b-1203 Michael Kors
Uncategorized / October 11, 2017

Shares of Michael Kors (KORS) rose 0.8% in Tuesday’s trading session, after opening with gains of almost 5%. The designer, marketer and distributor of the revived Michael Kors luxury brand, reported its second quarter results for its fiscal 2013.Michael Kors reported second quarter revenues of $532.9 million, up 74% on the year before. Revenues exceeded analysts consensus of $524 million.Retail sales rose 82% to $242.3 million, driven by a 45.1% increase in comparable sales. The company furthermore opened 66 stores since the second quarter last year. Wholesale sales rose 75% to $270.8 million, while licensing revenues were up 13% to $19.9 million.Income from continuing operations came in at $157.9 million, for an operating margin of 29.6%. Operating margins were up 670 basis points compared to the second quarter last year. Net income rose 141% to $97.8 million, or $0.49 per diluted share. Net earnings comfortably beat analysts consensus of $0.39 per share.The company operated 269 retail stores at the end of the quarter. The company’s products are for sale in another 80 additional retail stores operated through licensing partners.CEO and Chairman John D. Idol commented on the results, “We are pleased to have delivered record results in the second quarter….