United States Of America : FY15 revenue at lifestyle brand Michael Kors soars 32%

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Home / Knowledge / News / Fashion / FY15 revenue at lifestyle brand Michael Kors soars 32%

FY15 revenue at lifestyle brand Michael Kors soars 32%

29
May '15

For the fiscal ended March 28, 2015, revenue at NYSE listed Michael Kors Holdings Limited, a global luxury lifestyle brand soared 32 per cent year over year.

Total revenue for fiscal 2015 surged 32.0 per cent to $4.4 billion from $3.3 billion in fiscal 2014, while on a constant currency basis, total revenue drove up 34.3 per cent.

In a press release, Michael Kors said its retail net sales grew 34.0 per cent year on year to $2.1 billion. However, comparable store sales rose slower at 10.3 per cent.

In the reporting fiscal, wholesale net sales too increased 30.9 per cent to $2.1 billion and on a constant currency basis; wholesale net sales grew 33.0 per cent.

Gross profit for fiscal 2015 year climbed 31.3% to $2.6 billion and as a percentage of total revenue stood at 60.6 per cent as against 60.9 per cent in fiscal 2014.

Income from operations for the fiscal under review stood at $1.3 billion and as a percentage of total revenue was 28.8 per cent compared to $1.0 billion or 30.5 percentage of total revenue for fiscal 2014.

Net income amounted to $881.0 million or $4.28 per diluted share, based on 205.9 million weighted average diluted shares.

This compares with net income of $661.5 million or $3.22 per diluted share based on 205.6 million weighted average diluted shares outstanding for the previous fiscal.

During the quarter, the Company repurchased 1,409,682 shares of its ordinary shares for approximately $92.0 million in open market transactions.

In addition, in connection with the November 14, 2014 accelerated share repurchase program, 280,819 additional shares were delivered to it in January 2015.

Michael Kors also announced that its board of directors approved an amendment to its share repurchase program on May 20, 2015.

The board authorised the repurchase of up to an additional $500 million of its ordinary shares and extended the program through May 2017.

This increases the initial repurchase authorization previously announced in November 2014 to $1.5 billion, of which approximately $1.0 billion is available for future repurchases over the next two years.

For fiscal 2016, Michael Kors expects total revenue of approximately between $4.7 billion and $4.8 billion.

It said that on a constant currency basis, total revenue is expected to increase in the low to mid-teens range assuming a $200 million impact from the change in foreign currency rates.

The Company expects flat comparable store sales on a reported basis, and a low single digit comparable store sales increase on a constant currency basis.

“Diluted earnings per share are expected to be in the range of $4.40 to $4.50 for fiscal 2016, while expecting foreign currency to impact EPS by approximately $0.20,” it informed. (AR)

Fibre2fashion News Desk - India

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