NEW YORK — The momentum continues at Michael Kors Holdings Ltd., with shares of the firm spiking up 16.5 percent after the fashion brand posted first-quarter results that saw profits more than triple on a revenue gain of 70.6 percent.
For the three months ended June 30, income attributable to common shareholders was $68.6 million, or 34 cents a diluted share, from $18.9 million, or 13 cents, last year. Total revenues rose to $414.9 million from $243.1 million, which included a total sales gain of 71.1 percent to $397.4 million. The balance of the revenue included a 61.3 percent jump in licensing income to $17.5 million, boosted in part by strong watch sales.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)