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Michael Kors Holdings Limited Announces First Quarter Fiscal 2018 Results

LONDON--(BUSINESS WIRE)--

Michael Kors Holdings Limited (KORS) (the “Company”), a global fashion luxury brand, today announced its financial results for the fiscal 2018 first quarter ended July 1, 2017.

For the three months ended July 1, 2017:

  • Total revenue decreased 3.6% 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%.
  • Retail net sales increased 10.1% to $619.9 million driven in large part by 67 net new store openings since the end of the first quarter of fiscal 2017 and the impact of the acquisition of the Greater China license. Comparable sales decreased 5.9%. On a constant currency basis, retail net sales increased 11.6%, and comparable sales decreased 4.9%. Wholesale net sales decreased 23.0% to $303.6 million and on a constant currency basis, wholesale net sales decreased 22.7%. Licensing revenue decreased 5.6% to $28.9 million.
  • Total revenue in the Americas decreased 8.2% to $634.1 million on a reported basis and decreased 7.9% on a constant currency basis. European revenue decreased 10.2% to $201.2 million on a reported basis, and decreased 7.5% on a constant currency basis. Revenue in Asia increased 60.2% to $117.1 million on a reported basis, and increased 61.9% on a constant currency basis.
  • Gross profit decreased 2.8% to $574.7 million, and as a percentage of total revenue was 60.3%. Foreign currency translation and transaction favorably impacted gross profit margin by approximately 10 basis points. This compares to gross margin of 59.9% in the first quarter of fiscal 2017.
  • Income from operations was $149.4 million, or 15.7% as a percentage of total revenue. This compares to $186.9 million, or 18.9% as a percentage of total revenue, for the first quarter of fiscal 2017. Excluding the $11.3 million of one-time costs related to the acquisition of the Company's Greater China licensee, income from operations for the first quarter of fiscal 2017 was $198.2 million, or 20.1% as a percentage of total revenue.
  • Net income attributable to MKHL was $125.5 million, or $0.80 per diluted share, based on a 16.4% tax rate and 156.9 million weighted average diluted shares outstanding...

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