The luxury fashion label Michael Kors is mega trendy right now as its quarterly revenue surged over 40% year-to-year.
This is hot right now in business news. Michael Kors Holding Limited has published its quarterly earnings and the numbers are staggering. The total revenue increased 43.4% to $919.2 million from $640.9 million in the first quarter of fiscal 2014.
John D. Idol, the Company’s Chairman and Chief Executive Officer, said, “Our Fiscal 2015 first quarter earnings results demonstrate the strong momentum in our brand across North America, Europe and Asia. Our success in establishing Michael Kors as a global luxury lifestyle brand is grounded in Michael’s vision for design and the aspirational jet-set luxury experience we offer our customers. Our unique position within the global luxury market combined with our compelling diversified product assortment provides tremendous growth opportunity across the North American and International markets. As we look ahead, we will continue to make strategic investments in our business that will support our long term growth objectives and drive value for our shareholders.”
Mr. Idol continued, “We saw continued strength across our retail, wholesale, and licensing segments, as well as in both the North American and International markets during the first quarter. In North America, revenue increased 30%, with comparable store sales growth of 18.7%. In addition, the 30% growth in our North American wholesale segment reflects ongoing momentum in our brand as well as the continued benefit from our shop-in-shop conversions. In Europe, we were extremely pleased with our revenue growth of 128%, which was driven by a comparable store sales increase of 54.2%, as well as strength in our wholesale business. Lastly, revenue in Japan increased 89%, driven by comparable store sales growth of 48.8%. We remain extremely excited about our future growth potential as we continue to solidify Michael Kors’ position as a leading global luxury lifestyle brand.”
For the second quarter of fiscal 2015, Michael Kors expects total revenue to be in the range of $950 million to $960 million. The company is still not taking on the $1 billion mark.
Designer Michael Kors founded his label back in 1981. The fashion company operates 443 stores.
The photo shows Michael Kors with actress Blake Lively.