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Jimmy Choo lifts Michael Kors sales

Luxury fashion group Michael Kors Holdings increased sales by 26.3% to $1.2bn (£930m) for the three months to 30 June, as footwear brand Jimmy Choo exceeded expectations.

The group acquired Jimmy Choo last year from JAB Holdings, and said its comparable store sales were higher than forecast. Meanwhile,  comparable store sales for the Michael Kors brands were flat over the same period, in line with guidance.

John Idol, chairman and chief executive, said: “We are encouraged by our first-quarter performance, with growth in revenues, gross margin, operating margin as well as earnings per share all exceeding our expectations.

“Our fashion leadership remains strong, which drove consumers to respond favourably to both new fashion introductions and core products. Our global fashion luxury group continues to see the benefits of our long-term growth strategy, which is driven by both the Michael Kors and Jimmy Choo brands. Looking ahead we remain optimistic about our business for the remainder of fiscal 2019 and beyond.”

The company adjusted its full-year expectations upwards, advising it expects further sales growth in the second quarter.

At the end of the period, Michael Kors had 847 retail stores and concessions it operates, and an additional 153 stores and concessions through licence partners. Jimmy Choo had 191 own stores and concessions, and a further 61 through licence partners.

 

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