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Michael Kors Holdings Limited Announces Third Quarter Fiscal 2013 Results

Stocks in this article: KORS

For the first nine months ended December 29, 2012:

  • Total revenue for the first nine months increased 71.8% to $1,584.6 million from $922.3 million in the same period of fiscal 2012.
  • Retail net sales increased 73.6% to $789.9 million. Comparable store sales increased 41.4%. Wholesale net sales also increased 73.6% to $727.5 million and licensing revenue increased 39.8% to $67.2 million.
  • Gross profit for the first nine months increased 78.0% to $950.4 million, and as a percentage of total revenue increased to 60.0% as compared to 57.9% in the same period of fiscal 2012.
  • Income from operations for the first nine months was $474.7 million and as a percentage of total revenue was 30.0%. For the same period of fiscal 2012, income from operations was $168.8 million and included a $10.6 million equity compensation charge associated with equity grants for periods prior to the nine month period, $5.2 million in expenses associated with the Company‚Äôs IPO, and a $10.7 million charge related to the employee stock option redemption associated with the private placement. Excluding these amounts, income from operations was $195.3 million, or 21.2% as a percentage of total revenue in fiscal 2012.
  • Net income for the first nine months was $296.5 million, or $1.48 per diluted share, based on 200.8 million weighted average diluted shares outstanding. Net income for the first nine months of fiscal 2012 was $103.8 million, or $0.56 per diluted share, based on 186.8 million weighted average diluted shares outstanding. Excluding the aforementioned charges, net income for the first nine months of fiscal 2012 was $121.8 million, or $0.65 per diluted share.

Outlook

For the fourth quarter of fiscal 2013, the Company expects total revenue to be in the range of $515 million to $525 million. This assumes a low to mid-twenty percent comparable store sales increase. Diluted earnings per share are expected to be in the range of $0.32 to $0.34 for the fourth quarter of fiscal 2013. This assumes 203.5 million diluted weighted average shares outstanding and a 38% tax rate.

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