Michael Kors grows beyond expectations (+5,4%) and pledges new buyouts after Jimmy Choo

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In the quarter, closed on September 30, Michael Kors’s revenues and profits have gone beyond analysts’ forecast. They pledge new buyouts after Jimmy Choo now. The company net turnover increased by 5,4%, with slightly more than 1,1 billion dollars (994 million euros) in revenues; net profits increased by 26,1% on annual basis, thus going up to 202,9 million dollars (175 million euros). Retail sales increased by 8%, as earnings went up to 645 million dollars (that is, 557 million euros), mostly driven by 56 opening new stores and growing online sales in Europe and Asia. The company has enhanced their yearly forecast: turnover is expected to go up, moving from 4,2 to 4,6 billion dollars (from 3,7 to 3,9 billion euros); 215 to 225 million dollars (186 to 194 million euros) will be resulting from Jimmy Choo. Expected net profits will be 3,85 to 3,95 dollars per share (the previous estimated margins were swinging between 3,62 and 3,72 dollars). Michael Kors boosted by 40% their season new product supplies; as well, they have reduced their promotion sales. John D. Idol, president and CEO, points out: “Our commitment to product innovation, engagement of over 38 million followers and customer experience, the three key points on which we have based our development plan, is proving to be rewarding. On top of that, the combination of two iconic fashion brands, such as Jimmy Choo and Michael Kors, will enhance our prospective expanding and will be a springboard for our future buyouts”.

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