Executive Summary

• Michael Kors reported that fiscal 2Q19 revenue increased by 9.3%, or $107.2 million, including a $116.7 million contribution from Jimmy Choo. Michael Kors brand sales declined by 1%, to $1,137.1 million, driven by a 1.3% decrease in Michael Kors Wholesale revenue.
• Michael Kors Retail comps declined by 2.1%, or 1.3% on a constant currency basis, and Retail division sales were flat year over year at $643.9 million.
• The company raised its full-year EPS guidance by $0.05, to $4.95–$5.05, reflecting better-than-anticipated fiscal 2Q19 operating performance and including dilution from Jimmy Choo of $0.05 to flat.