Home / Knowledge / News / Fashion / Fashion brand Michael Kors inks 29.9% Q3FY15 sales growth
Fashion brand Michael Kors inks 29.9% Q3FY15 sales growth
10
Feb '15
Global luxury lifestyle brand and NYSE listed, Michael Kors Holdings inked 29.9 per cent year on year sales growth for the third fiscal quarter ended December 27, 2014.

“The third quarter of fiscal 2015 marked the 13th consecutive period of growth in revenue, comparable store sales and earnings, since our initial public offering,” its CEO, John Idol said.

In third quarter of fiscal 2015, total revenue surged 29.9 per cent to $1.3 billion from $1.0 billion in the third quarter of fiscal 2014, while on a constant currency basis, revenue rose higher by 32.6 per cent.

Retail net sales drove up by 37.0 per cent to $689.4 million driven by 114 net new store openings since the end of the third quarter of fiscal 2014 and also an 8.6 per cent hike in comparable store sales.

Wholesale net sales increased 24.4 per cent from a year ago quarter to $573.8 million and on a constant currency basis grew 26.4 per cent and licensing revenue expanded 8.6 per cent to $51.5 million.

Gross profit too surged 29.2 per cent to $800.1 million in the reporting quarter and as a percentage of total revenue stood at 60.9 per cent as against 61.2 per cent in the third quarter of fiscal 2014.

Income from operations totaled to $418.5 million or 31.8 per cent as a percentage of revenue from $343.2 million or 33.9 per cent as a percentage of total revenue, for the third quarter of fiscal 2014.

Net income for third quarter of fiscal 2015 reached $303.7 million or $1.48 per diluted share, based on a 27.2 per cent tax rate and 205.6 million weighted average diluted shares outstanding.

Net income for the third quarter of fiscal 2014 touched $229.6 million or $1.11 per diluted share, based on a 33.1 per cent tax rate and 206.1 million weighted average diluted shares outstanding.

At December 27, 2014, Michael Kors operated 509 retail stores, including concessions, compared to 395 retail stores, including concessions, at the end of the same prior-year period.

The company had 194 additional retail stores, including concessions, operated through licensing partners.

Including licensed locations, there were 703 Michael Kors stores worldwide at the end of the third quarter of fiscal 2015.

John Idol added, “Ecommerce sales increased 73 per cent in the quarter, as compared to sales at the previous outsourced site.”

“Had we included e-commerce in our comparable store base, North America comparable store sales would have been 380 basis points higher, which is an accurate reflection of performance,” he explained. (AR)

Fibre2fashion News Desk - India


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