Michael Kors Is Accused Of Being Unsalable In US Department Stores.

In the first quarter, Michael Kors recorded a net profit of US $147 million 100 thousand, down 15.7% from US $174 million 400 thousand in the same period last year, and earning US $0.83 per share, a 4.6% decline compared with $0.87 a year earlier.

As of the first quarter of July 2, 2016, the Michael Kors Group recorded a slight increase of $0.2% to $987 million 900 thousand, while the fixed exchange rate was flat at the end of the first quarter of fiscal year 2017.

During the period, the group's retail revenue recorded an increase of 7.6% to $562 million 900 thousand, while sales of the same store fell by 7.4%.

For fixed exchange rates, retail revenue increased by 7.4%, while same store sales fell by 7.6%.

As 7.4% of the same store fell far beyond analysts' expectations of a 4.7% decline, Michael Kors Holdings Ltd. shares fell sharply before 4.21%, while the deadline for issuing the news was $48 at 7:24 p.m. Eastern time.

Wholesale business, Michael Kors Group recorded a 7% decline in the two quarter to 394 million 400 thousand US dollars, a fixed exchange rate of 7.2%, and authorized business slumped 20.9% to 30 million 600 thousand US dollars yesterday.

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According to the market, Michael Kors group's core American market revenue fell 5% to 690 million 800 thousand US dollars, the fixed exchange rate fell 4.8%, the European market income 224 million US dollars, an increase of 3.3% over the previous year, a 2.9% increase at the fixed exchange rate, and an increase of 74.5% to $73 million 100 thousand in Asian market income. Unfortunately, the proportion was very small, and the growth rate narrowed to 67.7% under the fixed exchange rate.

Michael Kors group's downturn is not surprising. In the light luxury industry, the Coach, which has the longest history, popularity and higher quality, has been restored after three years of degradation, which is a fatal blow to Michael Kors.

Over the past few years, the light luxury industry has been the competition of the two major brands. No matter what Michael Kors has seen in the past, it is obviously at a disadvantage with the "originator" brand at present.

According to the data, as of the four quarter of July 2, 2016, the sales of Coach Cox brand North American same store finally recorded a 2% growth, of which the strong performance of the electricity supplier contributed 1% of the same store growth.

This is the first time that the brand has recorded a positive growth for the first time in the past three years.

Fourth quarter, with the sales growth of 9% Coach in the North American market, the brand's quarterly sales increased by 11% to $606 million.

As of the two quarter of July 2, 2016, Michael Kors group's gross profit was 591 million 300 thousand US dollars, down 2% from the same period last year, and gross profit margin was 59.9%, down 130 basis points, indicating that the brand continued to suffer the pressure of discount.

The operating profit period recorded $186 million 900 thousand, down 24.8% from a year earlier of $248 million 600 thousand, and the operating profit margin of 18.9% yuan was plunged by 530 basis points.

As of the end of the first quarter, Michael Kors group added 221 stores, of which 145 were acquired by group buying regional franchisees.

The company acquired its Michael Kors (HK) Limited. at the price of US $500 million in early June, and announced that Cao Qifeng, the fashion tycoon of Hongkong who created the myth of Michael Kors, has completely ignored it after buying the company for 13 years.

At the end of the first quarter of the Michael Kors group, it now operates 771 retail stores, and has 110 franchise stores with 881 partners.

For the current two quarter, Michael Kors Group expects revenue of US $1 billion 70 million -10.85 billion, and same store sales are expected to have a median declines. In view of the reduction of wholesale business, the Group expects the gross profit margin of the two quarter to have 100-130 basis points improvement, and EPS is expected to be US $0.84 -0.88 US dollars.

Michael Kors group also expects EPS for the year to be US $4.51 US $-4.59. After the one-time item was deleted, the adjusted EPS was US $4.56 US dollars, while revenue was expected to be unchanged from last year.

On Wednesday, Michael Kors Holdings Ltd. shares closed at $50.11, a 0.32% decline.