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Home / Knowledge / News / Fashion / Sales at lifestyle brand Michael Kors soar 43.4% in Q1FY15
Sales at lifestyle brand Michael Kors soar 43.4% in Q1FY15
05
Aug '14
Total revenue surged 43.4% to $919.2 million at Michael Kors Holdings Limited, a global luxury lifestyle brand in the first quarter ending June 28, 2014 of FY15 from $640.9 million in the corresponding quarter of FY14.
 
Retail net sales increased 47.5% to $480.2 million driven by a 24.2% increase in comparable store sales and 115 net new store openings since the end of the first quarter of fiscal 2014. Wholesale net sales increased 40.0% to $406.8 million and licensing revenue increased 30.5% to $32.1 million.
 
Gross profit increased 43.9% to $571.6 million, and as a percentage of total revenue increased to 62.2% compared to 62.0% in the first quarter of fiscal 2014.
 
Income from operations was $276.8 million, or 30.1% as a percentage of total revenue, as compared to $197.6 million, or 30.8% as a percentage of total revenue, for the first quarter of fiscal 2014.
 
Net income was $187.7 million, or $0.91 per diluted share, based on 207.2 million weighted average diluted shares outstanding. Net income for the first quarter of fiscal 2014 was $125.0 million, or $0.61 per diluted share, based on 204.3 million weighted average diluted shares outstanding.
 
By markets, Michael Kors continued to increase strengths across its retail, wholesale, and licensing segments in both the North American and international markets during the first quarter. In North America, revenue increased 30%, with comparable store sales growth of 18.7%. 
 
In Europe, revenue growth skyrocketed 128%, driven by a comparable store sales increase of 54.2%, as well as strengths in its wholesale business. Sales in Japan too surged 89%, driven by comparable store sales growth of 48.8%.
 
At June 28, 2014, Michael Kors operated 443 retail stores, including concessions, compared to 328 retail stores, including concessions, at the end of the same prior-year period. 
 
Michael Kors had 162 additional retail stores, including concessions, operated through licensing partners. Including licensed locations, there were 605 Michael Kors stores worldwide at the end of the first quarter of fiscal 2015.
 
For the second quarter of FY15, Michael Kors expects total revenue to be in the range of $950 million to $960 million. Diluted earnings per share are expected to be in the range of $0.85 to $0.87 assuming an outstanding 208.0 million weighted average diluted shares and a tax rate of around 32.5%.
 
For FY15, Michael Kors now expects total revenue to be in the range of $4.25 billion to $4.35 billion. Diluted earnings per share are now expected to be in the range of $4.00 to $4.05 on expectations of an outstanding 208.4 million weighted average diluted shares and a tax rate of approximately 32.5%.
 

Fibre2fashion News Desk – India


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