USA: Michael Kors Holdings Limited has announced results for its third quarter ended December 31, 2016. In the period under review, the retailer’s revenue decreased 3.2% to US $ 1.35 billion from US $ 1.40 billion in the third quarter of prior fiscal. On a constant currency basis, total revenue dropped 2.6%.
According to the company, the retail net sales during the reporting quarter increased 9.2% to US $ 836.7 million driven primarily by 193 net new store openings since the end of the third quarter.
Region wise, the total revenue in the Americas and Europe declined while Asian revenue zoomed 89.1%. The growth was driven by recent acquisitions of previously licensed operations in China and South Korea regions.
On a constant currency basis, the retail net sales increased by 10% for the fashion brand; however, the comparable sales decreased 6.4%. Wholesale net sales also down surged 17.8% to US $ 473.1 million and on a constant currency basis, wholesale net sales plunged 17.5%. The licensing revenue too decreased by 22.9% to US $ 43.0 million.