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Q1FY18 Michael Kors retail sales soar 10.1%
09
Aug '17
The retail net sales of Michael Kors has increased 10.1 per cent to $619.9 million in the first quarter of fiscal 2018. The rise was driven due to 67 new store openings since the end of the first quarter of fiscal 2017 and the impact of the acquisition of the Greater China license. On a constant currency basis, the retail net sales rose 11.6 per cent.

The total revenue of global fashion luxury brand decreased 3.6 per cent to $952.4 million from $987.9 million in the first quarter of fiscal 2017. On a constant currency basis, total revenue decreased 2.6 per cent. With $574.7 million gross profit, there was a decline of 2.8 per cent in the first quarter of 2018. This compares to gross margin of 59.9 per cent in the first quarter of fiscal 2017.

"Our first quarter performance exceeded our expectations, driven largely by better than anticipated retail comparable sales results in both North America and Europe. We are encouraged by our first quarter performance, although we continue to believe that fiscal 2018 will be a transition year for our company, as we focus on laying the foundation for the future by executing on our strategic plan, Runway 2020. While it is still early in the process, we are making meaningful progress enhancing our assortments, deepening our connection with consumers, and elevating our jet set luxury experience in our stores and digital flagships," said John D Idol, chairman and chief executive officer.

"In addition, we are pleased to have recently announced plans to form a global fashion luxury group. Our agreement to acquire Jimmy Choo will bring together two iconic brands that are industry leaders in style and trend. Jimmy Choo has a rich history as a luxury brand with a 20 year track record of enduring customer appeal. We are committed to supporting Jimmy Choo's strong brand equity and fashion leadership as we work with its talented management team to realize the brand's significant growth potential. We believe that the development of a global fashion luxury group will increase long-term shareholder value as we create a more diverse product portfolio, increase our exposure to international markets and unlock additional opportunities for future growth," Idol added.

For fiscal 2018, the company expects total revenue to be approximately $4.275 billion and for comparable sales to decrease in the mid-single digits range. Operating margin is expected to be approximately 16.0 per cent. Diluted earnings per share are expected to be in the range of $3.62 to $3.72. (RR)

Fibre2Fashion News Desk – India


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