SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549


                                     ------

                                    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 20, 2004



                                   Coach, Inc.
                                 ---------------
             (Exact name of registrant as specified in its charter)


     Maryland                       1-16153                      52-2242751
  --------------                   ----------                   ------------
    (State of                (Commission File Number)       (IRS Employer
  Incorporation)                                             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)


Item 7: Exhibits. (c) The following exhibit is being furnished herewith: 99.1 Text of Press Release, dated April 20, 2004 Item 9: Regulation FD Disclosure; Item 12: Results of Operations and Financial Condition. On April 20, 2004, Coach, Inc. (the "Company") issued a press release (the "Press Release") in which the Company announced its financial results for its fiscal quarter ended March 27, 2004. 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. This Form 8-K and the Press Release attached hereto as Exhibit 99.1 are being furnished to the Securities and Exchange Commission under Item 9 of Form 8-K in satisfaction of the public disclosure requirements of Regulation FD. This Form 8-K and the Press Release, insofar as they disclose historical information regarding the Company's results of operations or financial condition for the fiscal quarter ended March 27, 2004, are also being furnished to the Securities and Exchange Commission under Item 12 of Form 8-K.

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 20, 2004 COACH, INC. By: /s/ Carole P. Sadler -------------------------------------- Carole P. Sadler Senior Vice President, General Counsel and Secretary

EXHIBIT INDEX 99.1 Text of Press Release, dated April 20, 2004

                                                                    Exhibit 99.1

Coach Reports Third Quarter Earnings Per Share of $0.30; up 76% and
 Ahead of Expectations; Raises Guidance for FY04; Results Driven by a
            42% Sales Gain and Continued Margin Expansion

    NEW YORK--(BUSINESS WIRE)--April 20, 2004--Coach, Inc. (NYSE:
COH), a leading marketer of modern classic American accessories, today
announced a 76% increase in earnings per diluted share to $0.30 for
its third fiscal quarter ended March 27, 2004. This substantial
increase in earnings from the prior year's third quarter reflected a
42% gain in net sales combined with operating margin improvement.
    In the third quarter, net sales were $313.1 million, 42% higher
than the $220.4 million reported in the same period of the prior year.
Net income rose 83% to $58.3 million from $31.9 million a year ago,
and earnings per share increased 76% to $0.30 compared with $0.17 the
prior year. These results were ahead of the analysts' recently revised
consensus estimate of $0.27 per share.
    Lew Frankfort, Chairman and Chief Executive Officer of Coach,
Inc., said, "Our outstanding third quarter sales reflect sustained
momentum and market share gains in all channels of our business. These
results again demonstrate the vitality of Coach and speak to our
unique proposition as America's leading accessible luxury accessories
brand. Consumers continue to embrace our distinctive and stylish
products, which are well-made and offer excellent value. Further, our
growth in profitability evidences our ability to drive continued
margin improvement and leverage our expense base."
    During the quarter, gross profit rose 49% to $ 237.5 million from
$159.8 million a year ago. Gross margin expanded by 340 basis points
from 72.5% to 75.9%, driven by channel mix, sourcing cost initiatives
and product mix. SG&A expenses as a percentage of net sales declined
to 43.6%, a 500 basis point decrease from the 48.6% reported in the
year-ago quarter, primarily due to leveraging the higher sales.
    For the nine months ended March 27, 2004, net sales were $983.0
million, up 36% from the $721.7 million reported in the first nine
months of fiscal 2003. Net income rose to $196.1 million, up 68% from
the $116.8 million reported a year ago.
    Third fiscal quarter sales results in each of Coach's primary
channels of distribution grew as follows:

    --  Direct to consumer sales, which consist primarily of sales at
        U.S. Coach stores, increased 32% to $160.3 million from $121.6
        million last year. Comparable store sales for the quarter rose
        20.5%, with retail stores up 28.7% and factory store sales up
        9.3%.

    --  Indirect sales rose 55% to $152.8 million from $98.8 million
        in the same period last year. All indirect businesses,
        including Coach Japan, U.S. department stores, international
        wholesale and special markets, contributed to this significant
        increase.

    Mr. Frankfort added, "Our exceptionally strong results this
quarter are a continuation of the trend we have seen since we became a
public company more than three years ago. Our business has been
powered by consistently well-received new product flow, surging U.S.
Coach store traffic and market share gains in Japan. Colorful spring
offerings, driven by handbags and women's accessories, have drawn an
enthusiastic response from consumers. We're particularly pleased with
the performance of the Soho handbag collection across multiple
fabrications and silhouettes, highlighted by the new flap hobo. In
addition, we're also pleased with the continued strength of Hamptons -
notably the updated carryalls, popular buckle demi and flap satchel.
Last month, we also re-introduced Hamptons Weekend, a lightweight and
functional group of sporty totes, which gives consumers a casual new
option from Coach.
    "Our results in Japan were also very strong, as comparable
locations again posted double-digit sales gains, and our new shops
exceeded our expectations. In addition, just last week, we received a
terrific reception at the opening of our newest Japanese flagship,
located in the Marunouchi section of Tokyo. This 5,300 square foot
store is our third flagship in Japan and is located in a recently
re-developed area and hub for young Japanese working women."
    During the third quarter of fiscal 2004, the company opened two
Coach retail stores, resulting in a total of 167 retail stores and 77
factory stores at March 27, 2004. Through Coach Japan, one location
was added, bringing the total in Japan to 100.
    "We're well positioned to sustain accelerated growth through the
rest of this quarter, as our momentum this month has continued
throughout all channels of our business. As always we have a strong
pipeline of fresh and innovative products planned. This month we
re-launched our popular straw basket totes, which will be our Mother's
Day feature as well. These totes and a new top-handled style use a
variety of materials in combination with straw, including patent
leather trim and leather appliques. Also in April, our Optic Signature
group in pink, blue and green premiered in three handbag styles, in
addition to scarves and hats. In May, our special edition Soft Cinched
Tote returns with an all-store distribution in several colors in both
Signature and leather fabrications. Also in the fourth quarter, we
will be adding seven more retail stores in the U.S., bringing the
total to 19 new retail stores in fiscal 2004."
    Mr. Frankfort concluded, "Looking ahead, we've never felt more
positive about our prospects for growth, which rest on our distinctive
proposition, strong brand equities, and expanding market share."
    The company now estimates 2004 sales of over $1.3 billion for the
full fiscal year ending July 3, 2004, an increase of about 37% from
prior year, and earnings per share of at least $1.32 or up 67% from
last year, compared with analysts' current consensus estimate of
$1.25. This reflects sales of at least $330 million and earnings per
share of at least $0.30 for the fourth quarter, up 88% from the $0.16
reported for the same period in fiscal 2003 and above the analysts'
consensus estimate of $0.26. For fiscal 2005, we expect sales growth
of at least 19% to at least $1.55 billion, and earnings per share
growth of at least 21% to least $1.60, compared with analysts' current
consensus estimate of $1.51.
    Coach will host a conference call to review these results at 8:30
a.m. (EDT) today, April 20, 2004. Interested parties may listen to the
webcast by accessing www.coach.com/investors on the Internet or
dialing into 1-888-455-0032 and asking for the Coach earnings call led
by Andrea Shaw Resnick, VP of Investor Relations. A telephone replay
will be available starting at 12:00 noon today, for a period of five
business days. The number to call is 1-800-947-4869. A webcast replay
of the earnings conference call will also be available for five
business days on the Coach website.

    Coach, with headquarters in New York, is a leading American
marketer of fine accessories and gifts for women and men, including
handbags, women's and men's small leathergoods, business cases,
weekend and travel accessories, footwear, watches, outerwear, sunwear,
and related accessories. Coach is sold worldwide through Coach stores,
select department stores and specialty stores, through the Coach
catalog in the U.S. by calling 1-800-223-8647 and through Coach's
website at www.coach.com. Coach's shares are traded on The New York
Stock Exchange under the symbol COH.

    This press release contains forward-looking statements based on
management's current expectations. These statements can be identified
by the use of forward-looking terminology such as "may," "will,"
"should," "expect," "intend," "estimate," "are positioned to,"
"continue," "project," "guidance," "forecast," "anticipated," or
comparable terms. Future results may differ materially from
management's current expectations, based upon risks and uncertainties
such as expected economic trends, the ability to anticipate consumer
preferences, the ability to control costs, etc. Please refer to
Coach's latest Annual Report on Form 10-K for a complete list of risk
factors.


                              COACH, INC.
                              -----------
              CONDENSED CONSOLIDATED STATEMENTS OF INCOME
              -------------------------------------------
           For the Quarters and Nine Months Ended March 27,
                        2004 and March 29, 2003
           -------------------------------------------------
                 (in thousands, except per share data)
                 ------------------------------------
                              (unaudited)
                              -----------

                                  QUARTER ENDED     NINE MONTHS ENDED
                               ------------------- -------------------
                               March 27, March 29, March 27, March 29,
                                  2004      2003      2004      2003
                                --------  --------  --------  --------

 Net sales                     $313,073  $220,396  $982,961  $721,710

 Cost of sales                   75,556    60,589   252,392   213,837
                                --------  --------  --------  --------

 Gross profit                   237,517   159,807   730,569   507,873

 Selling, general and
  administrative expenses       136,648   107,060   397,371   314,918
                               --------  --------  --------  --------

 Operating income               100,869    52,747   333,198   192,955

 Interest income, net              (768)     (344)   (1,639)     (619)
                                --------  --------  --------  --------

 Income before income taxes
  and minority interest         101,637    53,091   334,837   193,574
 Income taxes                    38,114    19,644   125,567    71,624
 Minority interest, net of tax    5,212     1,594    13,192     5,186
                                --------  --------  --------  --------

 Net income                    $ 58,311  $ 31,853  $196,078  $116,764
                                ========  ========  ========  ========


 Basic net income per share    $   0.31  $   0.18  $   1.06  $   0.65
                                ========  ========  ========  ========

 Shares used in computing
  basic net income per share    187,006   180,462   185,251   178,775
                                ========  ========  ========  ========

 Diluted net income per share  $   0.30  $   0.17  $   1.02  $   0.63
                                ========  ========  ========  ========

 Shares used in computing
  diluted net income per share  193,569   186,492   192,147   184,929
                                ========  ========  ========  ========



                              COACH, INC.
                              -----------
                 CONDENSED CONSOLIDATED BALANCE SHEETS
                 -------------------------------------
          At March 27, 2004, June 28, 2003 and March 29, 2003
          ---------------------------------------------------
                            (in thousands)
                            --------------


                                       March 27,  June 28,   March 29,
                                          2004      2003        2003
                                       --------  --------    --------
                                     (unaudited)           (unaudited)
ASSETS

Cash and cash equivalents              $445,343  $229,176    $192,263
Receivables                              78,657    35,470      46,703
Inventories                             153,834   143,807     135,996
Other current assets                     46,978    40,085      29,670
                                        --------  --------    --------

Total current assets                    724,812   448,538     404,632

Property and equipment, net             134,506   118,547     109,370
Other noncurrent assets                  52,341    50,567      65,374
                                        --------  --------    --------

Total assets                           $911,659  $617,652    $579,376
                                        ========  ========    ========

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable                       $ 39,670  $ 26,637    $ 29,660
Accrued liabilities                     141,129   108,273     112,345
Subsidiary credit facilities             13,264    26,471      32,945
Current portion of long-term debt           115        80          80
                                        --------  --------    --------

Total current liabilities               194,178   161,461     175,030

Long-term debt                            3,420     3,535       3,535
Other liabilities                         5,086     3,572       3,448

Minority interest, net of tax            35,347    22,155      19,733

Stockholders' equity                    673,628   426,929     377,630
                                        --------  --------    --------

Total liabilities and stockholders'
 equity                                $911,659  $617,652    $579,376
                                        ========  ========    ========


    CONTACT: Coach
             Analysts & Media:
             Andrea Shaw Resnick, 212/629-2618