Michael Kors UK posts sales decline in FY23
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During the year to April 2023, Michael Kors UK recorded a turnover of 77.2 million pounds versus 78.3 million pounds in the previous year.
In a filing with the Companies House UK, the company attributed the decline to general macroeconomic conditions and ongoing conflict in Ukraine indirectly impacting the cost of living.
Gross profit percentage for the year was 37.04 percent against 41.52 percent in 2022 and operating profit before impairment was 32 million pounds versus 12 million pounds, up 166 percent. The profit for the financial year amounted to 40 million pounds.
During the year under review, the company wholly owned subsidiary of Capri Holdings, focused on consolidating its retail network and expansion of the ecommerce business.
The company expects that consumers will be negatively impacted by general macroeconomic conditions driven by rising inflation costs and ongoing conflict in Ukraine and more recently in Gaza and Palestine.
Consequently, Michael Kors UK anticipates FY24 revenues to decrease by 10 percent, while ecommerce channel will be a substantial driver of overall sales growth and remain on the same level as 2023.