Michael Kors posts positive FY16 & expansion plans

Global luxury lifestyle brand Michael Kors posted a rise of 7.8 per cent in revenue to $4.7 billion during fiscal 2016, ended April 2, as compared to $4.4 billion in the previous fiscal and announced expansion across international markets, digital e-commerce, men’s business, wearable technology and luxury fashion.

Diluted earnings per diluted share for the fiscal stood at $4.44 as compared to $4.28 per share in the previous fiscal, ended March 28, 2015.

“We elevated our product offerings and refreshed our marketing campaigns, both of which were met with positive response from our customers. We also continued to make strategic investments in our business that will pay meaningful dividends for years to come,” John Idol, chairman and CEO of Michael Kors said.

“As these initiatives began to take hold, we ended the year on a strong note, with revenue and earnings per share ahead of our expectations in the fourth quarter, as well as for the full year,” he said.

 “Looking ahead, we see multiple growth opportunities, including the expansion of our international markets, the growth of our digital e-commerce flagships, the build-out of our men’s business, the launch of Michael Kors Access wearable technology line and the continued design innovation of our luxury fashion product, which we believe will enable us to deliver sustainable earnings growth and continue to return value to our shareholders,” he added.

For fiscal 2017, the company expects revenue between $940-950 million. The diluted earnings per share are expected to be in the range of $4.56-4.64 on a non-GAAP basis.