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Q3FY17 revenue drops 3.2% at lifestyle brand Michael Kors
10
Feb '17
Courtesy: Michael Kors
Courtesy: Michael Kors
Total revenue at luxury lifestyle brand Michael Kors dropped 3.2 per cent to $1.35 billion in the three months to December 31, 2016 compared to $1.40 billion in the fiscal ago quarter, while sales declined 2.6 per cent on a constant currency basis. Of this, retail net sales grew 9.2 per cent to $836.7 million, driven primarily by 193 net new store openings.

However, gross profit fell 3.1 per cent to $805.7 million in the reporting quarter, and as a percentage of total revenue, stood at 59.6 per cent, marginally down from gross margin of 59.5 per cent in the third quarter of fiscal 2016.

In the third quarter of fiscal 2017, income from operations amounted to $341.9 million, or 25.3 per cent as a percentage of total revenue, vis-à-vis $409.3 million, or 29.3 percentage of total revenue in the prior fiscal’s third quarter.

Net income was $271.3 million, or $1.64 per diluted share in the period under review versus $294.6 million, or $1.59 per diluted share in the earlier fiscal’s comparable quarter. (AR)

Fibre2Fashion News Desk – India

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