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Fashion label Michael Kors posts impressive Q2FY15 results
08
Nov '14
In the second quarter of fiscal 2015, sales at fashion label - Michael Kors, soared 42.7% from a year earlier quarter, mainly driven by European and Japanese sales skyrocketing in triple-digits.

Led by massive hikes across all sales segments and regions, Michael Kors said its revenues surged 42.7% to $1.1 billion in the second quarter of fiscal 2015, from $740.3 million in the second quarter of fiscal 2014.

Driven by 121 new store openings since the end of the second quarter of fiscal 2014, and a 16.4% increase in comparable store sales, retail net sales too climbed, 39.4% year-on-year to $495.6 million.

On the other hand, wholesale sales in the quarter ending September 27, 2014 also zoomed 46.1% from a year ago period to $514.1 million and licensing revenue increased 42.8% to $46.9 million.

In the reporting quarter, revenue in North America at the NYSE-listed fashion label rose 29.8% to $802.2 million, with a 10.8% increase in comparable store sales.

European sales skyrocketed in triple digits to 108.6% to $237.9 million, with comparable store sales increasing 41.1%.

Revenue in Japan too zoomed 106.3% year-on-year to $16.5 million, with a comparable store sales growth of 52.9%.

Gross profit in the second quarter of fiscal 2015, hiked 43.4% to $645.0 million, and as a percentage of total revenue, rose to 61.0% compared to 60.8% in the second quarter of fiscal 2014.

Second quarter of fiscal 2015 income from operations totalled $305.6 million, or 28.9% as a percentage of revenue, up from $221.5 million, or 29.9% for the second quarter of fiscal 2014.

Net income too soared to $207.0 million, or $1.00 per diluted share, based on 207.4 million weighted average diluted shares outstanding in the quarter under preview.

Net income for the prior year quarter stood at $145.8 million, or $0.71 per diluted share, based on 205.2 million weighted average diluted shares outstanding.

For the third quarter of fiscal 2015, the fashion label expects total revenue to be in the range of $1.27 billion to $1.30 billion, assuming a low double digit comparable store sales increase.

And assuming 208.3 million weighted average diluted shares outstanding and a tax rate of approximately 32.5%, it forecasts diluted earnings per share to be in the range of $1.31 to $1.34.

CEO John Idol said, “Once again, we delivered exceptional performance with both revenue and earnings per share growth in excess of 40%.”

He added, “This ongoing momentum reflects strength across our operating segments and geographies, as we continue to expand our presence globally.”

Including licensed locations, there were 649 Michael Kors stores worldwide at the end of the second quarter of fiscal 2015. (AR)

Fibre2fashion News Desk - India


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