Michael Kors Holdings Limited: Michael Kors Holdings Limited Announces Second Quarter Fiscal 2019 Results



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Second Quarter Results Exceed Expectations

Jimmy Choo Results Better than Anticipated

Rough Full Year Adjusted Earnings per Share Outlook to $ 4.95 to $ 5.05 from $ 4.90 to $ 5.00

LONDON – (BUSINESS WIRE) – Michael Kors Holdings Limited (NYSE: KORS), a global fashion luxury group, today announced its financial results for the fiscal 2019 second quarter ended September 29, 2018.
      
      
        This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181107005295/en/

MICHAEL KORS (Photo: Business Wire)

Second Quarter Fiscal 2019 Highlights

  • Delivered better than anticipated gross margin, operating margin and earnings per share

  • Revenues and comparable store sales in line with expectations

  • Michael Kors brand revenues were down 0.8%, in line with expectations

    • Comparable store sales were down low single digits, in line with expectations

    • Wholesale revenue expectations, reflecting strength in the Americas

  • Jimmy Choo delivered better than expected revenue driven by strength in footwear

John D. Idol, the Company's Chairman and Chief Executive Officer, said, 'We are pleased to report results that we are looking for a little bit more, and are raising our fiscal 2019 EPS guidance to a range of $ 4.95 to $ 5.05, reflecting double digit growth earnings for the year. As we enter the second half of fiscal 2019 we look forward to welcoming Versace into our group. With the acquisition of one of the world's leading fashion groups in just one year, we set the stage for accelerated revenue and earnings growth. This is a truly remarkable and historic moment for our company and we look forward to completing this transformational acquisition in the coming months.

Second Quarter Fiscal 2019 Results

Financial Results and Non-GAAP Reconciliation

The United States ('U.S. GAAP') is a non-GAAP basis. A reconciliation of GAAP to non-GAAP is provided for this purpose.

Overview of MKHL Second Quarter Fiscal 2019 Results:

  • Total revenue increased 9.3% to $ 1.25 billion, including a $ 116.7 million contribution from Jimmy Choo.

  • Gross profit was $ 763.1 million and was 60.9%, compared to $ 690.8 million and 60.2% in the prior year. Adjusted gross profit was $ 765.4 million and was 61.0%, compared to $ 690.8 million and 60.2% in the prior year.

  • Income from operations was $ 189.4 million and was 15.1% compared to $ 199.1 million and 17.4% in the prior year. Adjusted income from operations was $ 216.9 million and operating margin was 17.3%, compared to $ 237.4 million and 20.7% in the prior year.

  • Net income was $ 137.6 million, or $ 0.91 per diluted share compared to $ 202.9 million, or $ 1.32 per diluted share in the prior year. Adjusted net income was $ 192.5 million, or $ 1.27 per diluted share, compared to $ 204.5 million, or $ 1.33 per diluted share, in the prior year.

Michael Kors Segments Second Quarter Fiscal 2019 Results:

  • Michael Kors Retail revenue of $ 643.9 million was compared to the prior year. Comparable store sales decreased 2.1%, which was in line with expectations. We have a constant currency basis, comparable store sales decreased 1.3%.

  • Michael Kors Retail operating income was $ 67.9 million and operating margin was 10.5%, compared to $ 69.0 million and 10.7% in the prior year. Adjusted operating income was $ 79.6 million while operating margin was 12.4%, compared to $ 99.2 million and 15.4% in the prior year.

  • Michael Kors Wholesale revenue declined 1.3% to $ 457.8 million compared to the prior year.

  • Michael Kors Wholesale operating income was $ 130.1 million and operating margin was 28.4%, compared to $ 119.6 million and 25.8% in the prior year. On an operating basis was $ 134.2 million while the operating margin was 29.3% compared to $ 126.5 million and 27.3% in the prior year.

  • Michael Kors Licensing revenue decreased 6.8% to $ 35.4 million compared to the prior year.

  • Michael Kors Licensing operating income was $ 9.8 million and operating margin was 27.7%, compared to $ 10.5 million and 27.6% in the prior year. On an operating basis was $ 10.5 million and operating margin was 29.7%, compared to $ 11.7 million and 30.8% in the prior year.

  • Inventory for the Michael Kors brand at September 29, 2018 was $ 619.7 million, year 11% decrease as compared to the prior year.

Jimmy Choo Second Quarter Fiscal 2019 Results:

  • Jimmy Choo revenue was $ 116.7 million. The company acquired Jimmy Choo on November 1, 2017, and compared to Jimmy Choo's stand-alone results from the prior year, increased revenue double digits.

  • Jimmy Choo operating loss was $ 18.4 million and the operating loss was $ 7.4 million.

Outlook

The Company is raising full year adjusted earnings per share guidance by $ 0.05 to $ 4.95 to $ 5.05, reflecting better than expected in second quarter performance for both the Michael Kors and the Jimmy Choo brands.
      
      
        For the full year, the company continues to expect $ 5.125 billion, including between $ 580 million and $ 590 million of incremental Jimmy Choo revenue. Reported comparable store sales for Michael Kors is expected to be in the low single digits, primarily driven by an unfavorable currency impact. The company has 18.2%. Diluted earnings per share are expected to be in the range of $ 4.95 to $ 5.05. The Company continues to expect EPS dilution from Jimmy Choo of $ 0.05 to flat. Earnings per share guidance assumed approximately 152 million weighted average diluted shares and a rate of approximately 15.5%.
      
      
        For the third quarter of fiscal 2019, the company expects total revenue of approximately $ 1.46 billion, including approximately $ 165 million of incremental revenue from Jimmy Choo. The Company expects third quarter retail revenue for Michael Kors to grow in the low single digits. Comparable store sales are reported to decline in the single digits, primarily due to an unfavorable foreign currency impact. The Company expects wholesale revenue to decrease in the high single digits, and licensing revenue to decline in the mid-teens. Operating margin is expected to be approximately 20.8%. Diluted earnings per share are expected to be in the range of $ 1.52 to $ 1.57, which includes approximately $ 0.04 to $ 0.06 of accretion from Jimmy Choo. Earnings per share assumed approximately 152 million weighted average diluted shares and a rate of approximately 20%.

Conference Call Information

A conference call to discuss second quarter results is scheduled for today, November 7, 2018 at 8:30 am ET. A live webcast of the conference call will be available on the Company's investor relations website, www.investors.michaelkors.com. In addition, a replay will be available shortly after November 15, 2018. To access the telephone replay, listeners should dial 1-844-512-2921 or 1-412-317-6671 for international callers. The access code for the replay is 5309233. A replay of the webcast will also be available for two days and will be available on the website for 90 days.

Use of Non-GAAP Financial Measures

Constant currency effects are non-GAAP financial measures, which are used to supplement operating results and results in our operations, excluding the effects of foreign currency fluctuation. Because we are a global company, foreign currency exchange rates have a significant effect on our reported results. We calculate the currency and the foreign currency rates. All of the above stated performance measures in the United States of America are based on GAAP. Furthermore, this earnings release includes certain non-GAAP financial measures relating to certain one-time costs associated with Jimmy Choo acquisition and the agreement to acquire and restructure non-cash impairment charges primarily associated with underperforming retail stores. The Company uses non-GAAP financial measures, among other things, to evaluate its operating performance and in the context of the Company's conduct and views its business. The Company believes that non-recurring items helps its management and investors compare operating performance based on its ongoing operations. While the Company considers the non-GAAP measures to be useful, it is not intended to replace, nor is it a substitute for, any amounts presented in US GAAP and may be different from non-GAAP measures reported by other companies.

About Michael Kors Holdings Limited

Michael Kors Holdings Limited is a global fashion luxury group, consisting of iconic brands that are industry leaders in design, style and craftsmanship. Its brands cover the full spectrum of fashion luxury categories including women's and men's accessories, footwear and apparel as well as wearable technology, watches, jewelry, eyewear and a full line of fragrance products. The Company's goal is to continue the global reach of its brands while maintaining their independence and exclusive DNA. Michael Kors Holdings Limited is listed on the New York Stock Exchange under the ticker KORS. As previously announced, in connection with the closing of the Company's acquisition of Versace, the company will be renamed itself Capri Holdings Limited (NYSE: CPRI).

Forward Looking Statements

This press release contains statements which are, or may be deemed to be, 'forward-looking statements.' Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Michael Kors Holdings Limited (the 'Company') could cause actual results to differ materially from the future results or implied by the forward-looking statements. All statements may be forward-looking statements. Without limitation, any statements preceded or followed by or include the words 'targets', 'plans', 'believes', 'expects', 'aims', 'intends', 'will', 'should', 'could', 'would', 'may', 'anticipates', 'estimates', 'synergy', 'cost-saving', 'projects', 'goal', 'strategy', 'budget', 'forecast' or 'might' or 'might' , words or terms of similar substance or the negative one, are forward-looking statements. Forward-looking statements include the following: (i) the expected effects of the Versace acquisition on the Company, (ii) the expected timing and scope of the acquisition, (iii) future capital expenditures, expenses, revenues, earnings , economic performance, indebtedness, financial condition, share buybacks, dividends policy, losses and future prospects; (iv) business and management strategies and the expansion and growth of the Company's operations and benefits from the acquisition; and (v) the effects of government regulation on the Company's or Versace's business.These forward-looking statements are not guarantees of future financial performance. Such forward-looking statements are likely to be significantly affected and expected to be certain. Many risks, uncertainties, and other factors could be expected in the future. These risks, uncertainties and other factors include: Versace acquisition, timing of closing of the Versace acquisition, the Company's ability to integrate the businesses of the future and the benefits of the Versace acquisition; the risk of disruptions to the Company's or Versace's businesses; the negative effects of the announcement of the proposal for the acquisition of the company and the acquisition of the company; significant transaction costs; unknown liabilities; the risk of litigation and / or regulatory actions related to the proposal Versace acquisition; fluctuations in demand for the Company's and Versace's products; future levels of indebtedness; future availability of credit; the timing and scope of future share buybacks, which may be suspended at any time and market conditions; changes in consumer traffic and retail trends; loss of market share and industry competition; fluctuations in the capital markets; fluctuations in interest and exchange rates; the occurrence of unforeseen disasters or disasters; political or economic instability in main markets; adverse outcomes in litigation; and general, local and global economic, political, business and market conditions, the US Securities and Exchange Commission, including the Company's Annual Report on Form 10- K for the fiscal year ended March 31, 2018 (File No. 001-35368). Other unknown or unpredictable factors could be considered in the future. Such forward-looking statements should therefore be construed in the light of such factors. Unless otherwise required by the law, the Company does not provide any representation, or guarantee the occurrence of the occurrence of the occurrence of any of the above. Due to such uncertainties and risks, readers are cautioned not to place such reliance on such forward-looking statements. All subsequent oral or written forward-looking statements attributable to the Company are expressly qualified in their entirety by the above cautionary statement. The Company disclaims any obligation to update or revise any forward-looking or other statements.

SCHEDULE 1

MICHAEL KORS HOLDINGS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share data)
(Unaudited)

Three Months Ended

Six Months Ended

September 29,
2018

September 30,
2017

September 29,
2018

September 30,
2017

Total revenue

$

1253.8

$

1146.6

$

2456.3

$

2099.0

Cost of goods sold

490.7

455.8

942.4

833.5

Gross profit

763.1

690.8

1513.9

1265.5

Total operating expenses

573.7

491.7

1109.3

917.0

Income from operations

189.4

199.1

404.6

348.5

Other income, net

(1.5

)

(0.3

)

(2.3

)

(0.9

)

Interest expense, net

5.9

0.8

13.4

1.9

Foreign currency loss (gain)

33.0

(40.5

)

35.9

(41.7

)

Income before provision for income taxes

152.0

239.1

357.6

389.2

Provision for income taxes

14.9

36.4

34.3

61.0

Net income

137.1

202.7

323.3

328.2

Less: Net loss attributable to noncontrolling interests

(0.5

)

(0.2

)

(0.7

)

(0.2

)

Net income attributable to MKHL

$

137.6

$

202.9

$

324.0

$

328.4

Weighted average ordinary shares outstanding:

Basic

149575112

151781340

149538607

153134119

diluted

151705685

154168094

152052671

155519806

Net income per ordinary share:

Basic

$

0.92

$

1.34

$

2.17

$

2.14

diluted

$

0.91

$

1.32

$

2.13

$

2.11

SCHEDULE 2

MICHAEL KORS HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)

September 29,
2018

March 31,
2018

September 30,
2017

assets

Current assets

Cash and cash equivalents

$

155.2

$

163.1

$

178.2

Receivables, net

339.9

290.5

274.5

Inventories

767.6

660.7

696.5

Prepaid expenses and other current assets

211.4

147.8

181.5

Total current assets

1474.1

1262.1

1330.7

Property and equipment, net

552.0

583.2

562.7

Intangible assets, net

1158.6

1235.7

405.7

goodwill

796.9

847.7

119.7

Deferred tax assets

47.1

56.2

69.2

Other assets

78.6

74.1

43.7

Total assets

$

4107.3

$

4059.0

$

2531.7

Liabilities and Shareholders' Equity

Current liabilities

Accounts payable

$

290.5

$

294.1

$

174.0

Accrued payroll and payroll

82.7

93.0

51.9

Accrued income taxes

23.9

77.6

60.1

Short-term debt

255.0

200.0

Accrued expenses and other current liabilities

345.8

295.6

188.7

Total current liabilities

997.9

960.3

474.7

Deferred rent

133.5

128.4

131.7

Deferred tax liabilities

181.5

186.3

78.7

Long-term debt

504.6

674.4

Other long-term liabilities

106.5

88.1

41.4

Total liabilities

1924.0

2037.5

726.5

Commitments and contingencies

Shareholders' equity

Ordinary shares, no by value; 650,000,000 shares authorized; 213,208,924 shares issued and 150,150,297 outstanding at September 29, 2018; 210,991,091 shares issued and 149,698,407 outstanding at March 31, 2018, and 210,200,479 shares issued and 152,066,668 outstanding at September 30, 2017

Treasury shares, at cost (63,058,627 shares at September 29, 2018, 61,292,684 shares at March 31, 2018 and 58,133,811 shares at September 30, 2017)

(3123.0

)

(3015.9

)

(2815.8

)

Additional paid-in capital

877.9

831.1

791.9

Accumulated other comprehensive (loss) income

(62.9

)

50.5

(59.6

)

Retained earnings

4487.7

4152.0

3888.5

Total shareholders' equity of MKHL

2179.7

2017.7

1805.0

Noncontrolling interest

3.6

3.8

0.2

Total shareholders' equity

2183.3

2021.5

1805.2

Total liabilities and shareholders' equity

$

4107.3

$

4059.0

$

2531.7

SCHEDULE 3

MICHAEL KORS HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED SEGMENT DATA
($ in millions)
(Unaudited)

Three Months Ended

Six Months Ended

September 29,
2018

September 30,
2017

September 29,
2018

September 30,
2017

Revenue by Segment and Region:

MK Retail

The Americas

$

394.9

$

385.5

$

797.1

$

777.6

Europe

139.2

154.2

258.7

276.3

asia

109.8

105.3

227.6

211.0

MK Retail Revenue

643.9

645.0

1,283.4

1264.9

MK Wholesale

The Americas

354.3

340.4

629.4

567.6

EMEA

80.9

104.5

149.3

169.5

asia

22.6

18.7

41.9

30.1

MK Wholesale Revenue

457.8

463.6

820.6

767.2

MK Licensing

The Americas

23.1

26.0

38.4

40.8

EMEA

12.3

12.0

24.5

26.1

MK Licensing Revenue

35.4

38.0

62.9

66.9

Michael Kors Revenue

1137.1

1146.6

2166.9

2099.0

Jimmy Choo

The Americas

20.4

46.0

EMEA

56.8

158.5

asia

39.5

84.9

Jimmy Choo Revenue

116.7

289.4

Total Revenue $ 1253.8 $ 1146.6 $ 2456.3 $ 2099.0
Income from Operations:

MK Retail

$

67.9

$

69.0

$

160.4

$

161.2

MK Wholesale

130.1

119.6

227.6

163.1

MK Licensing

9.8

10.5

18.9

24.2

Michael Kors

207.8

199.1

406.9

348.5

Jimmy Choo

(18.4

)

(2.3

)

Total Income from Operations $ 189.4 $ 199.1 $ 404.6 $ 348.5
Operating Margin:

MK Retail

10.5

%

10.7

%

12.5

%

12.7

%

MK Wholesale

28.4

%

25.8

%

27.7

%

21.3

%

MK Licensing

27.7

%

27.6

%

30.0

%

36.2

%

Michael Kors

18.3

%

17.4

%

18.8

%

16.6

%

Jimmy Choo

(15.8

)%

%

(0.8

)%

%

Total Operating Margin 15.1 % 17.4 % 16.5 % 16.6 %

SCHEDULE 4

MICHAEL KORS HOLDINGS LIMITED AND SUBSIDIARIES
SUPPLEMENTAL RETAIL STORE INFORMATION
(Unaudited)

September 29, 2018

Retail Store Information:

Store Count

Square Footage

The Americas

398

1365108

Europe

195

535.103

asia

261

560.401

Michael Kors

854

2460612

Jimmy Choo

204

268.251

Total MKHL

1,058

2728863

SCHEDULE 5

MICHAEL KORS HOLDINGS LIMITED AND SUBSIDIARIES
CONSTANT CURRENCY DATA
(In millions)
(Unaudited)

Three Months Ended

% Change

September 29,
2018

September 30,
2017

ace
Reported

Constant
Currency

Total revenue:

MK Retail

$

643.9

$

645.0

(0.2

)%

0.5

%

MK Wholesale

457.8

463.6

(1.3

)%

(0.9

)%

MK Licensing

35.4

38.0

(6.8

)%

(6.8

)%

Michael Kors

1137.1

1146.6

(0.8

)%

(0.3

)%

Jimmy Choo

116.7

NM

NM

Total revenue $ 1253.8 $ 1146.6 9.3 % 9.9 %

Six Months Ended

% Change

September 29,
2018

September 30,
2017

ace
Reported

Constant
Currency

Total revenue:

MK Retail

$

1283.4

$

1264.9

1.5

%

0.6

%

MK Wholesale

820.6

767.2

7.0

%

6.5

%

MK Licensing

62.9

66.9

(6.0

)%

(6.0

)%

Michael Kors

2166.9

2099.0

3.2

%

2.6

%

Jimmy Choo

289.4

NM

NM

Total revenue $ 2456.3 $ 2099.0 17.0 % 16.4 %

SCHEDULE 6

NON-GAAP RECONCILIATIONS OF REPORTED TO ADJUSTED MEASURES,
EXCLUDING LONG-LIVED ASSET IMPAIRMENTS, RESTRUCTURING AND OTHER CHARGES,
INVENTORY STEP-UP RELATED TO JIMMY CHOO ACQUISITION, AND
DERIVATIVE CONTRACT RELATED TO AGREEMENT TO ACQUIRE VERSACE
(In millions, except share and per share data)
(Unaudited)

Three Months Ended September 29, 2018

As Reported

Impairment
loads

Restructuring
and Other
loads(1)

Inventory
Step-up
Adjustment

Acquisition
Price
Derivative
Contract

As Adjusted

Jimmy Choo gross profit

$

82.4

$

$

$

2.3

$

$

84.7

Total gross profit

$

763.1

$

$

$

2.3

$

$

765.4

MK Retail operating income

$

67.9

$

5.7

$

6.0

$

$

$

79.6

MK Wholesale operating income

130.1

4.1

134.2

MK Licensing operating income

9.8

0.7

10.5

Michael Kors operating income

207.8

5.7

10.8

224.3

Jimmy Choo operating loss

(18.4

)

1.3

7.4

2.3

(7.4

)

Total income from operations

$

189.4

$

7.0

$

18.2

$

2.3

$

$

216.9

Michael Kors operating expense

$

472.9

$

(5.7

)

$

(10.8

)

$

$

$

456.4

Jimmy Choo operating expense

100.8

(1.3

)

(7.4

)

92.1

Total operating expenses

$

573.7

$

(7.0

)

$

(18.2

)

$

$

$

548.5

Foreign currency loss

$

33.0

$

$

$

$

(30.4

)

$

2.6

Income before provision for income taxes

$

152.0

$

7.0

$

18.2

$

2.3

$

30.4

$

209.9

Provision for income taxes

$

14.9

$

1.0

$

1.6

$

0.4

$

$

17.9

Net income attributable to MKHL

$

137.6

$

6.0

$

16.6

$

1.9

$

30.4

$

192.5

Diluted net income per ordinary share – MKHL

$

0.91

$

0.04

$

0.11

$

0.01

$

0.20

$

1.27

______________________

(1)

Gianni Versace S.p.A., Inc., record 4, et.

SCHEDULE 7

NON-GAAP RECONCILIATIONS OF REPORTED TO ADJUSTED MEASURES,
EXCLUDING LONG-LIVED ASSET IMPAIRMENTS, RESTRUCTURING AND OTHER CHARGES,
INVENTORY STEP-UP RELATED TO JIMMY CHOO ACQUISITION, AND
DERIVATIVE CONTRACT RELATED TO AGREEMENT TO ACQUIRE VERSACE
(In millions, except share and per share data)
(Unaudited)

Six Months Ended September 29, 2018

As Reported

Impairment
loads

Restructuring
and Other
loads(1)

Inventory
Step-up
Adjustment

Acquisition
Price
Derivative
Contract

As Adjusted

Gross profit

$

1513.9

$

$

$

4.7

$

$

1518.6

MK Retail operating income

$

160.4

$

10.0

$

10.6

$

$

$

181.0

MK Wholesale operating income

227.6

4.5

232.1

MK Licensing operating income

18.9

0.8

19.7

Michael Kors operating income

406.9

10.0

15.9

432.8

Jimmy Choo operating (loss) income

(2.3

)

1.3

13.6

4.7

17.3

Total income from operations

$

404.6

$

11.3

$

29.5

$

4.7

$

$

450.1

Michael Kors operating expense

$

912.4

$

(10.0

)

$

(15.9

)

$

$

$

886.5

Jimmy Choo operating expense

196.9

(1.3

)

(13.6

)

182.0

Total operating expenses

$

1109.3

$

(11.3

)

$

(29.5

)

$

$

$

1068.5

Foreign currency loss

$

35.9

$

$

$

$

(30.4

)

$

5.5

Income before provision for income taxes

$

357.6

$

11.3

$

29.5

$

4.7

$

30.4

$

433.5

Provision for income taxes

$

34.3

$

1.9

$

4.0

$

0.8

$

$

41.0

Net income attributable to MKHL

$

324.0

$

9.4

$

25.5

$

3.9

$

30.4

$

393.2

Diluted net income per ordinary share – MKHL

$

2.13

$

0.06

$

0.17

$

0.03

$

0.20

$

2.59

______________________

(1)

Gianni Versace S.p.A., Inc., record 4, et.

SCHEDULE 8

NON-GAAP RECONCILIATIONS OF REPORTED TO ADJUSTED MEASURES,
EXCLUDING LONG-LIVED ASSET IMPAIRMENTS,
RESTRUCTURING AND OTHER CHARGES AND DERIVATIVE CONTRACT
RELATED TO ACQUISITION OF JIMMY CHOO
(In millions, except share and per share data)
(Unaudited)

Three Months Ended September 30, 2017

As Reported

Impairment
loads

Restructuring
and Other
loads(1)

Acquisition
Price
Derivative
Contract

As Adjusted

MK Retail operating income

$

69.0

$

16.3

$

13.9

$

$

99.2

MK Wholesale operating income

119.6

6.9

126.5

MK Licensing operating income

10.5

1.2

11.7

Total income from operations

$

199.1

$

16.3

$

22.0

$

$

237.4

Operating expenses

$

491.7

$

(16.3

)

$

(22.0

)

$

$

453.4

Foreign currency gain

$

(40.5

)

$

$

$

36.7

$

(3.8

)

Income before provision for income taxes

$

239.1

$

16.3

$

22.0

$

(36.7

)

$

240.7

Provision for income taxes

$

36.4

$

2.9

$

4.1

$

(7.0

)

$

36.4

Net income attributable to MKHL

$

202.9

$

13.4

$

17.9

$

(29.7

)

$

204.5

Diluted net income per ordinary share – MKHL

$

1.32

$

0.09

$

0.11

$

(0.19

)

$

1.33

Six Months Ended September 30, 2017

As Reported

Impairment
loads

Restructuring
and Other
loads(1)

Acquisition
Price
Derivative
Contract

As Adjusted

MK Retail operating income

$

161.2

$

16.3

$

14.5

$

$

192.0

Total income from operations

$

348.5

$

16.3

$

23.3

$

$

388.1

Operating expenses

$

917.0

$

(16.3

)

$

(23.3

)

$

$

877.4

Foreign currency gain

$

(41.7

)

$

$

$

36.7

$

(5.0

)

Net income attributable to MKHL

$

328.4

$

13.4

$

19.0

$

(29.7

)

$

331.1

Diluted net income per ordinary share – MKHL

$

2.11

$

0.09

$

0.12

$

(0.19

)

$

2.13

______________________

(1)

Jimmy Choo Group Limited, Jimmy Choo Group Limited, Jimmy Choo Group Limited.

View source version on businesswire.com: https://www.businesswire.com/news/home/20181107005295/en/

Michael Kors Holdings Limited
Katina Metzidakis, 201-514-8234
[email protected]
gold
Digital:
Michael Kors Holdings Limited
Dinesh Kandiah, 917-934-2427
[email protected]
      
      
        Source: Michael Kors Holdings Limited

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