Michael Kors Q2 revenues rise 9.3 percent

American maker of luxury apparel, footwear, accessories Michael Kors said on Wednesday its Q2 revenue for 2018 increased by 9.3percent. Net income declined by 32.5 percent from the same period last year.

The company’s sales in Q2 2018 were 1.2 billion US dollars, up from 1.14 billion US dollars a year earlier. Net income slid to 137.6 million US Dollars or 0.91 US Dollar per diluted share compared to 202.9 million US Dollars or 1.32 US Dollar per diluted share in the prior year. Adjusted net income was 192.5 million US Dollars or 1.27 US Dollar per diluted share, compared to 204.5 million US Dollars or 1.33 US Dollars per diluted share, in the prior year.

The company said that it is raising full year adjusted earnings per share guidance by 0.05 US Dollar to 4.95 US Dollars to 5.05 US Dollars, reflecting better than expected second quarter performance for both the Michael Kors and Jimmy Choo brands.

Michael Kors Holdings Limited was founded in 1981 by Michael Kors and is based in New York, USA. Offering three primary collections: The Michael Kors Collection luxury line, the Michael Kors accessible luxury line and the Michael Kors Mens line along with a fashion-forward product range from Jimmy Choo, the company that started as an American luxury sportswear house has today emerged as a global accessories, footwear and apparel major.

Offering women’s and men’s accessories, footwear, apparel, wearable technology, watches, jewelry, eyewear and fragrance, the New York-listed company has about 14,800 employees worldwide and operates more than 800 stores.

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