Michael Kors turnover up by 62%

Wednesday, 13 June 2012

Michael Kors hasn´t disappointed yet all the contrary: the American eponymous label ended the fiscal year on March 31, 2012 with a $1.3 billion (above Rs 7,000 crores) turnover, up by 62% from last fiscal year’s $803.3 million (Rs 4,472 crores). Retail sales rocketed by 82% to reach $627 million (Rs 3,490 crores), while wholesale net sales increased 47.5% and reached $610 million (Rs 3,396 crores).

“We are pleased with our results for the quarter and the year, as we experienced strong growth in both total revenue and net income”, happily summarized CEO John Idol. The company expects total revenue between $1.7 (over Rs 9,000 crores) and $1.8 billion (over Rs 10,000 crores) in 2013. Net income was $147.4 million (Rs 820 crores), slightly increased with respect to $72.5 million (Rs 403 crores) in the previous year, reported Bloomberg.

Internationalization also pays off for Ted Baker: the British designer fashion brand said revenues from its store portfolio, which includes outlets in the United States and Hong Kong, rose 16.2% in the first 19 weeks of the year.

"We are pleased with performance across all territories despite a backdrop of challenging trading conditions." Like-for-like sales growth of around 4%.

As reported by AP, Seymour Pierce stockbrokers kept its profit forecast for the year to January unchanged at £29.5 million (US$45.8 million or Rs 254 crores) and said the overseas expansion strategy has the potential to boost earnings growth over the medium term.

In the corporate news chapter, the news of Esprit’s CEO quitting took by surprise the industry. Fashion retailer Esprit Holdings Ltd. (0330.HK) said Tuesday its Chief Executive Ronald van der Vis has resigned, citing "personal and family reasons," with his resignation is effective on or before July 1, 2013 according to the contract.

"van der Vis has decided to resign for personal and family reasons, and he has expressed his wish to pursue other interests," the company said in a statement. "The Board regrets this, but respects van der Vis's decision to devote more time to his personal endeavors," the retailer said, without saying who would replace van der Vis.

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