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Michael Kors Q4 revenue increased 53.6%

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Staff writer ▼ | May 29, 2014
Michael Kors Holdings Limited announced its financial results for the fourth quarter and fiscal year ended March 29, 2014. For Q4 total revenue increased 53.6% to $917.5 million from $597.2 million in the fourth quarter of fiscal 2013.
Michael Kors
Michael KorsMichael Kors Holdings Limited announced its financial results for the fourth quarter and fiscal year ended March 29, 2014. For Q4 total revenue increased 53.6% to $917.5 million from $597.2 million in the fourth quarter of fiscal 2013.


Retail net sales increased 49.7% to $408.4 million driven by a 26.2% increase in comparable store sales and 101 net new store openings since the end of the fourth quarter of fiscal 2013. Wholesale net sales increased 55.5% to $473.7 million and licensing revenue increased 79.1% to $35.4 million.

Gross profit increased 54.2% to $549.4 million, and as a percentage of total revenue increased to 59.9% compared to 59.7% in the fourth quarter of fiscal 2013. Income from operations was $245.9 million, or 26.8% as a percentage of total revenue, as compared to $155.3 million, or 26.0% as a percentage of total revenue, for the fourth quarter of fiscal 2013.

Net income was $161 million, or $0.78 per diluted share, based on 207.0 million weighted average diluted shares outstanding. Net income for the fourth quarter of fiscal 2013 was $101.1 million, or $0.50 per diluted share, based on 203.8 million weighted average diluted shares outstanding.

At March 29, 2014, the Company operated 405 retail stores, including concessions, compared to 304 retail stores, including concessions, at the end of the same prior-year period. The Company had 150 additional retail stores, including concessions, operated through licensing partners. Including licensed locations, there were 555 Michael Kors stores worldwide at the end of the fourth quarter of fiscal 2014.

For the fiscal year ended March 29, 2014 total revenue for the year increased 51.8% to $3.3 billion from $2.2 billion in fiscal 2013. Retail net sales increased 49.9% to $1.6 billion. Comparable store sales increased 26.2%. Wholesale net sales increased 52.8% to $1.6 billion and licensing revenue increased 61.3% to $140.3 million.

Gross profit for the year increased 54.3% to $2.0 billion, and as a percentage of total revenue increased to 60.9% as compared to 59.9% in fiscal 2013.

Income from operations for the year was $1.0 billion and as a percentage of total revenue was 30.5%. For fiscal 2013, income from operations was $630.0 million, or 28.9% as a percentage of total revenue.

Net income for the year was $661.5 million, or $3.22 per diluted share, based on 205.6 million weighted average diluted shares outstanding. Net income for fiscal 2013 was $397.6 million, or $1.97 per diluted share, based on 201.5 million weighted average diluted shares outstanding.


 

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