Michael Kors exceeds (negative) expectations

Michael Kors exceeds (negative) expectations

In the past quarter, fashion company Michael Kors has managed to exceed analysts' expectations. Like-for-like turnover dropped compared to a year ago, but not as much as analysts had feared.

Lower profit

Michael Kors' total turnover reached 1.13 billion dollars (1.04 billion euro) in the second quarter, up 6.9 % compared to a year ago. If exchange rate fluctuations are taken out of the equation, it would have been a 12.3 % increase.

 

Retail sales' net turnover grew 7.5 %, but on a like-for-like basis, it would have been an 8.5 % slump. However, analysts had predicted an 8.9 % drop, which means it did outperform those expectations. The total retail turnover's increase was largely thanks to several new stores.

 

Profit is also on a downward slide, from 207 million dollars (190 million euro) to 193.1 million dollars (177 million euro). For its full fiscal year, Michael Kors expects a 4.6 to 4.65 billion dollar (4.2 to 4.26 billion euro) turnover.

Questions or comments? Please feel free to contact the editors


Small Belgian brewery conquers Brazil thanks to playing cards

13/09/2017

Het Nest, a small brewery from Turnhout, will get its beers brewed in Brazil as well. It has struck a deal with Cervejaria Premium Paulista, which will brew and distribute the beers locally.

Price cuts drive 25 % more customers to Whole Foods

12/09/2017

Supermarket chain Whole Foods welcomed an additional 25 % of customers in the first few days following Amazon’s price cuts.

Ter Beke enters British food service industry

12/09/2017

Belgian food group Ter Beke has acquired a 90 % stake in British competitor KK Fine Foods for an undisclosed fee. The current shareholders hold onto the other 10 %.

Godiva wants to conquer the world through supermarkets

12/09/2017

Belgian praline brand Godiva will soon sell its chocolate in supermarkets all over the world after signing a deal with chains like Albert Heijn and Sainsbury’s. Previously, it sold nearly all its chocolate through its own store network.

Insight: Xavier Piesvaux' seven labours at Delhaize

10/09/2017

Can one French and several Dutch managers do what the Belgian management failed to do these past few years at Delhaize Belgium? Its new CEO will face plenty of challenges: we count at least seven.

Nestlé USA acquires food manufacturer Sweet Earth

08/09/2017

Nestlé USA has acquired American Sweet Earth for an undisclosed fee. The company mainly manufactures meat replacements, a rapidly-growing market, but also several frozen meals.

Back to top