Krista McDonough Promoted to General Counsel for Michael Kors

LONDON–(BUSINESS WIRE)–
Michael Kors (NYSE:KORS), a global luxury lifestyle brand, is pleased to
announce that effective October 1, Krista McDonough will be promoted to
the position of Senior Vice President, General Counsel, reporting to
John Idol, Chairman & Chief Executive Officer.

Krista McDonough joined Michael Kors in 2011, and has been Deputy
General Counsel since June 2015. Previously she was at Paul, Weiss,
Rifkind, Wharton & Garrison LLP. She has a law degree from New York Law
School.

“Since joining Michael Kors, Krista has been an integral part of the
Legal Department. She brings many strengths to this position,” says Mr.
Idol, “including valuable experience in corporate governance, securities
law, employment matters and intellectual property enforcement.”

Ms. McDonough succeeds Lee Sporn who, after 13 years as Michael Kors’
General Counsel, is retiring to become a full-time law professor. “I am
very grateful for Lee’s many contributions to Michael Kors,” says Mr.
Idol. “He has been a strong and important partner to me and to the
leadership team.”

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), filed on June 1, 2016
with the U.S. Securities and Exchange Commission.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160930005059/en/

Source: Michael Kors

ICR, Inc.
Jean Fontana, 203-682-1214
jean.fontana@icrinc.com
or
Media:
ICR,
Inc.
Alecia Pulman, 646-277-1231
KorsPR@icrinc.com

Original Article

Introducing Michael Kors Access Wearable Technology: Time for Fashion to Meet the Future

LONDON–(BUSINESS WIRE)–
Michael Kors (NYSE:KORS), a global luxury lifestyle brand, is excited to
introduce the MICHAEL KORS ACCESS display smartwatch, part
of its new wearable technology accessories line. The line is
geared towards the fashion-focused consumer and combines innovative
technology with exceptional style from a leader in luxury fashion.

This Smart News Release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20160906005376/en/

Michael Kors Access Smartwatch

Michael Kors Access Smartwatch

The cutting-edge technology at the heart of the MICHAEL KORS ACCESS smartwatch,
which is compatible with both iPhone® and Android™ phones, is made
possible through a partnership with Google, using their Android Wear™
smartwatch platform.

Designed to show that technology and social connectivity should be
seamless, the MICHAEL KORS ACCESS line, which also
includes activity trackers, proves that access can be both glamorous and
effortless. “Our customers love fashion and they’re plugged in 24/7,”
says Michael Kors. “I think they’ll appreciate having social
connectivity and health and fitness tracking all within a great-looking
accessory.”

MICHAEL KORS ACCESS smartwatches offer customizable features
perfect for our fans:

  • Exclusive Michael Kors display watch faces, which change with a
    swipe—whether it’s a digital chronograph design for the gym or
    glittering, animated pavé for night
  • Hundreds of possible combinations of display face, color and sub dials
  • A touchscreen display smartwatch powered by Android Wear that provides:

    • Social media updates and text and email alerts
    • App notifications
    • Smart help from Google
    • Built-in fitness tracking
  • Interchangeable leather and silicone wristbands
  • Glamorous versions for women and sporty versions for men
  • Magnetic charging
  • The Qualcomm® Snapdragon™ Wear 2100, a system-on-a-chip (SoC) designed
    to ensure a highly interactive touch screen experience

“We’re excited to offer our customers smart, great-looking watches that
will help them to stay on top of their daily lives while uniquely
expressing their personal style,” says John Idol, Chairman and CEO of
Michael Kors.

The Michael Kors customer lives a busy, fast-paced life and the MICHAEL
KORS ACCESS collection will let him or her stay connected. “From
Google Search to smartwatches, Google strives to give you the
information you need to stay connected to what matters most,” says David
Singleton, VP of Engineering for Android Wear. “MICHAEL KORS ACCESS
and Android Wear move the wearables category forward with smart,
beautiful watches that help you stay on top of your daily life while
expressing your personal style.”

MICHAEL KORS ACCESS will be launched in 18 countries via a global
digital and print advertising campaign, including a video featuring
Zendaya and Martha Hunt. The video follows the two models on a
jam-packed day in New York City—from morning workouts to a glamorous
evening party. Throughout the day, Michael Kors Access smartwatches keep
them in sync and looking chic—proof that with the right accessory, you
really can #AccessItAll. You can watch the video here: https://youtu.be/vV7_aaSKNU0.

The MICHAEL KORS ACCESS smartwatches start at $350 USD. The
activity trackers start at $95 USD. Both are available in Michael
Kors stores, MichaelKors.com
and select department and specialty stores.

For more information, please visit the following:

Michael Kors Access: http://www.michaelkors.com/Access

Destination Kors: http://www.destinationkors.com/

Michael Kors on Facebook: http://www.facebook.com/michaelkors

@MichaelKors on Twitter: http://twitter.com/michaelkors

@MichaelKors on Instagram: http://instagram.com/michaelkors

Michael Kors on Pinterest: http://pinterest.com/michaelkors.com

@MichaelKors on Weibo: http://weibo.com/michaelkors

Search for “Michael Kors” on Weixin and WeChat

Search for “Michael Kors” on LINE Japan

Android Wear™ requires a phone running Android 4.3+ or iOS 8.2+.
Supported features may vary between platforms. Visit g.co/wearcheck
on your Android phone or iPhone® to see if your device is compatible.

Google, Android and Android Wear are trademarks of Google Inc.

iPhone is a trademark of Apple, Inc. Qualcomm and Snapdragon are
trademarks of Qualcomm Incorporated.

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), filed on June 1, 2016
with the U.S. Securities and Exchange Commission.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160906005376/en/

Source: Michael Kors

ICR, Inc.
Jean Fontana, 203-682-1214
jean.fontana@icrinc.com
Alecia
Pulman, 646-277-1231 (Media)
KorsPR@icrinc.com

Original Article

Michael Kors Holdings Limited Announces Participation at the Goldman Sachs 23rd Annual Global Retailing Conference

LONDON–(BUSINESS WIRE)–
Michael Kors Holdings Limited (NYSE:KORS) today announced that the
company will be presenting at the Goldman Sachs 23rd Annual Global
Retailing Conference, held at the Plaza Hotel, on Wednesday, September
7, 2016, at 8:50 AM ET. John D. Idol, Chairman, Chief Executive Officer
and Director, and Joseph B. Parsons, Executive Vice President, Chief
Financial Officer, Chief Operating Officer & Treasurer, will host the
presentation.

The audio portion of the presentation will be webcast live at www.michaelkors.com
under the Investor Relations section. An archived replay will be
available two hours after the conclusion of the live event.

About Michael Kors Holdings

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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160831005369/en/

Source: Michael Kors Holdings Limited

ICR, Inc.
Jean Fontana, (203) 682-8200
jean.fontana@icrinc.com
or
Media:
ICR,
Inc.
Alecia Pulman, (646) 277-1231
KorsPR@icrinc.com

Original Article

Michael Kors Holdings Limited Announces First Quarter Fiscal 2017 Results

First Quarter Total Revenue Increased 0.2%

First Quarter Diluted EPS was $0.83 ($0.88 excluding one-time
transaction costs)

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 first quarter ended July 2, 2016.

For the first quarter ended July 2, 2016:

  • Total revenue increased 0.2% to $987.9 million from $986.0 million in
    the first quarter of fiscal 2016. On a constant currency basis, total
    revenue was flat versus the prior fiscal year.
  • Retail net sales increased 7.6% to $562.9 million driven primarily by
    221 net new store openings since the end of the first quarter of
    fiscal 2016, including 145 stores associated with the Company's recent
    acquisitions of Greater China and South Korea and the consolidation of
    the Latin American operations. Comparable sales decreased 7.4%. On a
    constant currency basis, retail net sales grew 7.4%, and comparable
    sales decreased 7.6%. Wholesale net sales decreased 7.0% to $394.4
    million and on a constant currency basis, wholesale net sales
    decreased 7.2%. Licensing revenue decreased 20.9% to $30.6 million.
  • Total revenue in the Americas decreased 5.0% to $690.8 million on a
    reported basis and decreased 4.8% on a constant currency basis.
    European revenue grew 3.3% to $224.0 million on a reported basis, and
    grew 2.9% on a constant currency basis. Revenue in Asia increased
    74.5% to $73.1 million on a reported basis, and increased 67.7% on a
    constant currency basis.
  • Gross profit decreased 2.0% to $591.3 million, and as a percentage of
    total revenue was 59.9%. Foreign currency translation and transaction
    negatively impacted gross profit margin by approximately 100 basis
    points. This compares to gross margin of 61.2% in the first quarter of
    fiscal 2016.
  • Income from operations was $186.9 million, or 18.9% as a percentage of
    total revenue. This compares to $248.6 million, or 25.2% as a
    percentage of total revenue, for the first quarter of fiscal 2016.
  • Net income attributable to MKHL was $147.1 million, or $0.83 per
    diluted share, based on a 21.2% tax rate and 176.6 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 quarter of fiscal 2017 was $156.0
    million, or $0.88 per diluted share. Net income attributable to MKHL
    for the first quarter of fiscal 2016 was $174.4 million, or $0.87 per
    diluted share, based on a 29.4% tax rate and 200.1 million weighted
    average diluted shares outstanding.
  • At July 2, 2016, the Company operated 771 retail stores, including
    concessions, compared to 550 retail stores, including concessions, at
    the end of the same prior-year period. The Company had 110 additional
    retail stores, including concessions, operated through licensing
    partners. Including licensed locations, there were 881 Michael Kors
    stores worldwide at the end of the first quarter of fiscal 2017.

John D. Idol, the Company’s Chairman and Chief Executive Officer, said,
“We are pleased to have once again exceeded our first quarter revenue
and earnings per share expectations. We delivered another quarter of
strong growth in our North American digital flagships, further expanded
our presence globally, particularly in Asia, and expanded our fashion
product offerings. However, this progress was muted by the continued
decline in mall traffic trends as well as a decrease in tourism in
certain major cities which negatively impacted our comparable sales
performance during the quarter. Looking ahead, we remain focused on
executing against our long-term growth strategies across both product
categories and regions. For the Fall season, we are excited about the
launch of several new digital flagships in Europe, the debut of our
Michael Kors ACCESS line of smartwatches and trackers and our new
Wonderlust fragrance, as well as the continued development of our men's
business. Overall, we are on track to deliver on our revenue and
earnings per share goals for the year.”

Share Repurchase Program

During the first quarter, the Company repurchased 8,025,749 of the
Company's ordinary shares for approximately $400.0 million in open
market transactions. As of July 2, 2016, the remaining availability
under the Company’s share repurchase program was $600.0 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 July 2, 2016, the Company had $248.6 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
$749.4 million.

Outlook

For the second quarter of fiscal 2017, the Company expects total revenue
to be between $1.07 billion and $1.085 billion, which includes a planned
reduction in wholesale shipments, and comparable sales to decrease in
the mid-single digit range. The Company expects an increase in gross
margin of approximately 100 to 130 basis points, driven by favorable
geographic and channel mix shift. The Company expects an increase in
operating expense primarily due to continued investments in
international expansion, digital flagships, and global infrastructure.
Operating expense as a percentage of total revenue is expected to
increase 790 to 820 basis points. Diluted earnings per share are
expected to be in the range of $0.84 to $0.88 for the second quarter of
fiscal 2017. This assumes 171 million weighted average diluted shares
outstanding and a tax rate of approximately 21%.

For fiscal 2017, the Company expects total revenue to be flat versus the
prior year and comparable sales to decrease in the mid-single digit
range. Operating margin is expected to be approximately 21.5% on a
non-GAAP basis, excluding the one-time acquisition related costs, and
approximately 21.3% on a GAAP basis, including the one-time costs. For
fiscal 2017, diluted earnings per share are expected to be in the range
of $4.56 to $4.64 on a non-GAAP basis, excluding the one-time costs, and
$4.51 to $4.59 on a GAAP basis, including the one-time costs. This
assumes 171 million weighted average diluted shares outstanding and a
tax rate of approximately 21%.

Conference Call Information

A conference call to discuss first quarter results is scheduled for
today, August 10, 2016 at 8:00 a.m. ET. A replay of the call will be
available today at 11:00 a.m. ET; to access the replay, dial (877)
870-5176 for domestic callers or dial (858) 384-5517 for international
callers and enter access code 5048309. 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), filed on June 1, 2016
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
July 2,
2016
June 27,
2015
Net sales $ 957.3 $ 947.3
Licensing revenue 30.6 38.7
Total revenue 987.9 986.0
Cost of goods sold 396.6 382.4
Gross profit 591.3 603.6
Total operating expenses 404.4 355.0
Income from operations 186.9 248.6
Other (income) expense, net (0.3 ) 0.8
Interest expense, net 0.3 0.1
Foreign currency losses 1.3 0.7
Income before provision for income taxes 185.6 247.0
Provision for income taxes 39.3 72.6
Net income $ 146.3 $ 174.4
Less: Net loss attributable to noncontrolling interest (0.8 )
Net income attributable to MKHL $ 147.1 $ 174.4
Weighted average ordinary shares outstanding:

Basic

174,158,571 196,977,021
Diluted 176,613,751 200,054,494
Net income per ordinary share:
Basic $ 0.84 $ 0.89
Diluted $ 0.83 $ 0.87

SCHEDULE 2

MICHAEL KORS HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions, except share data)

(Unaudited)

July 2,
2016
April 2,
2016
June 27,
2015
Assets
Current assets
Cash and cash equivalents $ 337.1 $ 702.0 $ 808.5
Receivables, net 202.8 307.9 252.5
Inventories 606.9 546.8 606.5
Prepaid expenses and other current assets 109.3 113.1 118.1
Total current assets 1,256.1 1,669.8 1,785.6
Property and equipment, net 798.7 758.2 624.2
Intangible assets, net 464.3 67.4 68.9
Goodwill 122.2 23.2 14.0
Deferred tax assets 16.9 24.5 21.4
Other assets 32.5 23.7 31.1
Total assets $ 2,690.7 $ 2,566.8 $ 2,545.2
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable $ 167.4 $ 131.4 $ 172.1
Accrued payroll and payroll related expenses 43.1 59.7 38.7
Accrued income taxes 45.0 51.6 29.7
Short-term debt 248.6
Accrued expenses and other current liabilities 197.8 192.8 94.9
Total current liabilities 701.9 435.5 335.4
Deferred rent 120.5 106.4 94.8
Deferred tax liabilities 88.5 3.5 5.9
Long-term debt 2.3
Other long-term liabilities 22.1 19.6 19.9
Total liabilities 933.0 567.3 456.0
Commitments and contingencies
Shareholders’ equity

Ordinary shares, no par value; 650,000,000 shares authorized;
208,759,289
shares issued and 168,997,105 outstanding at July 2, 2016;
208,084,175
shares issued and 176,441,891 outstanding at April 2, 2016,
and
207,184,790 shares issued and 193,372,032 outstanding at June 27,
2015

Treasury shares, at cost (39,762,184 shares at July 2, 2016;
31,642,284
shares at April 2, 2016; and 13,812,758 shares at
June 27, 2015)

(2,054.5 ) (1,650.1 ) (848.8 )
Additional paid-in capital 732.5 718.9 662.5
Accumulated other comprehensive loss (78.3 ) (80.9 ) (67.6 )
Retained earnings 3,154.9 3,007.8 2,343.1
Total shareholders’ equity of MKHL 1,754.6 1,995.7 2,089.2
Noncontrolling interest 3.1 3.8
Total shareholders’ equity 1,757.7 1,999.5 2,089.2
Total liabilities and shareholders’ equity $ 2,690.7 $ 2,566.8 $ 2,545.2

SCHEDULE 3

MICHAEL KORS HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED SEGMENT DATA

($ in millions)

(Unaudited)

Three Months Ended
July 2,
2016
June 27,
2015
Revenue by Segment and Region:
Retail net sales: The Americas $ 392.2 $ 396.7
Europe 119.1 107.0
Asia 51.6 19.6
Total Retail Net Sales 562.9 523.3
Wholesale net sales: The Americas 282.1 309.1
Europe 90.8 92.6
Asia 21.5 22.3
Total Wholesale Net Sales 394.4 424.0
Licensing revenue: The Americas 16.5 21.5
Europe 14.1 17.2
Total Licensing Revenue 30.6 38.7
Total Revenue $ 987.9 $ 986.0
Income from Operations:
Retail $ 66.6 $ 120.9
Wholesale 105.0 106.3
Licensing 15.3 21.4
Total Income from Operations $ 186.9 $ 248.6
Operating Margin:
Retail 11.8 % 23.1 %
Wholesale 26.6 % 25.1 %
Licensing 50.0 % 55.4 %
Total Operating Margin 18.9 % 25.2 %
July 2, 2016
Store Count and Square Footage by Region: Store Count Square Footage
The Americas (U.S., Canada and Latin America) 393 1,210,264
Europe 183 480,481
Asia 195 355,397
Total 771 2,046,142

SCHEDULE 4

MICHAEL KORS HOLDINGS LIMITED AND SUBSIDIARIES

CONSTANT CURRENCY DATA

(In millions)

(Unaudited)

Three Months Ended % Change
July 2,
2016
June 27,
2015
As

Reported

Constant

Currency

Retail net sales $ 562.9 $ 523.3 7.6 % 7.4 %
Wholesale net sales 394.4 424.0 (7.0 )% (7.2 )%
Licensing revenue 30.6 38.7 (20.9 )% (20.9 )%
Total revenue $ 987.9 $ 986.0 0.2 % %

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)

Three Months Ended
July 2,
2016
Net income attributable to MKHL, as reported $ 147.1
Transaction costs related to acquisition of Greater China, net of
taxes of $2.4 million
8.9
Net income, as adjusted $ 156.0
Weighted average diluted ordinary shares outstanding 176,613,751
Diluted net income per ordinary share attributable to MKHL, as
reported
$ 0.83
Impact of transaction costs, per share $ 0.05
Adjusted diluted net income per ordinary share attributable to MKHL $ 0.88

View source version on businesswire.com: http://www.businesswire.com/news/home/20160810005303/en/

Source: Michael Kors Holdings Limited

ICR, Inc.
Jean Fontana, 203-682-8200
jean.fontana@icrinc.com
or
Media:
Alecia
Pulman, 646-277-1231
KorsPR@icrinc.com

Original Article

Michael Kors Holdings Limited Announces Reporting Date for First Quarter Fiscal 2017 Financial Results

LONDON–(BUSINESS WIRE)–
Michael Kors Holdings Limited (NYSE:KORS) today announced that it plans
to report its first quarter fiscal year 2017 financial results on
Wednesday, August 10, 2016, before the market opens. The Company also
plans to hold a conference call to discuss its financial results the
same day at 8:00 a.m. ET.

A live webcast of the conference call will be available in the investor
relations section of the Company’s website, www.michaelkors.com.

In addition, a replay of the call will be available shortly after the
conclusion of the call and remain available until August 17, 2016. To
access the telephone replay, listeners should dial (877) 870-5176 or
(858) 384-5517 for international callers. The access code for the replay
is 5048309. A replay of the web cast will also be available within two
hours of the conclusion of the call and will remain on the website for
90 days.

About Michael Kors Holdings Limited

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
Collection, MICHAEL Michael Kors and Michael Kors Mens 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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160720005392/en/

Source: Michael Kors Holdings Limited

ICR, Inc.
Investor Relations:
Jean Fontana, 203-682-8200
jean.fontana@icrinc.com
or
Media:
Alecia
Pulman, 203-682-8224
alecia.pulman@icrinc.com

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