Home / Knowledge / News / Fashion / Revenue expands 6.9% at Michael Kors in Q2FY16
Revenue expands 6.9% at Michael Kors in Q2FY16
06
Nov '15
For the second fiscal quarter ended September 26, 2015, revenue at Michael Kors Holdings, a luxury lifestyle brand expanded 6.9 per cent year over year.

“Total revenue rose 6.9 per cent to $1.13 billion from $1.06 billion in the second quarter of fiscal 2015, while on a constant currency basis, total revenue increased 12.3 per cent,” a Michael Kors press release stated.

For the second quarter of fiscal 2016, retail net sales grew 7.5 per cent to $532.8 million driven by 116 net new store openings since the end of the second quarter of fiscal 2015.

Retail sales growth was also helped by growth in e-commerce sales from the Company's North America digital flagships, partially offset by an 8.5 per cent decrease in comparable store sales.

On a constant currency basis, retail net sales went up 14.7 per cent, while comparable store sales declined 3.4 per cent.

Wholesale net sales climbed 7.8 per cent year on year to $554.0 million in the reporting quarter and on a constant currency basis, they grew 11.8 per cent, however, licensing revenue dipped 8.1 per cent from a fiscal ago period.

In the quarter under review, gross profit mounted 3.0 per cent from the second quarter of prior fiscal to $664.4 million, and as a percentage of total revenue was 58.8 per cent.

“Gross profit margin was reduced by approximately 89 basis points due to the change in foreign currency exchange rates,” the company explained.

Income from operations stood at $273.1 million or 24.2 per cent as a percentage of total revenue as against $305.6 million or 28.9 per cent as a percentage of total revenue, for the second quarter of fiscal 2015.

In the reporting period, net income was down at $193.1 million or $1.01 per diluted share vis-à-vis $207.0 million or $1.00 per diluted share in the same quarter of earlier fiscal.

At September 26, 2015, the Company operated 589 retail stores, including concessions, compared to 473 retail stores, including concessions, at the end of the second quarter of previous fiscal.

The Company had 215 additional retail stores, including concessions, operated through licensing partners and including licensed locations, there were 804 Michael Kors stores worldwide.

CEO John Idol said, “We drove growth in our retail and wholesale segments as well as across our operating regions in the Americas, Europe and Japan, with our compelling fashion products.”

“Importantly, in our retail segment, our North American digital flagship sales continued to accelerate this quarter and we drove sequential improvement in our comp performance,” he too added.

“Looking ahead, we believe we are well positioned for a positive holiday period with our exciting new product introductions and gifting assortments in addition to a captivating marketing campaign,” Idol noted. (AR)

Fibre2Fashion News Desk – India


Must ReadView All

'Knitting machines can be used for various applications'

Textiles | On 21st Aug 2018

'Knitting machines can be used for various applications'

Flat knitting machines have the potential of being used for a number...

Revise trade laws, tariffs: US envoy to India

Textiles | On 21st Aug 2018

Revise trade laws, tariffs: US envoy to India

Urging India to rethink trade barriers, tariffs and regulations, US...

Indian team finds way to cut water use in textile industry

Textiles | On 21st Aug 2018

Indian team finds way to cut water use in textile industry

Researchers at the department of chemistry in Calicut University in...

Interviews View All

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Alfonso Marra
Klopman

It was in 1968 that Klopman introduced the concept of poly/cotton workwear ...

Mr Ambrose Chan
DSG International (Thailand) PLC

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


August 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search