John D. Idol, the Company’s Chairman and Chief Executive Officer, stated: “Our first quarter performance reflects better than expected results in both our top and bottom line with growth across our North America, Europe and Asia regions. In addition, on a global basis we saw solid growth in accessories and footwear as these categories performed well in our retail stores and we experienced strong sell-through in our wholesale channel”.

First quarter total revenue increased by 7.3% totaling 986.0 million US dollars. On a constant currency basis, total revenue increased by 13.4%.

Retail net sales were up by 9.0% totaling 523.3 million  US dollars driven by 107 net new store openings since the end of the first quarter of fiscal 2015 and e-commerce sales from the North American digital flagships, partially offset by a 9.5% decrease in comparable store sales. On a constant currency basis, retail net sales grew by 16.0%. Wholesale net sales increased by 4.2% reaching 424.0 million US dollars (9.7% on a constant currency basis).

Total revenue in North America increased by 1.2% reaching 727.3 million US dollars on a reported basis and increased 1.9% on a constant currency basis. European revenue grew by 16.9% to 216.8 million US dollars on a reported basis, and grew by 42.2% on a constant currency basis. Revenue in Japan was also up, by 32.7%, totaling 19.6 million US dollars  on a reported basis (up by 57.4% on a constant currency basis).

Net income reached 174.4 million US dollars (0.87 US dollars per diluted share), compared to 187.7 million US dollars in similar period last year (0.91 US dollars per diluted share).

As at the 27th of June 27 Michael Kors operated 550 retail stores, including concessions, compared to 443 retail stores, including concessions, at the end of the same prior-year period. The company had 224 additional retail stores, including concessions, operated through licensing partners. Including licensed locations, there were 774 Michael Kors stores worldwide at the end of the first quarter of fiscal 2016.

For fiscal 2016, the company expects total revenue to be between 4.7 billion US dollars and 4.8 billion US dollars.