Home / Knowledge / News / Fashion / FY15 revenue at lifestyle brand Michael Kors soars 32%
FY15 revenue at lifestyle brand Michael Kors soars 32%
29
May '15
For the fiscal ended March 28, 2015, revenue at NYSE listed Michael Kors Holdings Limited, a global luxury lifestyle brand soared 32 per cent year over year.

Total revenue for fiscal 2015 surged 32.0 per cent to $4.4 billion from $3.3 billion in fiscal 2014, while on a constant currency basis, total revenue drove up 34.3 per cent.

In a press release, Michael Kors said its retail net sales grew 34.0 per cent year on year to $2.1 billion. However, comparable store sales rose slower at 10.3 per cent.

In the reporting fiscal, wholesale net sales too increased 30.9 per cent to $2.1 billion and on a constant currency basis; wholesale net sales grew 33.0 per cent.

Gross profit for fiscal 2015 year climbed 31.3% to $2.6 billion and as a percentage of total revenue stood at 60.6 per cent as against 60.9 per cent in fiscal 2014.

Income from operations for the fiscal under review stood at $1.3 billion and as a percentage of total revenue was 28.8 per cent compared to $1.0 billion or 30.5 percentage of total revenue for fiscal 2014.

Net income amounted to $881.0 million or $4.28 per diluted share, based on 205.9 million weighted average diluted shares.

This compares with net income of $661.5 million or $3.22 per diluted share based on 205.6 million weighted average diluted shares outstanding for the previous fiscal.

During the quarter, the Company repurchased 1,409,682 shares of its ordinary shares for approximately $92.0 million in open market transactions.

In addition, in connection with the November 14, 2014 accelerated share repurchase program, 280,819 additional shares were delivered to it in January 2015.

Michael Kors also announced that its board of directors approved an amendment to its share repurchase program on May 20, 2015.

The board authorised the repurchase of up to an additional $500 million of its ordinary shares and extended the program through May 2017.

This increases the initial repurchase authorization previously announced in November 2014 to $1.5 billion, of which approximately $1.0 billion is available for future repurchases over the next two years.

For fiscal 2016, Michael Kors expects total revenue of approximately between $4.7 billion and $4.8 billion.

It said that on a constant currency basis, total revenue is expected to increase in the low to mid-teens range assuming a $200 million impact from the change in foreign currency rates.

The Company expects flat comparable store sales on a reported basis, and a low single digit comparable store sales increase on a constant currency basis.

“Diluted earnings per share are expected to be in the range of $4.40 to $4.50 for fiscal 2016, while expecting foreign currency to impact EPS by approximately $0.20,” it informed. (AR)

Fibre2fashion News Desk - India


Must ReadView All

EU renews GSP+ scheme for Pakistan 2 years

Apparel/Garments | On 24th Feb 2018

EU renews GSP+ scheme for Pakistan 2 years

Pakistani exporters can enjoy preferential duties on exports to the...

Surat wary of e-way bills

Textiles | On 24th Feb 2018

Surat wary of e-way bills

There is no respite for Surat’s textile manufacturers and retailers....

Retailers choose sides in Alibaba-Tencent battle in China

Apparel/Garments | On 24th Feb 2018

Retailers choose sides in Alibaba-Tencent battle in China

Two big Chinese firms— Alibaba Group Holding Ltd and Tencent Holdings ...

Interviews View All

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search