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Michael Kors fiscal Q1 profit falls 10.5% YOY

Michael Kors Holdings Ltd. said its normalized net income for the fiscal first quarter ended June 27 was 77 cents per share, compared with the S&P Capital IQ consensus estimate of 75 cents per share.

EPS decreased 7.3% year over year from 83 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $154.4 million, a decrease of 10.5% from $172.5 million in the prior-year period.

The normalized profit margin dropped to 15.7% from 18.8% in the year-earlier period.

Total revenue climbed 7.3% on an annual basis to $986.0 million from $919.2 million, and total operating expenses climbed 14.8% on an annual basis to $737.4 million from $642.4 million.

Reported net income fell 7.7% on an annual basis to $174.0 million, or 87 cents per share, from $188.5 million, or 91 cents per share.