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Michael Kors' 2Q Sales +39%, Profit +49%

Strong Performance From the Watch Segment
Nov 5, 2013 9:38 AM   By Jeff Miller
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RAPAPORT... Michael Kors reported that revenue from retail and licensing operations surged 38.9 percent year on year to $740.3 million for the second quarter that ended on September 28. Comparable-store sales increased 23 percent. Income skyrocketed 49 percent to $145.8 million.

By region, revenue across North America jumped 31 percent to $618.3 million, while sales in Europe more than doubled to $114.1 million. Revenue from other regions increased 64 percent to nearly $8 million. Retail segment sales rose 47 percent to $355.6 million, wholesale revenue was up 30 percent to $351.9 million and licensing revenue improved 65 percent to $32.9 million.

John D. Idol, the company’s CEO, said,  “The outstanding revenue performance was driven by strong acceptance of the fashion luxury products created by Michael Kors and our design teams, as well as the exceptional jet-set in-store experience that we offer to customers in our retail stores and in-store shops. Overall, we continue to see great demand for Michael Kors as a global luxury lifestyle brand.”

Idol added that sales growth in North America was driven by strength across accessories and watch offerings, while in Europe, brand awareness continued to drive same-store sales higher. Licensed segment revenue growth was driven primarily by watches and eyewear.

''In summary, we believe that we are uniquely positioned within the growing global luxury market and we remain excited about the long-term potential of the Michael Kors brand,'' he said.

In the retailer's third fiscal quarter, which includes Christmas, Michael Kors anticipates same-store sales growth in the range of 15 percent to 20 percent.

Tags: Jeff Miller, licensing, Michael Kors, retail, segment, watches, wholesale
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