Michael Kors Holdings Limited Announces Senior Management Promotions

Philippa Newman promoted to President, Accessories and Footwear

Michele Chan promoted to President, Women’s Ready-to-Wear

LONDON–(BUSINESS WIRE)–
Michael Kors Holdings Limited (NYSE:KORS) (the “Company”), a global
luxury lifestyle brand, today announced two internal promotions.
Philippa Newman will be promoted to President, Accessories and Footwear,
reporting to Anna Bakst, Group President, Accessories and Footwear. In
addition, Michele Chan will be promoted to President, Women’s
Ready-to-Wear, reporting to Gia Castrogiovanni, Group President, Women’s
Ready-to-Wear.

Ms. Newman joined the Company in 2003 and currently serves as Senior
Vice President, European Sales and Merchandising for Accessories,
Footwear, Women’s Ready-to-Wear and Menswear. She was previously
Director of Sales for Women’s Collection in the United States. Prior to
joining Michael Kors, Ms. Newman held various sales and merchandising
positions at Calvin Klein, Donna Karan, Alexander McQueen and Tory Burch.

Ms. Chan joined the Company in 2007 and currently serves as Senior Vice
President, Retail Merchandising. She was previously Vice President,
Retail Merchandising for the Company. Prior to joining Michael Kors, she
spent more than a decade in various merchandising positions at Lord &
Taylor and Ann Taylor.

John D. Idol, the Company’s Chairman and Chief Executive Officer, said,
“We are very pleased to announce the promotions of Philippa and Michele,
both of whom have already made strong contributions to the Company
during their tenures. Philippa has contributed significantly to the
growth of our European business over the past seven years, as she worked
to solidify partnerships with department stores and specialty stores
across the region. Michele has been instrumental in growing our Retail
business, as she built the infrastructure in our retail stores both
domestically and internationally. The promotions of Philippa and Michele
are the result of our succession planning process as well as our
training and development initiatives designed to foster a team of
best-in-class leaders.”

Mr. Idol continued, “Anna and Gia will remain with the Company in their
current positions to facilitate a smooth transition of roles and
responsibilities to their successors over the next year. Their exemplary
leadership and expertise will continue to be instrumental in developing
our talent and driving sustainable growth for our organization.”

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/20160615006313/en/

Source: Michael Kors Holdings Limited

Michael Kors Holdings Limited
Investor Relations:
Krystyna
Lack – VP, Treasurer, 201-691-6133
InvestorRelations@MichaelKors.com
or
ICR,
Inc.
Jean Fontana, 646-277-1214
jean.fontana@icrinc.com
Media:
Alecia
Pulman, 646-277-1231
KorsPR@icrinc.com

Original Article

Michael Kors Holdings Limited Announces Participation at the Deutsche Bank dbAccess Global Consumer Conference

LONDON–(BUSINESS WIRE)–
Michael Kors Holdings Limited (NYSE:KORS) today announced that the
company will be presenting at the Deutsche Bank dbAccess Global Consumer
Conference, held at the InterContinental Paris Le Grand, on Tuesday,
June 14, 2016 at 10:30 AM CEST. 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/20160607005502/en/

Source: Michael Kors Holdings Limited

Investor Relations:
Michael Kors Holdings Limited
Krystyna
Lack – VP, Treasurer
201-691-6133
InvestorRelations@MichaelKors.com
or
ICR,
Inc.
Jean Fontana, 646-277-1214
jean.fontana@icrinc.com
or
Media:
ICR,
Inc.
Alecia Pulman, 646-277-1231
KorsPR@icrinc.com

Original Article

Michael Kors Holdings Limited Announces Fourth Quarter and Annual Fiscal 2016 Results

Fourth Quarter Total Revenue Increased 10.9% (Increased 11.7%
on a Constant Currency Basis)
Fourth Quarter Reported
Diluted EPS was $0.98 ($1.00 on a Constant Currency Basis)

Completes the Acquisition of its Greater China Licensee

Announces New $1 Billion Stock Repurchase Program

LONDON–(BUSINESS WIRE)–
Michael Kors Holdings Limited (NYSE:KORS) (the “Company”), a global
luxury lifestyle brand, today announced its financial results for the
fiscal 2016 fourth quarter and fiscal year ended April 2, 2016.

The Company noted that fiscal year 2016 had 53 weeks versus 52 weeks in
fiscal year 2015. As a result, the Company’s results for the fiscal 2016
fourth quarter and fiscal year ended April 2, 2016, include
approximately $34 million in retail sales related to the 53rd week.
Comparable sales calculations exclude the 53rd week.

For the fourth quarter ended April 2, 2016:

  • Total revenue increased 10.9% to $1.2 billion from $1.1 billion in the
    fourth quarter of fiscal 2015. On a constant currency basis, total
    revenue increased 11.7%.
  • Retail net sales increased 22.0% to $572.6 million, driven primarily
    by e-commerce sales from the Company's digital flagships and 142 net
    new store openings since the end of the fourth quarter of fiscal 2015.
    Comparable sales increased 0.3%. On a constant currency basis, retail
    net sales grew 23.4%, and comparable sales increased 1.5%. Wholesale
    net sales increased 3.5% to $590.5 million and on a constant currency
    basis, wholesale net sales grew 4.0%. Licensing revenue decreased
    13.6% to $35.6 million.
  • Total revenue in the Americas increased 4.6% to $879.1 million on a
    reported basis, and increased 5.1% on a constant currency basis.
    European revenue grew 15.6% to $254.1 million on a reported basis, and
    18.1% on a constant currency basis. Revenue in Asia increased 216.4%
    to $65.5 million on a reported basis, and increased 212.1% on a
    constant currency basis.
  • Gross profit increased 10.5% to $697.2 million, and as a percentage of
    total revenue was 58.2%. Gross profit margin was reduced by
    approximately 100 basis points due to the change in foreign currency
    exchange rates. This compares to gross margin of 58.4% in the fourth
    quarter of fiscal 2015.
  • Income from operations was $244.1 million, or 20.4% as a percentage of
    total revenue. This compares to $256.2 million, or 23.7% as a
    percentage of total revenue for the fourth quarter of fiscal 2015.
  • Net income attributable to MKHL was $177.0 million, or $0.98 per
    diluted share, based on a 28.2% tax rate and 180.4 million weighted
    average diluted shares outstanding, which included an unfavorable
    impact related to foreign currency exchange rates of approximately
    $0.02 per share. Net income attributable to MKHL for the fourth
    quarter of fiscal 2015 was $182.6 million, or $0.90 per diluted share,
    based on a 29.4% tax rate and 203.2 million weighted average diluted
    shares outstanding.
  • At April 2, 2016, the Company operated 668 retail stores, including
    concessions, compared to 526 retail stores, including concessions, at
    the end of the same prior-year period. The Company had 201 additional
    retail stores, including concessions, operated through licensing
    partners. Including licensed locations, there were 869 Michael Kors
    stores worldwide at the end of the fourth quarter of fiscal 2016.

John D. Idol, the Company’s Chairman and Chief Executive Officer, said,
“We are pleased with our financial and operational accomplishments
during the fourth quarter and fiscal year 2016, as we delivered
continued growth across regions despite the challenging retail
environment. In addition, we elevated our product offerings and
refreshed our marketing campaigns, both of which were met with positive
response from our customers. We also continued to make strategic
investments in our business that will pay meaningful dividends for years
to come. As these initiatives began to take hold, we ended the year on a
strong note, with revenue and earnings per share ahead of our
expectations in the fourth quarter, as well as for the full year.
Looking ahead, we see multiple growth opportunities, including the
expansion of our international markets, the growth of our digital
e-commerce flagships, the build-out of our men’s business, the launch of
Michael Kors ACCESS wearable technology line, and the continued design
innovation of our luxury fashion product, which we believe will enable
us to deliver sustainable earnings growth and continue to return value
to our shareholders."

For the fiscal year ended April 2, 2016:

  • Total revenue increased 7.8% to $4.7 billion from $4.4 billion in
    fiscal 2015. On a constant currency basis, total revenue increased
    11.7%.
  • Retail net sales increased 12.2% to $2.4 billion. Comparable sales
    decreased 4.2%. On a constant currency basis, retail net sales grew
    17.2%, and comparable sales decreased 0.9%. Wholesale net sales
    increased 3.8% to $2.1 billion and on a constant currency basis,
    wholesale net sales grew 6.8%. Licensing revenue increased 0.9% to
    $173.3 million.
  • Gross profit increased 5.6% to $2.8 billion, and as a percentage of
    total revenue was 59.4%. This compares to 60.6% in fiscal 2015.
  • Income from operations was $1.2 billion and as a percentage of total
    revenue was 24.9%. For fiscal 2015, income from operations was $1.3
    billion, or 28.8% as a percentage of total revenue.
  • Net income attributable to MKHL was $839.1 million, or $4.44 per
    diluted share, based on 189.1 million weighted average diluted shares
    outstanding, which included an unfavorable impact related to foreign
    currency exchange rates of approximately $0.20 per share. Net income
    attributable to MKHL for fiscal 2015 was $881.0 million, or $4.28 per
    diluted share, based on 205.9 million weighted average diluted shares
    outstanding.

Acquisition of Greater China Licensee

The Company completed the acquisition of Michael Kors (HK) Limited, the
exclusive licensee of the Company in China and certain other
jurisdictions in Asia, on May 31, 2016, for $500 million in cash,
subject to certain adjustments. The acquisition was approved by the
independent members of the Company’s board of directors, upon
recommendation of a Special Committee, comprised of solely independent
directors, which was responsible for evaluating the terms of the
acquisition. The Special Committee retained independent legal and
financial advisors to assist in evaluating and negotiating the terms of
the acquisition and the Purchase Agreement. The Greater China business
generated total revenue of $197 million for the year ended March 31,
2016, and had a network of 91 company operated retail stores and six
travel retail locations, across China, Hong Kong, Macau and Taiwan. For
fiscal year 2017, the Greater China business is expected to contribute
approximately $200 million to retail net sales, reflecting sales for the
ten month period following the closing of the acquisition. The
acquisition is expected to be neutral to earnings per share on a GAAP
basis, and accretive to earnings per share on a non-GAAP basis,
excluding acquisition costs. The acquisition is expected to be accretive
to earnings per share in fiscal 2018 and thereafter.

Mr. Idol continued, "We are very excited about the acquisition of our
Greater China licensee. As you know, we have worked diligently over the
past several years, with our licensed partner in this region, to build
the infrastructure, establish the brand, and grow acceptance of Michael
Kors in the Chinese market. We believe that our brand is gaining strong
momentum in Greater China, making it the ideal time for us to integrate
this territory into our business and capitalize on the enormous growth
potential in this region."

Share Repurchase Program

During the fourth quarter, the Company repurchased 3,690,685 of the
Company's ordinary shares for approximately $200.0 million in open
market transactions. Since the inception of the program in 2014, the
Company has repurchased 31,516,857 shares totaling approximately $1.6
billion. As of April 2, 2016, the remaining availability under the
Company’s share repurchase program was $358.1 million.

The Company's Board of Directors authorized a new $1 billion share
repurchase program, which replaces the remaining balance of the previous
program authorized in October 2014. 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.

Joseph B. Parsons, Executive Vice President, Chief Financial Officer,
Chief Operating Officer and Treasurer, stated, "The Board's
authorization of this new share repurchase program further demonstrates
the Company's confidence in our long term business outlook and expected
cash flows, and underscores our commitment to enhancing shareholder
value."

Outlook

For the first quarter of fiscal 2017, the Company expects total revenue
to be between $940 million and $950 million, 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 operating
expense primarily due to continued global investments in digital
flagships, corporate talent, new stores, shop-in-shops, infrastructure
and distribution, as well as $15 million of one- time transaction costs
and other contingency payments related to the acquisition of the Greater
China licensee, and $3 million of one-time costs related to the closure
of certain locations in the Company's Latin America operations.
Operating expense as a percentage of total revenue is expected to
increase 690 to 740 basis points on a non-GAAP basis, excluding the
one-time costs described above. On a GAAP basis, including the one-time
costs, operating expense as a percentage of total revenue is expected to
increase 880 to 930 basis points. Diluted earnings per share are
expected to be in the range of $0.70 to $0.74 for the first quarter of
fiscal 2017 on a non-GAAP basis, excluding the one-time costs, and $0.62
to $0.66 on a GAAP basis, including the one-time costs. This assumes
177 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 low single digit
range. Operating margin is expected to be approximately 21.5% on a
non-GAAP basis, excluding the one-time costs described above, and
approximately 21% 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
$4.47 to $4.55 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 fourth quarter results is scheduled for
today, June 1, 2016, from 8:00 a.m. to 9:30 a.m. ET. A replay of the
call will be available today at 11:30 a.m. ET; to access the replay,
dial (877) 870-5176 for domestic callers or (858) 384-5517 for
international callers and enter access code 2409211. 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 and closure of certain
locations in Latin America. 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 March 28, 2015 (File No. 001-35368), filed on May 27, 2015
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 Fiscal Years Ended
April 2,
2016
March 28,
2015
April 2,
2016
March 28,
2015
Net sales $ 1,163.1 $ 1,039.8 $ 4,538.8 $ 4,199.7
Licensing revenue 35.6 41.2 173.3 171.8
Total revenue 1,198.7 1,081.0 4,712.1 4,371.5
Cost of goods sold 501.5 450.1 1,914.9 1,723.8
Gross profit 697.2 630.9 2,797.2 2,647.7
Total operating expenses 453.1 374.7 1,622.1 1,390.7
Income from operations 244.1 256.2 1,175.1 1,257.0
Other income, net (4.5 ) (0.5 ) (3.7 ) (1.6 )
Interest expense, net 0.6 0.1 1.7 0.2
Foreign currency loss (gain) 2.5 (2.1 ) 4.8 2.6
Income before provision for income taxes 245.5 258.7 1,172.3 1,255.8
Provision for income taxes 69.2 76.1 334.6 374.8
Net income $ 176.3 $ 182.6 $ 837.7 $ 881.0
Less: Net loss attributable to noncontrolling interest (0.7 ) (1.4 )
Net income attributable to MKHL $ 177.0 $ 182.6 $ 839.1 $ 881.0
Weighted average ordinary shares outstanding:
Basic 177,814,521 199,828,293 186,293,295 202,680,572
Diluted 180,439,102 203,195,838 189,054,289 205,865,769
Net income per ordinary share:
Basic $ 1.00 $ 0.91 $ 4.50 $ 4.35
Diluted $ 0.98 $ 0.90 $ 4.44 $ 4.28

SCHEDULE 2

MICHAEL KORS HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions, except share data)

(Unaudited)

April 2,
2016
March 28,
2015
Assets
Current assets
Cash and cash equivalents $ 702.0 $ 978.9
Receivables, net 307.9 363.4
Inventories 546.8 519.9
Prepaid expenses and other current assets 113.1 127.5
Total current assets 1,669.8 1,989.7
Property and equipment, net 758.2 562.9
Intangible assets, net 67.4 61.5
Goodwill 23.2 14.0
Deferred tax assets 24.5 23.0
Other assets 23.7 33.5
Total assets $ 2,566.8 $ 2,684.6
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable $ 131.4 $ 114.1
Accrued payroll and payroll related expenses 59.7 62.9
Accrued income taxes 51.6 25.5
Accrued expenses and other current liabilities 192.8 123.8
Total current liabilities 435.5 326.3
Deferred rent 106.4 88.3
Deferred tax liabilities 3.5 7.0
Long-term debt 2.3
Other long-term liabilities 19.6 22.0
Total liabilities 567.3 443.6
Commitments and contingencies
Shareholders’ equity

Ordinary shares, no par value; 650,000,000 shares authorized;
208,084,175 shares issued
and 176,441,891 outstanding at
April 2, 2016; 206,486,699 shares issued and 199,656,833
outstanding
at March 28, 2015

Treasury shares, at cost (31,642,284 shares at April 2, 2016 and
6,829,866 shares at
March 28, 2015)

(1,650.1 ) (497.7 )
Additional paid-in capital 718.9 636.7
Accumulated other comprehensive loss (80.9 ) (66.8 )
Retained earnings 3,007.8 2,168.8
Total shareholders’ equity of MKHL 1,995.7 2,241.0
Noncontrolling interest 3.8
Total shareholders’ equity 1,999.5 2,241.0
Total liabilities and shareholders’ equity $ 2,566.8 $ 2,684.6

SCHEDULE 3

MICHAEL KORS HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED SEGMENT DATA

($ in millions)

(Unaudited)

Three Months Ended Fiscal Years Ended
April 2,
2016
March 28,
2015
April 2,
2016
March 28,
2015
Revenue by Segment and Region:
Retail net sales: The Americas $ 407.9 $ 359.7 $ 1,779.0 $ 1,656.1
Europe 125.9 90.5 509.6 412.1
Asia 38.8 19.2 106.3 66.4
Total Retail Net Sales 572.6 469.4 2,394.9 2,134.6
Wholesale net sales: The Americas 453.3 458.6 1,628.6 1,662.5
Europe 110.5 110.3 406.4 401.1
Asia 26.7 1.5 108.9 1.5
Total Wholesale Net Sales 590.5 570.4 2,143.9 2,065.1
Licensing revenue: The Americas 17.9 22.2 99.0 100.3
Europe 17.7 19.0 74.3 71.5
Total Licensing Revenue 35.6 41.2 173.3 171.8
Total Revenue $ 1,198.7 $ 1,081.0 $ 4,712.1 $ 4,371.5
Income from Operations:
Retail $ 67.7 $ 72.2 $ 501.4 $ 557.2
Wholesale 160.7 166.1 584.1 610.9
Licensing 15.7 17.9 89.6 88.9
Total Income from Operations $ 244.1 $ 256.2 $ 1,175.1 $ 1,257.0
Operating Margin:
Retail 11.8 % 15.4 % 20.9 % 26.1 %
Wholesale 27.2 % 29.1 % 27.2 % 29.6 %
Licensing 44.1 % 43.3 % 51.7 % 51.8 %
Total Operating Margin 20.4 % 23.7 % 24.9 % 28.8 %
April 2, 2016 March 28, 2015
Store Count and Square Footage by Region: Store Count Square Footage Store Count Square Footage
The Americas 390 1,180,785 343 984,095
Europe 177 458,114 133 329,903
Asia 101 138,451 50 62,662
Total 668 1,777,350 526 1,376,660

SCHEDULE 4

MICHAEL KORS HOLDINGS LIMITED AND SUBSIDIARIES

CONSTANT CURRENCY DATA

(In millions)

(Unaudited)

Three Months Ended % Change
April 2,
2016
March 28,
2015
As

Reported

Constant

Currency

Retail net sales $ 572.6 $ 469.4 22.0 % 23.4 %
Wholesale net sales 590.5 570.4 3.5 % 4.0 %
Licensing revenue 35.6 41.2 (13.6 )% (13.6 )%
Total revenue $ 1,198.7 $ 1,081.0 10.9 % 11.7 %
Fiscal Years Ended % Change
April 2,
2016
March 28,
2015
As

Reported

Constant

Currency

Retail net sales $ 2,394.9 $ 2,134.6 12.2 % 17.2 %
Wholesale net sales 2,143.9 2,065.1 3.8 % 6.8 %
Licensing revenue 173.3 171.8 0.9 % 0.9 %
Total revenue $ 4,712.1 $ 4,371.5 7.8 % 11.7 %

View source version on businesswire.com: http://www.businesswire.com/news/home/20160601005605/en/

Source: Michael Kors Holdings Limited

Investor Relations:
Michael Kors Holdings Limited
Krystyna
Lack, 201-691-6133
VP, Treasurer
InvestorRelations@MichaelKors.com
or
ICR,
Inc.
Jean Fontana, 646-277-1214
jean.fontana@icrinc.com
or
Media:
ICR,
Inc.
Alecia Pulman, 646-277-1231
KorsPR@icrinc.com

Original Article