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Michael Kors fiscal Q2 profit falls 10.7% YOY

Michael Kors Holdings Ltd. said its normalized net income for the fiscal second quarter ended Sept. 26 amounted to 89 cents per share, compared with the S&P Capital IQ consensus estimate of 89 cents per share.

EPS decreased year over year from 92 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $169.8 million, a decrease of 10.7% from $190.1 million in the year-earlier period.

The normalized profit margin declined to 15.0% from 18.0% in the year-earlier period.

Total revenue increased 6.9% on an annual basis to $1.13 billion from $1.06 billion, and total operating expenses rose 14.1% on an annual basis to $856.9 million from $751.0 million.

Reported net income fell 6.7% on an annual basis to $193.4 million, or $1.01 per share, from $207.4 million, or $1 per share.