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Watches drive strong Q3 results at Michael Kors

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Fashion house Michael Kors’ licensing revenues were up 58% in Q3, boosted primarily by a strong performance from the brand’s watches.

In the three months to December 29 Michael Kors’ licensing revenue jumped 52.1% to US$29.8 million (£19.2m) and Michael Kors chief executive and chairman John Idol said that its popular branded watches continued to deliver good results.

The third quarter was a strong one for the group as a whole, with total revenue up 70.4% to $636.8 million (£409.2m) and comparable store sales up 41.4%.

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Sales in Europe were up 112% in the quarter, which Idol said " reflected continued brand acceptance, combined with the expansion of our retail and wholesale doors".

Idol added: "Our strong third quarter performance reflects sustained brand momentum as the global recognition and appeal for the Michael Kors luxury brand continued to expand.

"In our licensing segment, revenue increased 52%, driven primarily by the ongoing strength in watches. Overall, we believe that the Michael Kors brand is ideally positioned within the global luxury lifestyle market and we look forward to delivering on our long-term objectives.”

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