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Lifestyle brand Michael Kors reports near flat Q2 sales
11
Aug '16
Courtesy: Michael Kors
Courtesy: Michael Kors
For the first fiscal quarter ended July 2, 2016, luxury lifestyle brand Michael Kors Holdings reported near flat growth in total sales at $987.9 million over the prior fiscal's first quarter.

Of this, retail net sales rose 7.6 per cent year on year to $562.9 million, driven primarily by 221 net new store openings since the end of the first quarter of fiscal 2016-17.

“This also includes 145 stores associated with the company's recent acquisitions of China and South Korea and the consolidation of the Latin American operations,” the company said.

Gross profit for the reporting quarter dropped 2.0 per cent from a fiscal ago period to $591.3 million, and as a percentage of total revenue stood at 59.9 per cent, down from 61.2 per cent.

Income from operations for the quarter under review totaled $186.9 million, or 18.9 per cent as a percentage of total revenue, down from $248.6 million and 25.2 per cent in the earlier fiscal's first quarter.

In the first quarter of fiscal 2016-17, net income reached $147.1 million, or $0.83 per diluted share, based on a 21.2 per cent tax rate and 176.6 million weighted average diluted shares.

Net income for the first quarter of fiscal 2015-16 was $174.4 million, or $0.87 per diluted share, based on a 29.4 per cent tax rate and 200.1 million weighted average diluted shares. (AR)

Fibre2fashion News Desk - India

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