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Michael Kor's FY'13 sales skyrocket 67.5%
30
May '13
Michael Kors Holdings Limited, a global luxury lifestyle brand, announced its financial results for the fourth quarter and fiscal year ended March 30, 2013.

John D. Idol, the Company’s Chairman and Chief Executive Officer, said, “Fiscal 2013 was another outstanding year for Michael Kors with continued momentum into the fourth quarter reflecting advances on our key growth strategies. Our jet-set luxury accessories and ready to wear are resonating with consumers worldwide and we are excited by our prospects for future growth.”

For the fiscal year ended March 30, 2013:

- Total revenue for the year increased 67.5% to $2.2 billion from $1.3 billion in fiscal 2012.

- Retail net sales increased 69.5% to $1.1 billion. Comparable store sales increased 40.1%. Wholesale net sales increased 69.2% to $1.0 billion and licensing revenue increased 33.5% to $87.0 million.

- Gross profit for the year increased 73.5% to $1.3 billion, and as a percentage of total revenue increased to 59.9% as compared to 57.8% in fiscal 2012.

- Income from operations for the year was $630.0 million and as a percentage of total revenue was 28.9%.

For fiscal 2012, income from operations was $247.7 million and included a $10.6 million equity compensation charge associated with equity grants for periods prior to fiscal 2012, $3.2 million in expenses associated with the Company’s IPO in December 2011 and a $10.7 million charge related to the employee share option redemption associated with our private placement. Excluding these charges, income from operations for fiscal 2012 was $272.1 million, or 20.9% as a percentage of total revenue.

- Net income for the year was $397.6 million, or $1.97 per diluted share, based on 201.5 million weighted average diluted shares outstanding. Net income for fiscal 2012 was $147.4 million, or $0.78 per diluted share, based on 189.3 million weighted average diluted shares outstanding. Excluding the aforementioned charges, net income for fiscal 2012 was $163.1 million, or $0.86 per diluted share.


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