Michael Kors Holdings Limited (NYSE: KORS) (the “Company”) today
announced that the Company updated its second quarter fiscal 2013
guidance.
For the second quarter of fiscal 2013, the Company now expects diluted
earnings per share to be in the range of $0.38 to $0.40 as compared to
its previous guidance of $0.33 to $0.35. The Company now expects total
revenue to be in the range of $510 million to $520 million. The expected
diluted earnings per share assume 201.0 million diluted weighted-average
shares outstanding and a 38% effective tax rate.
For fiscal 2013, the Company now expects diluted earnings per share to
be in the range of $1.39 to $1.41 as compared to its previous guidance
of $1.32 to $1.34. The Company now expects total revenue to be in the
range of $1.85 billion to $1.95 billion with comparable store sales of
approximately 30%. The expected diluted earnings per share assume 201.2
million diluted weighted-average shares outstanding and a 38% effective
tax rate. The Company’s updated projected results for the second quarter
of fiscal 2013 and for fiscal 2013 are only estimates, and its actual
results may differ.
John Idol, the Company’s Chairman and Chief Executive Officer, said,
“Our updated guidance reflects our confidence in the strong momentum of
the Michael Kors brand and the continued execution of our key growth
strategies. Michael Kors’ luxury fashion designs are resonating globally
with our customers and we are excited about the long term growth
potential of our Company as we continue to build upon the success we
achieved in establishing Michael Kors as a global luxury lifestyle
brand.”
In its retail segment, the Company announced that quarter-to-date
comparable store sales for the 11 weeks ended September 15, 2012
increased 45.1%. Quarter-to-date comparable store sales were strong
across all regions, with increases of 45.1% in North America, 49.7% in
Europe and 16.0% in Japan.
The Company has not begun its normal quarter-end closing and review
procedures and the final results for the 13-week period ended September
29, 2012 may differ from the results for this 11-week period. The
results for this 11-week period are not for an entire fiscal period,
will be subject to quarter-end closing procedures and/or adjustments and
should not be viewed as a substitute for quarterly financial statements
prepared in accordance with generally accepted accounting principles in
the United States.
Further commentary on the Company’s second quarter fiscal 2013 results
will be provided as part of the second quarter earnings release and
conference call scheduled for Tuesday, November 13, 2012.
About Michael Kors
Michael Kors is a world-renowned, award-winning designer of luxury
accessories and ready to wear. His namesake company, established in
1981, currently produces a range of products through his Michael Kors,
KORS Michael Kors and MICHAEL Michael Kors labels, including
accessories, footwear, watches, jewelry, men’s and women’s ready to
wear, and a full line of fragrance products. Michael Kors stores are
operated, either directly or through licensing partners, in some of the
most prestigious cities in the world, including New York, Beverly Hills,
Chicago, London, Milan, Paris, Munich, Istanbul, Dubai, Seoul, Tokyo and
Hong Kong.
Forward Looking Statements
This press release contains forward-looking statements. You should
not place undue reliance on such statements because they are subject to
numerous uncertainties and factors relating to the Company’s operations
and business environment, all of which are difficult to predict and many
of which are beyond the Company’s control. Forward-looking statements
include information concerning the Company’s possible or assumed future
results of operations, including descriptions of its business strategy.
These statements often include words such as “may,” “will,” “should,”
“believe,” “expect,” “seek,” “anticipate,” “intend,” “plan,” “estimate”
or similar expressions. The forward-looking statements contained in this
press release are based on assumptions that the Company has made in
light of management’s experience in the industry as well as its
perceptions of historical trends, current conditions, expected future
developments and other factors that it believes are appropriate under
the circumstances. You should understand that these statements are not
guarantees of performance or results. They involve known and unknown
risks, uncertainties and assumptions. Although the Company believes that
these forward-looking statements are based on reasonable assumptions,
you should be aware that many factors could affect its actual financial
results or results of operations and could cause actual results to
differ materially from those in these forward-looking statements. These
factors are more fully discussed in the “Risk Factors” section and
elsewhere in the Company’s Registration Statement on Form F-1 , as
amended(File No. 333-183778), filed with the U.S. Securities and
Exchange Commission.
The Company has filed a registration statement (including a
preliminary prospectus) with the SEC for an offering of ordinary shares
to which this communication relates. Before you invest, you should read
the preliminary prospectus in that registration statement and other
documents the Company has filed with the SEC for more complete
information about the Company and the offering. You may get these
documents for free by visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, copies of the preliminary prospectus related to the
offering may also be obtained, when available, from: Morgan Stanley &
Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor,
New York, New York 10014, Telephone: 1-866-718-1649 or by emailing prospectus@morganstanley.com;
J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, New York 11717, Telephone:
1-866-803-9204; or Goldman, Sachs & Co., Attention: Prospectus
Department, 200 West Street, New York, NY 10282, Telephone:
1-866-471-2526, Facsimile: 1-212-902-9316 or by emailing prospectus-ny@ny.email.gs.com.
