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Michael Kors' earnings unveiled

Luxury designer Michael Kors earned $7.6 m (£4.8m) for the year ended March 30, a drop of 46.6% from last year, according to a filing with the Securities and Exchange Commission in the US.

The designer, who serves as honorary chairman, chief creative officer and director at Michael Kors Holdings, received a salary of $2.5m (£1.5m) and cash incentive pay of $5m (£3.1).

Including the value of equity awards tied to the company’s performance last year but paid this year,  Kors’ total pay amounted to $13.6m (£8.6m) Kors took his company public in 2011 and it’s now valued at $12.38 bn (£7.8bn)

The label announced in May that company profits had more than doubled from a year ago, driven by new store openings.

For the full year, net income more than doubled to $397.6m (£253m) compared with $147.4 m (£93m) last year. Total revenues rose 67.5% to $2.18 b (£1.3b), which included a 69.3% jump in net sales to $2.09 b (£1.3b).


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