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.
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.