Michael Kors Holdings Limited (NYSE:KORS), a global fashion luxury group, today announced its financial results for the fiscal 2019 second quarter ended September 29, 2018.
The London-based fashion house said total revenue increased 9.3% to $1.25 billion, including a $116.7 million contribution from Jimmy Choo.
Gross profit was $763.1 million and gross margin was 60.9%, compared to $690.8 million and 60.2% in the prior year. Adjusted gross profit was $765.4 million and adjusted gross margin was 61.0%, compared to $690.8 million and 60.2% in the prior year.
Net income was $137.6 million, or $0.91 per diluted share compared to $202.9 million, or $1.32 per diluted share in the prior year. Adjusted net income was $192.5 million, or $1.27 per diluted share, compared to $204.5 million, or $1.33 per diluted share, in the prior year.
Kors CEO John Idol declared, "As we enter the second half of fiscal 2019 we look forward to welcoming Versace into our group. With the acquisition of Versace we have built one of the world's leading fashion luxury groups in just one year, setting the stage for accelerated revenue and earnings growth.
"This is a truly remarkable and historic moment for our company and we look forward to completing this transformational acquisition in the coming months."
For the full year, the Company continues to expect total revenue to be approximately $5.125 billion, including between $580 million and $590 million of incremental Jimmy Choo revenue.
KORS shares slumped $8.94, or 15.6%, to $48.51 Wednesday morning.
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