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Sales at Michael Kors drop 3.7% in Q2FY17
14
Nov '16
Sales for the three months ended October 1, 2016 at fashion marketer Michael Kors dropped 3.7 per cent to $1.09 billion, as against 1.13 billion in the prior fiscal's second quarter. Of this, retail net sales rose 12.1 per cent year over year to $597.2 million, driven primarily by 198 net new store openings since the end of the second quarter of fiscal 2016.

In the second quarter of fiscal 2017, gross profit declined 3.0 per cent from a fiscal ago period to $644.7 million, and as a percentage of total revenue stood at 59.2 percent, compared to 58.8 per cent in the second quarter of fiscal 2016.

According to the company, foreign currency translation and transactions favourably impacted gross profit margin by approximately 80 basis points.

Net income for the reporting quarter was down at $160.9 million, or $0.95 per diluted share, vis-à-vis $193.1 million, or $1.01 per diluted share in the earlier fiscal's same period. (AR)

Fibre2Fashion News Desk – India


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