share data) 19. Supplemental Balance Sheet Information The components of certain balance sheet accounts are as follows: June 27, 2009 June 28, 2008 Property and equipment Land and...

  • Page 73
    ... in other applicable generally accepted accounting guidance. This statement was effective for Coach's financial statements beginning with the annual period ended on June 27, 2009. The Company evaluated subsequent events through August 19, 2009, the date these financial statements were issued, for...

  • Page 74
    ... operations were $136,266 and $0.43 per share, respectively. The $9,527 net benefit represents a favorable settlement of a multi-year tax return examination and increased interest income reduced by a charitable contribution to the Coach Foundation. (3) The reported results for the fourth quarter...

  • Page 75
    ...indicated, the high and low closing prices per share of Coach's common stock as reported on the New York Stock Exchange Composite Tape. Fiscal Year Ended 2009 High Low Quarter ended: September 27, 2008 December 27, 2008 $ March 28, 2009 June 27, 2009 Closing price at June 26, 2009 31.11 $ 24.69...

  • Page 76
    ... COACH, INC. Schedule II - Valuation and Qualifying Accounts For the Fiscal Years Ended June 27, 2009, June 28, 2008 and June 30, 2007 (amounts in thousands) Balance at Beginning of Year Provision Charged to Costs and Expenses Write-offs/ Allowances Balance at End of Year Taken Fiscal 2009...

  • Page 77
    ... Report on Form 10-K for the fiscal year ended June 29, 2002 Coach, Inc. 2004 Stock Incentive Plan, which is incorporated by reference from Appendix A to the Registrant's Definitive Proxy Statement for the 2004 Annual Meeting of Stockholders, filed on September 29, 2004 Employment Agreement dated...

  • Page 78
    ... to Coach's Annual Report on Form 10-K for the fiscal year ended June 28, 2008 Letter re: change in accounting principle, dated October 31, 2008, which is incorporated herein by reference from Exhibit 18 to Coach's Quarterly Report on Form 10-Q for the fiscal quarter ended September 27, 2008 List of...

  • Page 79
    ...) Coach Shanghai Limited (China) Coach International Limited (Hong Kong) Coach Manufacturing Limited (Hong Kong) Coach Hong Kong Limited (Hong Kong) Coach Europe Services S.r.l. (Italy) Coach Italy Services S.r.l. (Italy) Coach Japan, LLC (Japan) Coach Korea Limited (Korea) Coach Leatherware India...

  • Page 80
    ... Taxes - an interpretation of FASB Statement 109") and the effectiveness of Coach, Inc and subsidiaries' internal control over financial reporting, appearing in this Annual Report on Form 10-K of Coach, Inc and subsidiaries for the year ended June 27, 2009. /s/ Deloitte & Touche LLP New York, New...

  • Page 81
    ... persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial...

  • Page 82
    ... persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial...

  • Page 83
    ...; and (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Date: August 19, 2009 By: /s/ Lew Frankfort Name: Lew Frankfort Title: Chairman and Chief Executive Officer Pursuant to 18 U.S.C. § 1350...