Second Quarter Total Revenue Decreased 3.7%
Second Quarter Diluted EPS was $0.95
LONDON--(BUSINESS WIRE)--
Michael Kors Holdings Limited (NYSE:KORS) (the “Company”), a global
luxury lifestyle brand, today announced its financial results for the
fiscal 2017 second quarter ended October 1, 2016.
For the second quarter ended October 1, 2016:
-
Total revenue decreased 3.7% to $1.09 billion from $1.13 billion in
the second quarter of fiscal 2016. On a constant currency basis, total
revenue decreased 3.7%.
-
Retail net sales increased 12.1% to $597.2 million driven primarily by
198 net new store openings since the end of the second quarter of
fiscal 2016, including 137 stores associated with the Company's recent
acquisitions of Greater China and South Korea. Comparable sales
decreased 5.4%. On a constant currency basis, retail net sales
increased 12.1%, and comparable sales decreased 5.6%. Wholesale net
sales decreased 18.4% to $452.2 million and on a constant currency
basis, wholesale net sales decreased 18.5%. Licensing revenue
decreased 10.2% to $38.8 million.
-
Total revenue in the Americas decreased 11.1% to $745.1 million on a
reported basis and decreased 11.1% on a constant currency basis.
European revenue grew 1.9% to $248.0 million on a reported basis, and
grew 3.5% on a constant currency basis. Revenue in Asia increased
96.5% to $95.1 million on a reported basis, and increased 87.5% on a
constant currency basis.
-
Gross profit decreased 3.0% to $644.7 million, and as a percentage of
total revenue was 59.2%. Foreign currency translation and transaction
favorably impacted gross profit margin by approximately 80 basis
points. This compares to gross margin of 58.8% in the second quarter
of fiscal 2016.
-
Income from operations was $203.7 million, or 18.7% as a percentage of
total revenue. This compares to $273.1 million, or 24.2% as a
percentage of total revenue, for the second quarter of fiscal 2016.
-
Net income attributable to MKHL was $160.9 million, or $0.95 per
diluted share, based on a 20.7% tax rate and 168.8 million weighted
average diluted shares outstanding. Net income attributable to MKHL
for the second quarter of fiscal 2016 was $193.1 million, or $1.01 per
diluted share, based on a 28.9% tax rate and 191.5 million weighted
average diluted shares outstanding.
-
At October 1, 2016, the Company operated 787 retail stores, including
concessions, compared to 589 retail stores, including concessions, at
the end of the same prior-year period. The Company had 118 additional
retail stores, including concessions, operated through licensing
partners. Including licensed locations, there were 905 Michael Kors
stores worldwide at the end of the second quarter of fiscal 2017.
John D. Idol, the Company’s Chairman and Chief Executive Officer, said,
“Our second quarter revenue and earnings results were above our
expectations, as we continued to deliver innovative luxury fashion
product and further expand our footprint worldwide. During the quarter,
we continued to execute on our growth strategies with the successful
launch of our Michael Kors ACCESS line of smartwatches and fitness
trackers, the debut of our new Wonderlust fragrance, our new fall
handbag collections, and the further expansion of our men’s offering. We
also expanded our online presence, with the launch of digital flagships
in several countries in Europe. That said, our results continued to be
impacted by the declines in mall traffic and tourism in certain major
cities, as well as our strategic decision to reduce sell-in of inventory
to the U.S. wholesale channel. Despite these near term challenges, we
remain confident in our ability to drive long term growth and increase
shareholder value."
For the first six months ended October 1, 2016:
-
Total revenue decreased 1.9% to $2.08 billion from $2.12 billion in
the same period of fiscal 2016. On a constant currency basis, total
revenue decreased 2.0%.
-
Retail net sales increased 9.8% to $1.16 billion. Comparable store
sales decreased 6.4%. On a constant currency basis, retail net sales
grew 9.8%, and comparable sales decreased 6.6%. Wholesale net sales
decreased 13.4% to $846.6 million and on a constant currency basis,
wholesale net sales decreased 13.6%. Licensing revenue decreased 15.3%
to $69.4 million.
-
Gross profit for the first six months decreased 2.5% to $1.24 billion,
and as a percentage of total revenue was 59.5%. Foreign currency
translation and transaction favorably impacted gross profit margin by
approximately 90 basis points. This compares to gross margin of 59.9%
in the same period in fiscal 2016.
-
Income from operations for the first six months was $390.6 million, or
18.8% as a percentage of total revenue. For the same period of fiscal
2016, income from operations was $521.7 million, or 24.7% as a
percentage of total revenue.
-
Net income attributable to MKHL for the first six months was $308.0
million, or $1.78 per diluted share, based on a 20.9% tax rate and
$172.7 million weighted average diluted shares outstanding. Excluding
$8.9 million after-tax, or $0.05 per diluted share, of one-time costs
related to the acquisition of the Company's Greater China licensee,
net income attributable to MKHL for the first six months of fiscal
2017 was $316.9 million, or $1.83 per diluted share. Net income
attributable to MKHL for the same period in fiscal 2016 was $367.5
million, or $1.88 per diluted share, based on a 29.1% tax rate and
195.8 million weighted average diluted shares outstanding.
Share Repurchase Program
During the second quarter, the Company repurchased 5,019,083 of the
Company's ordinary shares for approximately $250.0 million in open
market transactions. As of October 1, 2016, the remaining availability
under the Company’s share repurchase program was $350.0 million. Share
repurchases may be made in open market or privately negotiated
transactions, subject to market conditions, applicable legal
requirements, trading restrictions under the Company’s insider trading
policy, and other relevant factors. The program may be suspended or
discontinued at any time.
Balance Sheet
As of October 1, 2016, the Company had $384.4 million of debt, which was
recorded within short-term debt in its Consolidated Balance Sheet. This
debt consisted of borrowings under the Company's revolving credit
facilities. The amount available for future borrowings is approximately
$615.9 million.
Outlook
For fiscal 2017, the Company now expects total revenue to be
approximately $4.55 billion and for comparable sales to decrease in the
mid-single digit range. Operating margin is expected to be approximately
20.7% on a non-GAAP basis, excluding $11.3 million in one-time
acquisition related costs, and approximately 20.5% on a GAAP basis,
including the aforementioned one-time costs. For fiscal 2017, diluted
earnings per share are now expected to be in the range of $4.37 to $4.43
on a non-GAAP basis, excluding the one-time costs, and $4.32 to $4.38 on
a GAAP basis, including the one-time costs. This assumes 169.5 million
weighted average diluted shares outstanding and a tax rate of
approximately 21%.
For the third quarter of fiscal 2017, the Company expects total revenue
to be between $1.365 billion and $1.380 billion, which includes a
planned reduction in wholesale shipments, and a comparable sales
decrease in the mid-single digit range. The Company expects operating
margin to be approximately 25.0%. Diluted earnings per share are
expected to be in the range of $1.61 to $1.65 for the third quarter of
fiscal 2017. This assumes 166.5 million weighted average diluted shares
outstanding and a tax rate of approximately 21%.
Conference Call Information
A conference call to discuss second quarter results is scheduled for
today, November 10, 2016 at 4:30 pm. ET. A replay of the call will be
available today at 7:30 pm. ET; to access the replay, dial (877)
870-5176 for domestic callers or dial (858) 384-5517 for international
callers and enter access code 9809103. The conference call will also be
webcast live in the investor relations section of www.michaelkors.com.
The webcast will be accessible on the website for approximately 90 days
after the call.
Use of Non-GAAP Financial Measures
Constant currency effects are non-GAAP financial measures, which are
provided to supplement our reported operating results to facilitate
comparisons of our operating results and trends in our business,
excluding the effects of foreign currency rate fluctuations. Because we
are a global Company, foreign currency exchange rates may have a
significant effect on our reported results. We calculate constant
currency measures and the related foreign currency impacts by
translating the current-year’s reported amounts into comparable amounts
using prior year’s foreign exchange rates for each currency. All
constant currency performance measures discussed below should be
considered a supplement to and not in lieu of our operating performance
measures calculated in accordance with accounting principles generally
accepted in the United States (“U.S. GAAP.”)
Additionally, this earnings release includes certain non-GAAP financial
measures relating to certain one-time costs associated with the
acquisition of the Greater China licensee. The Company uses non-GAAP
financial measures, among other things, to evaluate its operating
performance and in order to represent the manner in which the Company
conducts and views its business. The Company believes that excluding
non-recurring items helps its management and investors compare operating
performance based on its ongoing operations. While the Company considers
the non-GAAP measures to be useful supplemental measures in analyzing
its results, they are not intended to replace, nor act as a substitute
for, any amounts presented in its consolidated financial statements
prepared in conformity with U.S. GAAP and may be different from non-GAAP
measures reported by other companies.
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 under Michael Kors
Collection, MICHAEL Michael Kors and Michael Kors Mens, including
accessories, footwear, watches, jewelry, 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 Annual Report on Form 10-K for the fiscal
year ended April 2, 2016 (File No. 001-35368) and Quarterly Report on
Form 10-Q (File No. 001-35368) for the fiscal quarter ended July 2,
2016, filed with the U.S. Securities and Exchange Commission.
SCHEDULE 1
|
MICHAEL KORS HOLDINGS LIMITED AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In millions, except share and per share data)
|
(Unaudited)
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
October 1,
|
|
September 26,
|
|
October 1,
|
|
September 26,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net sales
|
|
$
|
1,049.4
|
|
|
$
|
1,086.8
|
|
|
$
|
2,006.7
|
|
|
$
|
2,034.1
|
|
Licensing revenue
|
|
38.8
|
|
|
43.2
|
|
|
69.4
|
|
|
81.9
|
|
Total revenue
|
|
1,088.2
|
|
|
1,130.0
|
|
|
2,076.1
|
|
|
2,116.0
|
|
Cost of goods sold
|
|
443.5
|
|
|
465.5
|
|
|
840.1
|
|
|
847.9
|
|
Gross profit
|
|
644.7
|
|
|
664.5
|
|
|
1,236.0
|
|
|
1,268.1
|
|
Total operating expenses
|
|
441.0
|
|
|
391.4
|
|
|
845.4
|
|
|
746.4
|
|
Income from operations
|
|
203.7
|
|
|
273.1
|
|
|
390.6
|
|
|
521.7
|
|
Other (income) expense, net
|
|
(0.3
|
)
|
|
0.1
|
|
|
(0.6
|
)
|
|
0.9
|
|
Interest expense, net
|
|
1.4
|
|
|
0.4
|
|
|
1.7
|
|
|
0.5
|
|
Foreign currency losses
|
|
—
|
|
|
1.4
|
|
|
1.3
|
|
|
2.1
|
|
Income before provision for income taxes
|
|
202.6
|
|
|
271.2
|
|
|
388.2
|
|
|
518.2
|
|
Provision for income taxes
|
|
41.9
|
|
|
78.4
|
|
|
81.2
|
|
|
151.0
|
|
Net income
|
|
160.7
|
|
|
192.8
|
|
|
$
|
307.0
|
|
|
$
|
367.2
|
|
Less: Net loss attributable to noncontrolling interest
|
|
(0.2
|
)
|
|
(0.3
|
)
|
|
(1.0
|
)
|
|
(0.3
|
)
|
Net income attributable to MKHL
|
|
$
|
160.9
|
|
|
$
|
193.1
|
|
|
$
|
308.0
|
|
|
$
|
367.5
|
|
Weighted average ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
166,695,631
|
|
|
188,857,398
|
|
|
170,427,101
|
|
|
192,917,209
|
|
Diluted
|
|
168,839,967
|
|
|
191,524,156
|
|
|
172,726,859
|
|
|
195,789,325
|
|
Net income per ordinary share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.97
|
|
|
$
|
1.02
|
|
|
$
|
1.81
|
|
|
$
|
1.90
|
|
Diluted
|
|
$
|
0.95
|
|
|
$
|
1.01
|
|
|
$
|
1.78
|
|
|
$
|
1.88
|
|
|
SCHEDULE 2
|
MICHAEL KORS HOLDINGS LIMITED AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
(In millions, except share data)
|
(Unaudited)
|
|
|
|
October 1,
|
|
April 2,
|
|
September 26,
|
|
|
2016
|
|
2016
|
|
2015
|
Assets
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
186.4
|
|
|
$
|
702.0
|
|
|
$
|
431.5
|
|
Receivables, net
|
|
288.0
|
|
|
307.9
|
|
|
344.1
|
|
Inventories
|
|
695.7
|
|
|
546.8
|
|
|
713.7
|
|
Prepaid expenses and other current assets
|
|
146.0
|
|
|
113.1
|
|
|
106.6
|
|
Total current assets
|
|
1,316.1
|
|
|
1,669.8
|
|
|
1,595.9
|
|
Property and equipment, net
|
|
801.0
|
|
|
758.2
|
|
|
672.4
|
|
Intangible assets, net
|
|
463.4
|
|
|
67.4
|
|
|
69.2
|
|
Goodwill
|
|
119.7
|
|
|
23.2
|
|
|
26.2
|
|
Deferred tax assets
|
|
19.0
|
|
|
24.5
|
|
|
23.7
|
|
Other assets
|
|
36.1
|
|
|
23.7
|
|
|
17.1
|
|
Total assets
|
|
$
|
2,755.3
|
|
|
$
|
2,566.8
|
|
|
$
|
2,404.5
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
179.7
|
|
|
$
|
131.4
|
|
|
$
|
199.2
|
|
Accrued payroll and payroll related expenses
|
|
45.8
|
|
|
59.7
|
|
|
44.6
|
|
Accrued income taxes
|
|
45.5
|
|
|
51.6
|
|
|
26.5
|
|
Short-term debt
|
|
384.4
|
|
|
—
|
|
|
5.4
|
|
Accrued expenses and other current liabilities
|
|
176.9
|
|
|
192.8
|
|
|
107.8
|
|
Total current liabilities
|
|
832.3
|
|
|
435.5
|
|
|
383.5
|
|
Deferred rent
|
|
126.2
|
|
|
106.4
|
|
|
102.6
|
|
Deferred tax liabilities
|
|
88.6
|
|
|
3.5
|
|
|
4.6
|
|
Long-term debt
|
|
—
|
|
|
2.3
|
|
|
4.1
|
|
Other long-term liabilities
|
|
24.9
|
|
|
19.6
|
|
|
21.0
|
|
Total liabilities
|
|
1,072.0
|
|
|
567.3
|
|
|
515.8
|
|
Commitments and contingencies
|
|
|
|
|
|
|
Shareholders’ equity
|
|
|
|
|
|
|
Ordinary shares, no par value; 650,000,000 shares authorized;
209,020,770 shares issued and 164,233,915 outstanding at October 1,
2016; 208,084,175 shares issued and 176,441,891 outstanding at April
2, 2016, and 207,286,133 shares issued and 184,048,990 outstanding
at September 26, 2015
|
|
—
|
|
|
—
|
|
|
—
|
|
Treasury shares, at cost (44,786,855 shares at October 1, 2016;
31,642,284 shares at April 2, 2016; and 23,237,143 shares at
September 26, 2015)
|
|
(2,304.8
|
)
|
|
(1,650.1
|
)
|
|
(1,248.8
|
)
|
Additional paid-in capital
|
|
749.3
|
|
|
718.9
|
|
|
677.7
|
|
Accumulated other comprehensive loss
|
|
(79.8
|
)
|
|
(80.9
|
)
|
|
(81.2
|
)
|
Retained earnings
|
|
3,315.8
|
|
|
3,007.8
|
|
|
2,536.3
|
|
Total shareholders’ equity of MKHL
|
|
1,680.5
|
|
|
1,995.7
|
|
|
1,884.0
|
|
Noncontrolling interest
|
|
2.8
|
|
|
3.8
|
|
|
4.7
|
|
Total shareholders’ equity
|
|
1,683.3
|
|
|
1,999.5
|
|
|
1,888.7
|
|
Total liabilities and shareholders’ equity
|
|
$
|
2,755.3
|
|
|
$
|
2,566.8
|
|
|
$
|
2,404.5
|
|
|
SCHEDULE 3
|
MICHAEL KORS HOLDINGS LIMITED AND SUBSIDIARIES
|
CONSOLIDATED SEGMENT DATA
|
($ in millions)
|
(Unaudited)
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
October 1,
|
|
September 26,
|
|
October 1,
|
|
September 26,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenue by Segment and Region:
|
|
|
|
|
|
|
|
|
Retail net sales:
|
|
The Americas
|
|
$
|
385.6
|
|
|
$
|
384.8
|
|
|
$
|
777.8
|
|
|
$
|
781.5
|
|
|
|
Europe
|
|
131.2
|
|
|
125.6
|
|
|
250.3
|
|
|
232.6
|
|
|
|
Asia
|
|
80.4
|
|
|
22.4
|
|
|
132.0
|
|
|
42.0
|
|
Total Retail Net Sales
|
|
597.2
|
|
|
532.8
|
|
|
1,160.1
|
|
|
1,056.1
|
|
Wholesale net sales:
|
|
The Americas
|
|
332.6
|
|
|
426.2
|
|
|
614.7
|
|
|
735.3
|
|
|
|
Europe
|
|
104.9
|
|
|
101.8
|
|
|
195.7
|
|
|
194.4
|
|
|
|
Asia
|
|
14.7
|
|
|
26.0
|
|
|
36.2
|
|
|
48.3
|
|
Total Wholesale Net Sales
|
|
452.2
|
|
|
554.0
|
|
|
846.6
|
|
|
978.0
|
|
Licensing revenue:
|
|
The Americas
|
|
26.9
|
|
|
27.2
|
|
|
43.4
|
|
|
48.7
|
|
|
|
Europe
|
|
11.9
|
|
|
16.0
|
|
|
26.0
|
|
|
33.2
|
|
Total Licensing Revenue
|
|
38.8
|
|
|
43.2
|
|
|
69.4
|
|
|
81.9
|
|
Total Revenue
|
|
$
|
1,088.2
|
|
|
$
|
1,130.0
|
|
|
$
|
2,076.1
|
|
|
$
|
2,116.0
|
|
|
|
|
|
|
|
|
|
|
Income from Operations:
|
|
|
|
|
|
|
|
|
Retail
|
|
$
|
69.6
|
|
|
$
|
99.9
|
|
|
$
|
136.2
|
|
|
$
|
220.8
|
|
Wholesale
|
|
122.0
|
|
|
156.9
|
|
|
227.0
|
|
|
263.2
|
|
Licensing
|
|
12.1
|
|
|
16.3
|
|
|
27.4
|
|
|
37.7
|
|
Total Income from Operations
|
|
$
|
203.7
|
|
|
$
|
273.1
|
|
|
$
|
390.6
|
|
|
$
|
521.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Margin:
|
|
|
|
|
|
|
|
|
Retail
|
|
11.7
|
%
|
|
18.8
|
%
|
|
11.7
|
%
|
|
20.9
|
%
|
Wholesale
|
|
27.0
|
%
|
|
28.3
|
%
|
|
26.8
|
%
|
|
26.9
|
%
|
Licensing
|
|
31.2
|
%
|
|
37.7
|
%
|
|
39.5
|
%
|
|
46.0
|
%
|
Total Operating Margin
|
|
18.7
|
%
|
|
24.2
|
%
|
|
18.8
|
%
|
|
24.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 1, 2016
|
Store Count and Square Footage by Region:
|
|
|
|
Store Count
|
|
Square Footage
|
The Americas (U.S., Canada and Latin America)
|
|
|
|
392
|
|
|
1,231,089
|
|
Europe
|
|
|
|
|
|
188
|
|
|
496,274
|
|
Asia
|
|
|
|
|
|
207
|
|
|
393,649
|
|
Total
|
|
|
|
|
|
787
|
|
|
2,121,012
|
|
|
SCHEDULE 4
|
MICHAEL KORS HOLDINGS LIMITED AND SUBSIDIARIES
|
CONSTANT CURRENCY DATA
|
(In millions)
|
(Unaudited)
|
|
|
|
Three Months Ended
|
|
% Change
|
|
|
October 1,
|
|
September 26,
|
|
As
|
|
Constant
|
|
|
2016
|
|
2015
|
|
Reported
|
|
Currency
|
Retail net sales
|
|
$
|
597.2
|
|
|
$
|
532.8
|
|
|
12.1
|
%
|
|
12.1
|
%
|
Wholesale net sales
|
|
452.2
|
|
|
554.0
|
|
|
(18.4
|
)%
|
|
(18.5
|
)%
|
Licensing revenue
|
|
38.8
|
|
|
43.2
|
|
|
(10.2
|
)%
|
|
(10.2
|
)%
|
Total revenue
|
|
$
|
1,088.2
|
|
|
$
|
1,130.0
|
|
|
(3.7
|
)%
|
|
(3.7
|
)%
|
|
|
|
|
Six Months Ended
|
|
% Change
|
|
|
October 1,
|
|
September 26,
|
|
As
|
|
Constant
|
|
|
2016
|
|
2015
|
|
Reported
|
|
Currency
|
Retail net sales
|
|
$
|
1,160.1
|
|
|
$
|
1,056.1
|
|
|
9.8
|
%
|
|
9.8
|
%
|
Wholesale net sales
|
|
846.6
|
|
|
978.0
|
|
|
(13.4
|
)%
|
|
(13.6
|
)%
|
Licensing revenue
|
|
69.4
|
|
|
81.9
|
|
|
(15.3
|
)%
|
|
(15.3
|
)%
|
Total revenue
|
|
$
|
2,076.1
|
|
|
$
|
2,116.0
|
|
|
(1.9
|
)%
|
|
(2.0
|
)%
|
|
NON-GAAP RECONCILIATION OF REPORTED NET INCOME
|
TO ADJUSTED NET INCOME AND NET INCOME PER SHARE, EXCLUDING
TRANSACTION COSTS
|
RELATED TO ACQUISITION OF THE GREATER CHINA BUSINESS
|
(In millions, except share and per share data)
|
(Unaudited)
|
|
|
|
Six Months Ended
|
|
|
October 1,
|
|
|
2016
|
Net income attributable to MKHL, as reported
|
|
$
|
308.0
|
|
Transaction costs related to acquisition of Greater China, net of
taxes of $2.4 million
|
|
8.9
|
|
Net income, as adjusted
|
|
$
|
316.9
|
|
|
|
|
Weighted average diluted ordinary shares outstanding
|
|
172,726,859
|
|
|
|
|
Diluted net income per ordinary share attributable to MKHL, as
reported
|
|
$
|
1.78
|
|
Impact of transaction costs, per share
|
|
$
|
0.05
|
|
Adjusted diluted net income per ordinary share attributable to MKHL
|
|
$
|
1.83
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20161110006326/en/
Source: Michael Kors Holdings Limited