Home / Knowledge / News / Apparel/Garments / Lifestyle brand Michael Kors Q3 FY13 sales skyrocket 41.4%
Lifestyle brand Michael Kors Q3 FY13 sales skyrocket 41.4%
13
Feb '13
Michael Kors Holdings Limited, a global luxury lifestyle brand with a multi-channel strategy, unique design and strong infrastructure, announced its financial results for the third quarter ended December 29, 2012.
 
John D. Idol, the Company’s Chairman and Chief Executive Officer, said, “Our strong third quarter performance reflects sustained brand momentum as the global recognition and appeal for the Michael Kors luxury brand continued to expand. Moreover, we were extremely pleased with the holiday season as Michael Kors’ brand strength, innovative fashion design and jet-set in-store experience drove strong sales and earnings.”
 
For the third quarter ended December 29, 2012:
-Total revenue increased 70.4% to $636.8 million from $373.6 million in the third quarter of fiscal 2012.
-Retail net sales increased 66.8% to $332.6 million driven by a 41.4% increase in comparable store sales and 66 net new store openings since the end of the third quarter of fiscal 2012. Wholesale net sales increased 77.4% to $274.3 million and licensing revenue increased 52.1% to $29.8 million.
-Gross profit increased 72.8% to $383.5 million, and as a percentage of total revenue increased to 60.2% compared to 59.4% in the third quarter of fiscal 2012.
 
Income from operations was $204.8 million and as a percentage of total revenue was 32.2%. For the third quarter of fiscal 2012, income from operations was $64.6 million and included a $15.9 million equity compensation charge associated with equity grants for periods prior to the third quarter and $5.2 million in expenses associated with the Company’s initial public offering (“IPO”). Excluding these charges, operating income for the third quarter of fiscal 2012 was $85.7 million and as a percentage of total revenue was 22.9%.
 
Net income was $130.0 million, or $0.64 per diluted share, based on 202.8 million weighted average diluted shares outstanding. Net income for the third quarter of fiscal 2012 was $39.0 million, or $0.20 per diluted share, based on 193.6 million weighted average diluted shares outstanding. Excluding the aforementioned charges, net income for the third quarter of fiscal 2012 was $53.6 million, or $0.28 per diluted share.
 
At December 29, 2012, the Company operated 297 retail stores, including concessions, compared to 231 retail stores, including concessions, at the end of the same prior-year period. The Company had 91 additional retail stores, including concessions, operated through licensing partners. Including licensed locations, there were 388 Michael Kors stores worldwide at the end of the third quarter of fiscal 2013.
 
Mr. Idol continued, “Our exceptional third quarter results were driven by continued strength across our business segments and geographies. In North America, comparable store sales increased 41% due to 


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