Earnings Release
Michael Kors Holdings Limited Announces Third Quarter Fiscal 2018 Results
Michael Kors Holdings Limited (KORS) (the "Company," "MKHL"), a
global fashion luxury group, today announced its financial results for
the fiscal 2018 third quarter ended December 30, 2017. Earnings per
diluted share were $1.42 on a reported basis. On an adjusted basis,
earnings per diluted share were $1.77, an increase of 7.9% compared to
the prior year.
Third Quarter Fiscal 2018 Highlights
•
Results exceeded guidance, with better than expected performance from
both the Michael Kors and Jimmy Choo brands.
•
Successfully completed the integration of Jimmy Choo into Michael Kors
Holdings Limited.
•
Continued to make progress on Michael Kors Runway 2020 strategic plan.
--
Elevated brand position through innovative fashion luxury offering.
•
Accessories sales were better than expected as new product
introductions infused with glamor and unique fashion elements
resonated with consumers.
•
Grew womens footwear and ready-to-wear businesses as consumers
embraced feminine and embellished holiday offerings.
•
Comparable store sales exceeded expectations and favorable
response to new product innovation combined with reduced
promotional activity drove higher average unit retails in North
America digital flagships and lifestyle stores.
John D. Idol, the Companys Chairman and Chief Executive Officer, said,
"We are pleased with our third quarter performance, which delivered
better than expected results and saw the successful integration of Jimmy
Choo into our luxury group. The Michael Kors brand continued to make
progress on Runway 2020 initiatives across product innovation, brand
engagement and customer experience. Our innovative fashion luxury
product offerings for the holiday season created excitement among
consumers. At Jimmy Choo, we continued to deliver glamorous luxury
product and engaging brand communications, which helped drive revenue
during the quarter."
Financial Results
The Companys results are reported in this press release on both a GAAP
and an adjusted, non-GAAP basis. A reconciliation of GAAP to non-GAAP
financial information is provided at the end of this press release.
For the third quarter ended December 30, 2017:
•
Total revenue increased 6.5% to $1.44 billion, including a $114.7
million contribution from Jimmy Choo, which the Company owned for two
months of the quarter. On a constant currency basis, total revenue
increased 4.6%.
•
MK Retail revenue increased 1.1% to $846.3 million driven in large
part by 32 net new store openings since the end of the third quarter
of fiscal 2017. Comparable sales decreased 3.2%, with better than
anticipated performance in the Americas and Europe during the Holiday
season. On a constant currency basis, retail net sales decreased 1.0%,
and comparable sales decreased 5.2%.
•
MK Wholesale revenue decreased 8.9% to $430.8 million and on a
constant currency basis decreased 10.5%, driven by a strategic
reduction in inventory levels in the channel.
--
MK Licensing revenue increased 12.3% to $48.3 million.
•
Gross profit increased 9.7% to $884.0 million, and as a percentage of
total revenue was 61.4%. Adjusted gross profit increased 9.9% to
$885.6 million, and as a percentage of total revenue was 61.5%. This
compares to 59.6% in the third quarter of fiscal 2017. The
year-over-year growth was largely driven by improved MK Retail gross
margin, favorable Michael Kors channel mix and the inclusion of the
higher margin Jimmy Choo business, which contributed 20 basis points,
partially offset by the expected decline in MK Wholesale gross margin.
Foreign currency translation and transaction favorably impacted gross
profit margin by approximately 10 basis points.
•
Income from operations was $313.5 million, or 21.8% as a percentage of
total revenue, including a $5.7 million contribution from Jimmy Choo
after amortization of non-cash purchase accounting adjustments and
transaction and transition related costs. Income from operations was
$341.9 million, or 25.3% as a percentage of total revenue, for the
third quarter of fiscal 2017.
•
Adjusted income from operations was $345.7 million, or 24.0% as a
percentage of total revenue, reflecting a $15.7 million contribution
from Jimmy Choo. This compares to $342.4 million, or 25.3% as a
percentage of total revenue, for the same period in fiscal 2017.
•
Net income attributable to MKHL was $219.4 million, or $1.42 per
diluted share, based on a 21.2% tax rate and 154.6 million weighted
average diluted shares outstanding. Net income attributable to MKHL
for the third quarter of fiscal 2017 was $271.3 million, or $1.64 per
diluted share, based on a 20.6% tax rate and 165.2 million weighted
average diluted shares outstanding.
•
Adjusted net income attributable to MKHL was $273.4 million, or $1.77
per diluted share. This compares to $271.6 million, or $1.64 per
diluted share, for the third quarter of fiscal 2017.
•
At December 30, 2017, Michael Kors operated 848 retail stores,
including concessions, and an additional 150 retail stores, including
concessions, were operated through licensing partners. Including
licensed locations, there were 998 Michael Kors stores worldwide at
the end of the third quarter of fiscal 2018.
•
At December 30, 2017, Jimmy Choo operated 179 retail stores, including
concessions, and an additional 55 retail stores, including
concessions, were operated through licensing partners. Including
licensed locations, there were 234 Jimmy Choo stores worldwide at the
end of the third quarter of fiscal 2018.
Balance Sheet
As of December 30, 2017, debt on the balance sheet totaled $992.5
million after repaying $450.0 million of term loans. Currently, the
Company has approximately $1.00 billion available for future borrowings
under its revolving credit facilities. Inventory at December 30, 2017
was $677.2 million, including $117.1 million for Jimmy Choo and $560.1
for Michael Kors. Inventory at the end of the third quarter of fiscal
2017 was $586.2 million. Inventory for Michael Kors was down 4.5% as
compared to the prior year.
Outlook
For the fourth quarter of fiscal 2018, the Company expects total revenue
to be between $1.11 billion and $1.13 billion, including between $110
million and $115 million of incremental Jimmy Choo revenue. Comparable
sales for Michael Kors are expected to decline in the low-single digits.
The Company expects operating margin to be approximately 10.0%. Diluted
earnings per share are expected to be in the range of $0.50 to $0.55,
including the dilution from Jimmy Choo of approximately $0.07. This
assumes approximately 155 million weighted average diluted shares
outstanding and a tax rate of approximately 21.0%.
For fiscal 2018, the Company expects total revenue to be approximately
$4.66 billion, including between $225 million and $230 million of
incremental Jimmy Choo revenue. Comparable sales for Michael Kors are
expected to decline in the mid-single digits. The Company expects
operating margin to be approximately 18.0%. Diluted earnings per share
are expected to be in the range of $4.40 to $4.45, with no incremental
impact from Jimmy Choo. This assumes approximately 155 million weighted
average diluted shares outstanding and a tax rate of approximately 18.0%.
Conference Call Information
A conference call to discuss third quarter results is scheduled for
today, February 7, 2018 at 8:30 a.m. ET. A live webcast of the
conference call will be available on the Companys investor relations
website, www.investors.michaelkors.com.
In addition, a replay will be available shortly after the conclusion of
the call and remain available until February 14, 2018. To access the
telephone replay, listeners should dial 1-844-512-2921 or 1-412-317-6671
for international callers. The access code for the replay is 2891593. A
replay of the webcast will also be available within two hours of the
conclusion of the call and will remain on the website for 90 days.
Use of Non-GAAP Financial Measures
Constant currency effects are non-GAAP financial measures, which are
provided to supplement our reported operating results to facilitate
comparisons of our operating results and trends in our business,
excluding the effects of foreign currency rate fluctuations. Because we
are a global Company, foreign currency exchange rates may have a
significant effect on our reported results. We calculate constant
currency measures and the related foreign currency impacts by
translating the current-years reported amounts into comparable amounts
using prior years foreign exchange rates for each currency. All
constant currency performance measures discussed below should be
considered a supplement to and not in lieu of our operating performance
measures calculated in accordance with accounting principles generally
accepted in the United States ("U.S. GAAP").
Additionally, this earnings release includes certain non-GAAP financial
measures relating to certain one-time costs associated with the Jimmy
Choo acquisition, the acquisition of the Greater China licensee and
restructuring and non-cash impairment charges primarily associated with
underperforming retail stores. The Company uses non-GAAP financial
measures, among other things, to evaluate its operating performance and
in order to represent the manner in which the Company conducts and views
its business. The Company believes that excluding non-recurring items
helps its management and investors compare operating performance based
on its ongoing operations. While the Company considers the non-GAAP
measures to be useful supplemental measures in analyzing its results,
they are not intended to replace, nor act as a substitute for, any
amounts presented in its consolidated financial statements prepared in
conformity with U.S. GAAP and may be different from non-GAAP measures
reported by other companies.
About Michael Kors Holdings Limited
Michael Kors Holdings Limited is a global fashion luxury group,
consisting of iconic brands that are industry leaders in design, style
and craftsmanship. Its brands cover the full spectrum of fashion luxury
categories including womens and mens accessories, footwear and apparel
as well as wearable technology, watches, jewelry, eyewear and a full
line of fragrance products. The companys goal is to continue to extend
the global reach of its brands while ensuring that they maintain their
independence and exclusive DNA. Michael Kors Holdings Limited is
publicly listed on the New York Stock Exchange under the ticker KORS.
Forward Looking Statements
This press release contains forward-looking statements. You should
not place undue reliance on such statements because they are subject to
numerous uncertainties and factors relating to the Companys operations
and business environment, all of which are difficult to predict and many
of which are beyond the Companys control. Forward-looking statements
include information concerning the Companys possible or assumed future
results of operations, including descriptions of its business strategy.
These statements often include words such as "may," "will," "should,"
"believe," "expect," "seek," "anticipate," "intend," "plan," "estimate"
or similar expressions. The forward-looking statements contained in this
press release are based on assumptions that the Company has made in
light of managements experience in the industry as well as its
perceptions of historical trends, current conditions, expected future
developments and other factors that it believes are appropriate under
the circumstances. You should understand that these statements are not
guarantees of performance or results. They involve known and unknown
risks, uncertainties and assumptions. Although the Company believes that
these forward-looking statements are based on reasonable assumptions,
you should be aware that many factors could affect its actual financial
results or results of operations and could cause actual results to
differ materially from those in these forward-looking statements. These
factors are more fully discussed in the "Risk Factors" section and
elsewhere in the Companys Annual Report on Form 10-K for the fiscal
year ended April 1, 2017 (File No. 001-35368), Quarterly Report on Form
10-Q for the fiscal quarter ended July 1, 2017 (File No. 001-35368) and
other reports filed with the U.S. Securities and Exchange Commission.
MICHAEL KORS HOLDINGS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share data)
Three Months Ended
Nine Months Ended
December 30,
December 31,
December 30,
December 31,
Total revenue
$ 1,440.1
$ 1,352.8
$ 3,539.1
$ 3,428.9
Cost of goods sold
556.1
547.1
1,389.6
1,387.2
Gross profit
884.0
805.7
2,149.5
2,041.7
Total operating expenses
570.5
463.8
1,487.5
1,309.2
Income from operations
313.5
341.9
662.0
732.5
Other income, net
(0.1 )
(4.1 )
(1.0 )
(4.7 )
Interest expense, net
8.3
3.4
10.2
5.1
Foreign currency loss (gain)
27.0
0.9
(14.7 )
2.2
Income before provision for income taxes
278.3
341.7
667.5
729.9
Provision for income taxes
58.9
70.4
119.9
151.6
Net income
219.4
271.3
547.6
578.3
Less: Net loss attributable to noncontrolling interest
--
--
(0.2 )
(1.0 )
Net income attributable to MKHL
$
219.4
$
271.3
$
547.8
$
579.3
Weighted average ordinary shares outstanding:
Basic
152,047,963
163,148,597
152,772,067
168,000,933
Diluted
154,623,339
165,214,045
155,220,984
170,222,588
Net income per ordinary share attributable to MKHL:
Basic
$
1.44
$
1.66
$
3.59
$
3.45
Diluted
$
1.42
$
1.64
$
3.53
$
3.40
MICHAEL KORS HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
December 30,
April 1,
December 31,
Cash and cash equivalents
$
317.1
$
227.7
$
368.8
Receivables, net
288.0
265.8
252.4
Inventories
677.2
549.3
586.2
Prepaid expenses and other current assets
162.3
121.9
160.3
Total current assets
1,444.6
1,164.7
1,367.7
Property and equipment, net
599.4
591.5
771.0
Intangible assets, net
1,215.4
418.1
453.7
Deferred tax assets
64.7
73.3
20.8
Total assets
$ 4,216.8
$ 2,409.6
$ 2,771.0
Liabilities and Shareholders Equity
Accounts payable
$
290.2
$
176.3
$
214.0
Accrued payroll and payroll related expenses
85.7
61.1
60.7
Accrued income taxes
68.7
60.3
47.3
Short-term debt
0.1
133.1
147.8
Accrued expenses and other current liabilities
277.4
135.0
202.0
Total current liabilities
Deferred rent
134.8
137.8
128.1
Deferred tax liabilities
217.0
80.0
89.0
Other long-term liabilities
70.2
31.0
27.6
Total liabilities
2,136.5
814.6
916.5
Commitments and contingencies
Ordinary shares, no par value; 650,000,000 shares authorized;
--
--
--
210,302,628 shares issued and 152,167,403 outstanding at December
30, 2017; 209,332,493 shares issued and 155,833,304 outstanding at
April 1, 2017, and 209,293,238 shares issued and 162,435,864
outstanding at December 31, 2016
Treasury shares, at cost (58,135,225 shares at December 30, 2017;
(2,815.9 )
(2,654.9 )
(2,404.9 )
53,499,189 shares at April 1, 2017; and 46,857,374 shares at
Additional paid-in capital
803.3
767.8
760.0
Accumulated other comprehensive loss
(18.4 )
(80.6 )
(90.1 )
Retained earnings
4,107.9
3,560.3
3,587.1
Total shareholders equity of MKHL
2,076.9
1,592.6
1,852.1
Noncontrolling interest
3.4
2.4
2.4
Total shareholders equity
2,080.3
1,595.0
1,854.5
Total liabilities and shareholders equity
$ 4,216.8
$ 2,409.6
$ 2,771.0
MICHAEL KORS HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED SEGMENT DATA
Three Months Ended
Nine Months Ended
December 30,
December 31,
December 30,
December 31,
Revenue by Segment and Region:
MK Retail
The Americas
$
558.0
$
584.2
$ 1,335.6
$ 1,362.0
Europe
168.0
150.9
444.3
401.2
MK Retail Revenue
846.3
836.7
2,111.2
1,996.8
MK Wholesale
The Americas
338.2
372.9
905.8
987.6
MK Wholesale Revenue
430.8
473.1
1,198.0
1,319.7
MK Licensing
The Americas
29.3
26.7
70.1
70.1
MK Licensing Revenue
48.3
43.0
115.2
112.4
Michael Kors Brand Revenue
1,325.4
1,352.8
3,424.4
3,428.9
Jimmy Choo
The Americas
21.0
--
21.0
--
Jimmy Choo Revenue
114.7
--
114.7
--
Total Revenue
$ 1,440.1
$ 1,352.8
$ 3,539.1
$ 3,428.9
MK Retail
$
180.4
$
178.2
$
341.6
$
314.4
MK Wholesale
100.5
140.2
263.6
367.2
MK Licensing
26.9
23.5
51.1
50.9
Michael Kors
307.8
341.9
656.3
732.5
Total Income from Operations
$
313.5
$
341.9
$
662.0
$
732.5
MK Retail
21.3 %
21.3 %
16.2 %
15.7 %
MK Wholesale
23.3 %
29.6 %
22.0 %
27.8 %
MK Licensing
55.7 %
54.7 %
44.4 %
45.3 %
Michael Kors
23.2 %
25.3 %
19.2 %
21.4 %
Jimmy Choo
5.0 %
-- %
5.0 %
-- %
Total Operating Margin
21.8 %
25.3 %
18.7 %
21.4 %
MICHAEL KORS HOLDINGS LIMITED AND SUBSIDIARIES
SUPPLEMENTAL RETAIL STORE INFORMATION
Retail Store Information:
Store Count
Square Footage
MICHAEL KORS HOLDINGS LIMITED AND SUBSIDIARIES
Three Months Ended
% Change
December 30,
December 31,
As
Constant
MK Retail
$
846.3
$
836.7
1.1 %
(1.0 )%
MK Wholesale
430.8
473.1
(8.9 )%
(10.5 )%
MK Licensing
48.3
43.0
12.3 %
12.3 %
Michael Kors brand
1,325.4
1,352.8
(2.0 )%
(3.9 )%
Total revenue
$ 1,440.1
$ 1,352.8
6.5 %
4.6 %
Nine Months Ended
% Change
December 30,
December 31,
As
Constant
MK Retail
$ 2,111.2
$ 1,996.8
5.7 %
5.0 %
MK Wholesale
1,198.0
1,319.7
(9.2 )%
(10.1 )%
MK Licensing
115.2
112.4
2.5 %
2.5 %
Michael Kors brand
3,424.4
3,428.9
(0.1 )%
(0.9 )%
Total revenue
$ 3,539.1
$ 3,428.9
3.2 %
2.4 %
NON-GAAP RECONCILIATIONS OF REPORTED TO ADJUSTED MEASURES,
EXCLUDING LONG-LIVED ASSET IMPAIRMENTS,
RESTRUCTURING AND OTHER CHARGES,
INVENTORY STEP-UP AND DERIVATIVE CONTRACT
RELATED TO ACQUISITION OF JIMMY CHOO
(In millions, except share and per share data)
Three Months Ended December 30, 2017
As Reported
Impairment
Restructuring
Inventory
Acquisition
As Adjusted
Charges
and Other
Step-up
Price
Charges(1)
Adjustment
Derivative
Total revenue
$ 1,440.1
$ --
$ --
$ --
$ --
$ 1,440.1
Gross profit
884.0
$ --
$ --
$
1.6
$ --
$
885.6
Gross profit margin
61.4 %
-- %
-- %
0.1 %
-- %
61.5 %
Operating expenses
$
570.5
$
(2.6 )
$
(28.0 )
$ --
$ --
$
539.9
Operating expense as percentage of revenue
39.6 %
(0.2 )%
(1.9 )%
-- %
-- %
37.5 %
Total income from operations
$
313.5
$
2.6
$
28.0
$
1.6
$ --
$
345.7
Total operating margin
21.8 %
0.2 %
1.9 %
0.1 %
-- %
24.0 %
MK Retail revenue
$
846.3
$ --
$ --
$ --
$ --
$
846.3
MK Retail operating income
$
180.4
$
2.6
$
11.0
$ --
$ --
$
194.0
MK Retail operating margin
21.3 %
0.3 %
1.3 %
-- %
-- %
22.9 %
MK Wholesale revenue
$
430.8
$ --
$ --
$ --
$ --
$
430.8
MK Wholesale operating income
$
100.5
$ --
$
7.3
$ --
$ --
$
107.8
MK Wholesale operating margin
23.3 %
-- %
1.7 %
-- %
--
25.0 %
Jimmy Choo revenue
$
114.7
$ --
$ --
$ --
$ --
$
114.7
Jimmy Choo operating income
$
5.7
$ --
$
8.4
$
1.6
$ --
$
15.7
Jimmy Choo operating margin
5.0 %
-- %
7.3 %
1.4 %
-- %
13.7 %
Foreign currency loss (gain)
$
27.0
$ --
$ --
$ --
$
(32.0 )
$
(5.0 )
Net income attributable to MKHL
$
219.4
$
2.1
$
24.7
$
1.3
$
25.9
$
273.4
Weighted average diluted ordinary shares outstanding
154,623,339
--
--
--
--
154,623,339
Diluted net income per ordinary share attributable to MKHL
$
1.42
$
0.01
$
0.16
$
0.01
$
0.17
$
1.77
(1)
Includes store closure costs recorded in connection with the Michael
Kors Retail Fleet Optimization Plan, as well as transaction and
transition costs recorded in connection with the acquisition of
Jimmy Choo Group Limited (formerly known as Jimmy Choo PLC).
Nine Months Ended December 30, 2017
As Reported
Impairment
Restructuring
Inventory
Acquisition
As Adjusted
Charges
and Other
Step-up
Price
Charges(1)
Adjustment
Derivative
Total revenue
$ 3,539.1
$ --
$ --
$ --
$ --
$ 3,539.1
Gross profit
$ 2,149.5
$ --
$ --
$
1.6
$ --
$ 2,151.1
Gross profit margin
60.7 %
-- %
-- %
0.1 %
-- %
60.8 %
Operating expenses
$ 1,487.5
$
(18.9 )
$
(51.3 )
$ --
$ --
$ 1,417.3
Operating expense as percentage of revenue
42.0 %
(0.5 )%
(1.5 )%
-- %
-- %
40.0 %
Total income from operations
$
662.0
$
18.9
$
51.3
$
1.6
$ --
$
733.8
Total operating margin
18.7 %
0.5 %
1.4 %
0.1 %
-- %
20.7 %
MK Retail revenue
$ 2,111.2
$ --
$ --
$ --
$ --
$ 2,111.2
MK Retail operating income
$
341.6
$
18.9
$
25.4
$ --
$ --
$
385.9
MK Retail operating margin
16.2 %
0.9 %
1.2 %
-- %
-- %
18.3 %
MK Wholesale revenue
$ 1,198.0
$ --
$ --
$ --
$ --
$ 1,198.0
MK Wholesale operating income
$
263.6
$ --
$
14.9
$ --
$ --
$
278.5
MK Wholesale operating margin
22.0 %
-- %
1.2 %
-- %
-- %
23.2 %
Jimmy Choo revenue
$
114.7
$ --
$ --
$ --
$ --
$
114.7
Jimmy Choo operating income
$
5.7
$ --
$
8.4
$
1.6
$ --
$
15.7
Jimmy Choo operating margin
5.0 %
-- %
7.3 %
1.4 %
-- %
13.7 %
Foreign currency gain
$
(14.7 )
$ --
$ --
$ --
$
4.7
$
(10.0 )
Net income attributable to MKHL
$
547.8
$
15.5
$
43.7
$
1.3
$
(3.8 )
$
604.5
Weighted average diluted ordinary shares outstanding
155,220,984
--
--
--
--
155,220,984
Diluted net income per ordinary share attributable to MKHL
$
3.53
$
0.10
$
0.28
$
0.01
$
(0.03 )
$
3.89
(1)
Includes store closure costs recorded in connection with the Michael
Kors Retail Fleet Optimization Plan, as well as transaction and
transition costs recorded in connection with the acquisition of
Jimmy Choo Group Limited.
NON-GAAP RECONCILIATION OF REPORTED NET INCOME
TO ADJUSTED NET INCOME AND NET INCOME PER SHARE, EXCLUDING
LONG-LIVED ASSET IMPAIRMENTS AND TRANSACTION COSTS
RELATED TO ACQUISITION OF THE GREATER CHINA BUSINESS
(In millions, except share and per share data)
Three Months Ended December 31, 2016
As Reported
Impairment Charges
As Adjusted
Total revenue
$ 1,352.8
$ --
$ 1,352.8
Operating expenses
$
463.8
$
(0.5 )
$
463.3
Operating expense as percentage of revenue
34.3 %
(0.1 )%
34.2 %
Total income from operations
$
341.9
$
0.5
$
342.4
Total operating margin
25.3 %
-- %
25.3 %
MK Wholesale revenue
$
473.1
$ --
$
473.1
MK Wholesale operating income
$
140.2
$
0.5
$
140.7
MK Wholesale operating margin
29.6 %
0.1 %
29.7 %
Net income attributable to MKHL
$
271.3
$
0.3
$
271.6
Weighted average diluted ordinary shares outstanding
165,214,045
--
165,214,045
Diluted net income per ordinary share attributable to MKHL
$
1.64
$ --
$
1.64
Nine Months Ended December 31, 2016
As Reported
Impairment Charges
Transaction Costs(1)
As Adjusted
Total revenue
$ 3,428.9
$ --
$ --
$ 3,428.9
Operating expenses
$ 1,309.2
$
(5.4 )
$
(11.3 )
$ 1,292.5
Operating expense as percentage of revenue
38.2 %
(0.2 )%
(0.3 )%
37.7 %
Total income from operations
$
732.5
$
5.4
$
11.3
$
749.2
Total operating margin
21.4 %
0.1 %
0.3 %
21.8 %
MK Retail revenue
$ 1,996.8
$ --
$ --
$ 1,996.8
MK Retail operating income
$
314.4
$
4.9
$
11.3
$
330.6
MK Retail operating margin
15.7 %
0.3 %
0.6 %
16.6 %
MK Wholesale revenue
1,319.7
--
--
1,319.7
MK Wholesale operating income
367.2
0.5
--
367.7
MK Wholesale operating margin
27.8 %
0.1 %
-- %
27.9 %
Net income attributable to MKHL
$
579.3
$
3.5
$
11.3
$
594.1
Weighted average diluted ordinary shares outstanding
170,222,588
--
--
170,222,588
Diluted net income per ordinary share attributable to MKHL
$
3.40
$
0.02
$
0.07
$
3.49
(1)
Includes transition costs recorded in connection with the
acquisition of Michael Kors (HK) Limited and Subsidiaries.
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SOURCE: Michael Kors Holdings Limited
Michael Kors Holdings Limited
Christina Coronios, 201-691-6133
InvestorRelations@MichaelKors.com
Jean Fontana, 203-682-8200
Alecia Pulman, 646-277-1231