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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

[X]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 28, 2002

or

[   ]    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		(I.R.S. Employer
incorporation or organization)		Identification No.)

516 West 34^th Street, New York, NY 10001
(Address of principal executive offices); (Zip Code)

(212) 594-1850
(Registrant’s telephone number, including area code)

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 [  ]

On November 1, 2002, the Registrant had 88,737,051 outstanding shares of common stock, which is the Registrant’s only class of common stock.

The document contains 27 pages excluding exhibits.

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COACH, INC.

TABLE OF CONTENTS FORM 10-Q

			Page Number
PART I
ITEM 1.	Financial Statements
Condensed Consolidated Balance Sheets –
At September 28, 2002 and June 29, 2002			4
Condensed Consolidated Statements of Income –
For the Thirteen Weeks Ended
September 28, 2002 and September 29, 2001			5
Condensed Consolidated Statement of Stockholders’ Equity –
For the period June 30, 2001 to September 28, 2002			6
Condensed Consolidated Statements of Cash Flows –
For the Thirteen Weeks Ended
September 28, 2002 and September 29, 2001			7
Notes to Condensed Consolidated Financial Statements			8
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		15
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk		21
ITEM 4.	Controls and Procedures		22
PART II
ITEM 4.	Submission of Matters to a Vote of Security Holders		23
ITEM 6.	Exhibit and Reports on Form 8-K		23
SIGNATURE			24
CERTIFICATIONS			25

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SPECIAL NOTE ON FORWARD-LOOKING INFORMATION

This Form 10-Q contains certain “forward-looking statements”, based on current expectations, that involve risks and uncertainties that could cause our actual results to differ materially from management’s current expectations. These forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “will”, “should,” “expect,” “intend”, “estimate”, or “continue”, or the negative thereof or comparable terminology. Future results will vary from historical results and historical growth is not indicative of future trends which will depend upon a number of factors, including but not limited to: (I) the successful implementation of our growth strategies and initiatives, including our store expansion and renovation program; (ii) the effect of existing and new competition in the marketplace; (iii) our ability to successfully anticipate consumer preferences for accessories and fashion trends; (iv) our ability to control costs; (v) the effect of seasonal and quarterly fluctuations in our sales on our operating results; (vi) our exposure to international risks, including currency fluctuations; (vii) changes in economic or political conditions in the markets where we sell or source our products; (viii) our ability to protect against infringement of our trademarks and other proprietary rights; and such other risk factors as set forth in the Company’s Form 10-K for the fiscal year ended June 29, 2002. Coach, Inc. assumes no obligation to update or revise any such forward-looking statements, which speak only as of their date, even if experience or future events or changes make it clear that any projected financial or operating results will not be realized.

WHERE YOU CAN FIND MORE INFORMATION

Coach’s quarterly financial results and other important information are available by calling the Investor Relations Department at (212) 629-2618.

Coach maintains a website at www.coach.com where investors and other interested parties may obtain press releases, other information and gain access to periodic reports to the SEC.

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PART I

ITEM 1.  Financial Statements

COACH, INC.
CONDENSED CONSOLIDATED BALANCE SHEET

		September 28, 2002				June 29, 2002
		(unaudited)
		(amounts in thousands)
ASSETS
Cash and cash equivalents		$	44,033			$	93,962
Trade accounts receivable, less allowances of $6,092 and $4,176, respectively			45,009				30,925
Inventories			152,724				136,404
Other current assets			26,154				26,297
Total current assets			267,920				287,588
Goodwill and other intangible assets, net			22,249				22,395
Property and equipment, net			97,099				90,589
Other noncurrent assets			39,081				39,999
Total assets		$	426,349			$	440,571
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable		$	32,547			$	25,819
Accrued liabilities			96,751				99,365
Revolving credit facility			35,042				34,169
Current portion of long-term debt			80				75
Total current liabilities			164,420				159,428
Long-term debt			3,535				3,615
Other liabilities			3,640				2,625
Minority interest			15,863				14,547
Total liabilities			187,458				180,215
Commitments and contingencies (Note 7)
Stockholders’ equity
Preferred stock: (authorized 25,000,000 shares; $0.01 par value) none issued			—				—
Common stock: (authorized 250,000,000 shares; $0.01 par value) issued and outstanding - 87,864,297 and 89,453,722 shares, respectively			879				895
Capital in excess of par value			148,730				155,403
Retained earnings			93,474				105,509
Accumulated other comprehensive (loss) income			(242	)			215
Unearned compensation			(3,950	)			(1,666	)
Total stockholders’ equity			238,891				260,356
Total liabilities and stockholders’ equity		$	426,349			$	440,571

See accompanying Notes to the Condensed Consolidated Financial Statements.

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COACH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

		Thirteen Weeks Ended
		September 28, 2002				September 29, 2001
		(unaudited)				(unaudited)
		(amounts in thousands, except per share data)
Net sales		$	192,791			$	150,702
Cost of sales			61,567				54,131
Gross profit			131,224				96,571
Selling, general and administrative expenses			93,616				77,101
Operating income			37,608				19,470
Interest (income) expense, net			(165	)			447
Income before provision for income taxes and minority interest			37,773				19,023
Provision for income taxes			13,977				6,753
Minority interest, net of tax			1,316				(268	)
Net income		$	22,480			$	12,538
Net income per share
Basic		$	0.25			$	0.14
Diluted		$	0.24			$	0.14
Shares used in computing net income per share
Basic			88,729				87,314
Diluted			91,992				90,200

See accompanying Notes to the Condensed Consolidated Financial Statements.

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COACH, INC.
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

		Total Stockholders’ Equity				Preferred Stockholders’ Equity				Common Stockholders’ Equity				Capital in Excess of Par				Retained Earnings				Accumulated Other Comprehensive Income (loss)				Unearned Compensation				Comprehensive Income (loss)				Shares of Common Stock
		(amounts in thousands)
Balances at June 30, 2001		$	148,314			$	—			$	874			$	125,277			$	22,650			$	(487	)		$	—								87,372
	Net income		85,827				—				—				—				85,827				—				—				85,827
	Exercise of stock options		20,802				—				29				20,773				—				—				—								2,942
	Tax benefit from exercise of stock options		13,793				—				—				13,793				—				—				—
	Repurchase of common stock		(9,848	)			—				(9	)			(6,871	)			(2,968	)			—				—								(860	)
	Grant of restricted stock awards		—				—				1				2,431				—				—				(2,432	)
	Amortization of restricted stock awards		766				—				—				—				—				—				766
	Translation adjustments		396				—				—				—				—				396				—				396
	Minimum pension liability		306				—				—				—				—				306				—				306
	Comprehensive income																													$	86,529
Balances at June 29, 2002			260,356				—				895				155,403				105,509				215				(1,666	)							89,454
	Net income		22,480				—				—				—				22,480				—				—				22,480
	Exercise of stock options		4,620				—				3				4,617				—				—				—								316
	Tax benefit from exercise of stock options		1,520				—				—				1,520				—				—				—
	Repurchase of common stock		(49,947	)			—				(19	)			(15,413	)			(34,515	)			—				—								(1,929	)
	Grant of restricted stock awards		—				—				—				2,603				—				—				(2,603	)
	Amortization of restricted stock awards		319				—				—				—				—				—				319								23
	Translation adjustments		(457	)			—				—				—				—				(457	)			—				(457	)