Garibaldi_Genesis_Michael Kors Accounting Annual Report

Running head: MICHAEL KORS ANNUAL REPORT ANALYSIS 1
Michael Kors Annual Report Analysis
Erika Arredondo
Brenda Erran
Genesis Garibaldi
Maria Serrano
South Mountain Community College

MICHAEL KORS ANNUAL REPORT ANALYSIS 2
Table of Contents
1. Cover Page ………………………………………………………………………………. 1
2. Table of Contents ………………………………………………………………………... 2
3. General Information ……………………………………………………………………... 3
4. Financial Statement Analysis
a. Horizontal Analysis & Discussion……………………………………..………… 6
b. Vertical Analysis & Discussion…………….…………………………………... 10
c. Statement of Cash Flows …………………………………………………......... 14
d. Ratio Analysis & Discussion……………………………….…………………... 15
5. Recommendation, Summary, and Conclusion …………………………………………. 20
6. Bibliography …………………………………………………………………………… 21

General Information
Michael Kors is a world-renowned, award-winning designer of luxury clothing and
accessories. The company was established in 1981. These products include footwear, watches,
jewelry, men’s and women’s eyewear and a full line of fragrance products that are sold globally
(2014 Annual Report, 2014).
Born as Karl Anderson Jr. in Long Island, New York. At a young age his parents split up
and at the age of five his mother married Bill Kors. With his new last name his mother suggested
he choose a new first name. He chose Michael as his first name and his second favorite, David.
So his full new name became Michael David Kors. As the years went by Kors continued his
passion for fashion. As a young adult he moved to New York to attend the Fashion Institute of
Technology, but dropped out after his second semester. In 1978, Kors started to work at a French
boutique which inspired him to design and merchandise his first fashion collection which
launched in May of 1981. His inspirations and talents lead him to establish his own label (The
Biography.com website, 2014).
In 2004, Michael Kors was a judge on a new reality show called Project Runway. The
show was a big hit and he continued as a judge for several seasons. In 2012, Michael Kors retired
from the Project Runway show. He continues to design new products and garments that have
been worn by celebrities and the U.S. first lady, Michelle Obama. Michael Kors has made it so
that his new line products stands out by designing brand awareness globally making the business
continue to expand, and attracting more customers (The Biography.com website, 2014).

Michael Kors is the founder, designer, and chief creative officer for Michael Kors
Holding Limited. Michael Kors continues to engage in all aspects of the business. The
recognition that Michael Kors has receive from being part of the reality TV show, Project
Runway, has helped build the brand awareness globally. Michael Kors has successfully
employed managers and employees that are knowledgeable in the retail industry, design, sales,
marketing, public relations, merchandising, real estate, supply chain and finance (2014 Annual
Report, 2014).
The company goal is to increase revenue, profit, and to strengthen their brand awareness
by opening new retail store and expanding current stores. In 2014, the company came out with a
new line of products which resulted in higher sales this year. The company operates in three
different segments which are retail, wholesale, and licensing. Michael Kors has partner up with
wholesalers customers like Macy’s, Nordstrom, and Dillard’s, which has allowed the company to
establish a relationship with current customers and new customers. Michael Kors’ major
competitors are Coach, Ralph Lauren, Louis Vuitton, Burberry, Gucci, Mark Jacobs and Prada.
(2014 Annual Report, 2014)
Michael Kors Stock is $75.17 as of December, 3 2014 and has continued to increase
throughout the years. Michael Kors stock is traded with New York Stock Exchange
(Marketwatch.com, 2014). Michael Kors was audited in 2014 by Ernest & Young LLP and in
2013 by PricewaterhouseCoopers (2014 Annual Report, 2014).
“Currently the company is using foreign manufacturing contractors and independent third
party to supply their finish goods, which poses legal, regulatory, political and economic risk to
their business operations.” Some of the government regulations that the company faces are
higher quotas that are imposing on the company’s inventory shipment (Michael Kors, 2014).

Michael Kors is currently expanding and sales keep increasing. New stores have been
opened in the U.S, Europe and Far East increasing their revenue. North America has increased
their revenue by 30%, Europe grew their revenue by 109%. With the revenue increasing Michael
Kors expects to open 50 new stores by 2015 (Investor, 2014).
The company declared a $1 billion share repurchase program, providing investors’
assurance in the Michael Kors stock. The company is not only expanding in their signature
handbags, but also jewelry, fragrances, and Men’s apparel. According to Zacks.com (2014), a
journalist from Nasdaq stated that the company will be able to grow the men’s line to $1 billion
and approximately 500 stores which will include sportswear, leather goods and watches.
Michael Kors has reveal its full online products in September of this year allowing net sales to
increase by 70% in the last 2 months.

Financial Statement Analysis
Horizontal Analysis
After analyzing and interpreting the financial statements of Michael Kors, a comparative
horizontal analysis was conducted with the balance sheet and income statement using the current
year (2014) and comparing it with last year (2013).
The horizontal analysis shows that in 2014 the cash and cash equivalent increase by
$482,634 and showed a growth of 102%. In 2014, accounts receivables was $314,055 compared
to 2013 figures of $206,454 with an increase of $107,601 and a 52% growth. The increase in
accounts receivables is due to the increase in sales. In the past the company had assigned a
portion of its trade receivables to factors in the United States and Europe. In the agreement,
factors assumed the credit risk and in 2014 the company assumed responsibility for a large
portion of previously factored accounts receivable balances (2014 Annual Report, 2014).
Inventory increased to $426,938 compared to 2013 figures of $266,894 which shows an
increase of $160,044 and a 60% increase. In the operating activities there was a rise in cash
outflow in inventory, because the growth in sales required the company to increase their
inventory.
Property and equipment increased to $350,678 in 2014 compared to 2013 figures of
$242,113. The increase of $108,565 and 45% increase. The company is expanding current
locations and adding new stores, which explain the increase to purchase more furniture,
equipment, computers, to allow the stores to expand successfully.
The increase in accounts payables in 2014 was $131,953 compared to 2013 figures of
$82,977. The increase was $48,976 and an increase of 59%; since the company sales have

grown, the company must manufacture more products to keep up with the demands and need to
purchase more inventory and equipment.
The growth in cash and cash equivalent correlates with the increase in total revenue. In
the current year the total revenue was $3,310,843, in the previous year total revenue was
$2,181,732, and there was an increase of $1,129,111 and a 52% growth. The increase was the
result of an increase in retail store sales, wholesale sales, and increase in licensing revenue.
Operating expenses have also increased from $676,552 in 2013 to $1,007,899 in 2014,
which shows an increase of $331,347 or 49% increase, this which can be expected since the
company has had an increase in expenses of rent, salaries, distribution, and an increase in
advertising expenses due to increase sales.
In the previous year the gross profit was $1,306,566 which is 62% of sales. Gross profit
has increased by $709,504 and a 54% growth in one year. The increase in profit margin on the
retail and wholesale sector resulted from a better product sales mix. The company also achieved
an advantage by ensuring a purchase cost to selling price relationship in 2014, which lead to a
reduction in cost on certain inventory items that resulted in an increase in gross profit.
The net income also shows a trend of growth. The net income grew from $397,602 in
2013, to $661,485 in 2014 with an increase of $263,883 or 66% growth. In the current year the
Net Income is $661,485 with a net profit of 21% of sales. The trend shows that the profitability is
moving upward, which correlates with the increase in sales.

2014 2013 % Change 2012 % Change
Current assets
Cash and cash equivalents 955,145$ 472,511$ 102.14% 106,354$ 344.28%
Receivables, net 314,055 206,454 52.12% 127,226 62.27%
Inventories 426,938 266,894 59.97% 187,413 42.41%
Deferred tax assets 30,539 8,480 260.13% 11,145 -23.91%
Prepaid expenses and other current assets 50,492 34,850 44.88% 31,925 9.16%
Total currents assets 1,777,169 989,189 79.66% 464,063 113.16%
Property and equipment, net 350,678 242,113 44.84% 170,755 41.79%
Intangibles assets, net 48,034 20,980 128.95% 14,146 48.31%
Goodwill 14,005 14,005 0.00% 14,005 0.00%
Deferred tax assets 3,662 4,389 -16.56% 3,952 11.06%
Other assets 23,425 18,889 24.01% 7,504 151.72%
Total assets 2,216,973$ 1,289,565$ 71.92% 674,425$ 91.21%
Liabilitities and Shareholders' Equity
Current liabilities
Revolving line of credit 22,674 -100.00%
Accounts payable 131,953$ 82,977$ 59.02% 67,326$ 23.25%
Accrued payroll and payroll related expenses 54,703 38,642 41.56% 33,710 14.63%
Accrued income taxes 47,385 9,074 422.21% 8,199 10.67%
Accrued expenses and other current liabilities 74,329 33,555 121.51% 33,097 1.38%
Total Current liabilities 308,370 164,248 87.75% 165,006 -0.46%
Deferred rent 76,785 56,986 34.74% 43,292 31.63%
Deferred tax liabilities 5,887 13,163 -55.28% 6,300 108.94%
Other long term-liabilities 19,800 7,922 149.94% 3,590 120.67%
Total liabilities 410,842 242,319 69.55% 218,188 11.06%
Commitments and contingencies
Shareholders' equity - - -
Treasury shares, at cost (29,765 shares at March
29,2014) (2,447) - -
Additional Paid-in capital 527,213 424,454 24.21% 228,321 85.90%
Accumulated other comprehensive loss (6,373) (3,461) 84.14% (735) 370.88%
Retained earnings 1,287,738 626,253 105.63% 228,651 173.89%
Total shareholders' equity 1,806,131 1,047,246 72.46% 456,237 129.54%
Toal liabilities and shareholders' equity 2,216,973$ 1,289,565$ 71.92% 674,425$ 91.21%
Michael Kors
Comparitive Balance Sheet-Horizontal Analysis
For years Ended March 31, 2014, 2013 and 2012

2014 2013 % Change 2012 % Change
Net Sales 3,170,522 2,094,757 51.36% 1,237,100 69.33%
Licensing Revenue 140321 86,975 61.33% 65,154 33.49%
Total Revenue 3,310,843 2,181,732 51.75% 1,302,254 67.54%
Cost of goods sold 1,294,773 875,166 47.95% 549,158 59.37%
Gross Profit 2,016,070 1,306,566 54.30% 753,096 73.49%
Selling, general and administrative expenses 926,913 621,536 49.13% 464,568 33.79%
Depreciation and amortization 79,654 54,291 46.72% 37,554 44.57%
Impairment of long lived assets 1,332 725 83.72% 3,292 -77.98%
Total operating expenses 1,007,899 676,552 48.98% 505,414 33.86%
Income From operations 1,008,171 630,014 60.02% 247,682 154.36%
Interest expense, net 393 1,524 -74.21% 1,495 1.94%
Foreign currency loss (gain) 131 1,363 -90.39% (2,629.00) -151.84%
Income before provision for income taxes 1,007,647 627,127 60.68% 248,816 152.04%
Provision for income taxes 346,162 229,525 50.82% 101,452 126.24%
Net Income 661,485 397,602 66.37% 147,364 169.81%
Net income applicable to preference shareholders - - - 21,227
Net income availabe for ordinary shareholders $661,485 $397,602 66.37% $126,137 215.21%
Weighted average ordinary shares outstanding:
Basic 202,582,945 196,615,054 3.04% 158,258,126 24.24%
Diluted 205,638,107 201,540,144 2.03% 189,299,197 6.47%
Net income per ordinary share:
Basic $3.27 $2.02 61.88% 0.80 152.50%
Diluted $3.22 $1.97 63.45% 0.78 152.56%
Statements of Comprehensive Income:
Net Income 661,485$ 397,602$ 66.37% 147,364$ 169.81%
Foreign currency translation adjustments (34) (4,006) -99.15% (4,768) -15.98%
Net realized and unrealized (losses) gains on
derivatives (2,878) 1,280 -324.84% - 0.00%
Comprehensive income 658,573$ 394,876$ 66.78% 142,596$ 176.92%
Michael Kors
Comparitive Income Statements-Horizontal Analysis
For years Ended March 31, 2014, 2013 and 2012

Vertical Analysis
A vertical analysis was conducted on Michael Kors’ financial statements to identify each
line item on the income statement as a percentage of net sales, and the balance sheet as a
percentage of total assets. The time periods that were used and compared were the current year
2014, and the prior year, 2013.
The total revenue to net sales in 2014 was 104%, which is identical to last year’s 104% of
net sales. Even though total revenue increased by $1,129,111 from 2013 to 2014, the percentage
of net sales stayed the same. When compared with 2013, cost of goods sold decreased to 41%,
compared to the prior year of 42% of net sales. The notes on the financial reports indicate that in
2014, Michael Kors had experienced a reductions in cost on certain inventory items due to the
fact that the company had a more favorable purchase cost to selling price relationship with its
vendors (2014 Annual Report, 2014).The gross profit increased to 64% of net sales during 2014,
compared to 62% in 2013. The company opened new stores which increased sales.
The total operating expenses to net sales in 2014 was 32%, which was identical to last
year. Even though operating expenses went up by $331,347 from 2013 to 2014, the percentage of
net sales stayed the same for two consecutive years.
In the current year, the total current assets make up 80% of total assets, compared to 77%
in 2013. Inventory decreased to 19% from 21% of total assets in 2013. In 2014, accounts
receivable decreased to 14%, compared to last year’s 16% of total assets. Michael Kors’
financial report notes indicate that a portion of its trade receivables had been assigned to factors.

2014 % 2013 %
Current assets
Cash and cash equivalents 955,145$ 43.00% 472,511$ 37.00%
Receivables, net 314,055 14.00% 206,454 16.00%
Inventories 426,938 19.00% 266,894 21.00%
Deferred tax assets 30,539 1.00% 8,480 1.00%
Prepaid expenses and other current assets 50,492 2.00% 34,850 3.00%
Total currents assets 1,777,169 80.00% 989,189 77.00%
Property and equipment, net 350,678 16.00% 242,113 19.00%
Intangibles assets, net 48,034 2.00% 20,980 2.00%
Goodwill 14,005 1.00% 14,005 1.00%
Deferred tax assets 3,662 0.00% 4,389 0.00%
Other assets 23,425 1.00% 18,889 1.00%
Total assets 2,216,973$ 100.00% 1,289,565$ 100.00%
Liabilitities and Shareholders' Equity
Current liabilities
Accounts payable 131,953$ 6.00% 82,977$ 6.00%
Accrued payroll and payroll related expenses 54,703 2.00% 38,642 3.00%
Accrued income taxes 47,385 2.00% 9,074 1.00%
Accrued expenses and other current liabilities 74,329 3.00% 33,555 3.00%
Total Current liabilities 308,370 14.00% 164,248 13.00%
Deferred rent 76,785 3.00% 56,986 4.00%
Deferred tax liabilities 5,887 0.00% 13,163 1.00%
Other long term-liabilities 19,800 1.00% 7,922 1.00%
Total liabilities 410,842 19.00% 242,319 19.00%
Commitments and contingencies
Shareholders' equity - -
Treasury shares, at cost (29,765 shares at March 29,2014) (2,447) 0.00% -
Additional Paid-in capital 527,213 24.00% 424,454 33.00%
Accumulated other comprehensive loss (6,373) 0.00% (3,461) 0.00%
Retained earnings 1,287,738 58.00% 626,253 49.00%
Total shareholders' equity 1,806,131 81.00% 1,047,246 81.00%
Toal liabilities and shareholders' equity 2,216,973$ 100.00% 1,289,565$ 100.00%
Michael Kors
Common Size Comparitive Balance Sheet- Vertical Analysis
March 31, 2014, 2013

2014
% Net
Sales 2013
% Net
Sales 2012
Net Sales 3,170,522$ 100.00% 2,094,757$ 100.00% 1,237,100$
Licensing revenue 140,321 4.43% 86,975 4.15% 65,154
Total revenue 3,310,843 104.43% 2,181,732 104.15% 1,302,254
Cost of goods sold 1,294,773 40.84% 875,166 41.78% 549,158
Gross profit 2,016,070 63.59% 1,306,566 62.37% 753,096
Selling, general and administrative expenses 926,913 29.24% 621,536 29.67% 464,568
Depreciation and amortization 79,654 2.51% 54,291 2.59% 37,554
Impairment of long-lived assets 1,332 0.04% 725 0.03% 3,292
Total operating exenses 1,007,899 31.79% 676,552 32.30% 505,414
Income from operations 1,008,171 31.80% 630,014 30.08% 247,682
Interest expense, net 393 0.01% 1,524 0.07% 1,495
Foreign currency loss (gain) 131 0.00% 1,363 0.07% (2,629)
Income before provision for income taxes 1,007,647 31.78% 627,127 29.94% 248,816
Provision for income taxes 346,162 10.92% 229,525 10.96% 101,452
Net income 661,485 20.86% 397,602 18.98% 147,364
Net income applicable to prefrence shareholders - - 21,227
Net income abailable for ordinary shareholders 661,485$ 20.86% 397,602$ 18.98% 126,137$
Weighted average ordinary shares outstanding:
Basic 202,582,945 196,615,054 158,258,126
Diluted 205,638,107 201,540,144 189,299,197
Net income per ordinary share:
Basic 3.27$ 2.02$ 0.80$
Diluted 3.22$ 1.97$ 0.78$
Statements of Comprehensive Income:
Net Income 661,485$ 397,602$ 147,364$
Foreign currency translation adjustments (34) (4,006) (4,768)
Net realized and unrealized (losses) gains on
derivatives (2,878) 1,280 -
Comprehensive income 658,573$ 394,876$ 142,596$
Michael Kors
Common Size Comparitive Income Statement- Vertical Analysis
March 31, 2014, 2013, 2012

Statement of Cash Flows
Cash Provided by Operating Activities:
In 2014, cash provided by operating activities increased by $275,443 to $631,779, as compared
to $356,336 in 2013. Cash inflow increased due to the increase in net income which increased by
$263,883. Accounts receivables increased by $25,067 to $105,648, as compared to $80,648 in
2013 which indicates that less cash was collected. Sales increased in 2014, which caused the
accounts receivables balances to rise. The increase in cash outflow on inventory occurred due to
the increase on inventory requirements driven by increased sales in 2014. The increase in
accounts payable was due to the increase of inventory purchase. The increase in cash outflows on
inventory was related to the increase in sales in 2014 (2014 Annual Report, 2014).
Cash Usedin Investing Activities:
In 2014, cash used in investing activities increased by $76,421 to $215,520, compared to
$139,099 in 2013. The increase is a result of capital expenditures increase of $63,417 which was
used to renovate and building out new retail stores, upgrade distribution systems, and other
improvements were made to the infrastructure. Additionally, $28,822 of intangible assets that
consisted of trademarks, Lease rights and goodwill was also purchased in 2014 (2014 Annual
Report, 2014).
Cash Provided by Financing Activities:
In 2014, cash provided by financing activities decreased by $79,503 to $71,058, compared to
$150,561 in 2013. The decrease can be due to the repayments of a revolving credit facility in
2013 (2014 Annual Report, 2014).

Ratios
The 2014 current ratios of Industrial Averages’ Apparel and Accessories, Michael Kors,
and Coach Inc., one can notice the huge difference that Michael Kors placed higher in
comparison to both Coach, Inc. and Industrial Average. The Industrial Average held a 3.1 in
2013 and a 4.2 in 2014 and, while Coach, Inc. possessed a 2.87 in 2013 and a decrease to 2.28 in
2014. According to Aquino & Chabbott (2009), Coach, Inc. invested in Reed Krakoff, design
brand established by Reed Krakoff. He is also “the creative force behind Coach.” The article also
mentions that the majority of the Reed Krakoff’s Coach, Inc. funds the majority of this firm.
Knowing this information, Coach, Inc.’s current ratio is more understandable. With a 6.02 in
2013 and a 5.76 in 2014 as a current ratio, Michael Kors has over five times the amount of cash
to the current assets than they have current liabilities. Due to this transaction analysis, Michael
Kors is not using their funds as adequately as Coach, Inc. is. Between 2013 and 2014, Michael
Kors increased their cash and cash equivalents account from $472,511,000 to $955,145,000
(Michael Kors, 2014). Instead of keeping all of that money in their assets account, they can
invest in other companies.
Compared to both the Industrial Averages’ and Coach, Inc.’s, Michael Kors had a lower
total asset turnover ratio in 2013, with 1.19, and increased to become the highest of the three,
with 1.81. In 2013, Coach, Inc. had a total asset turnover ratio of 1.53, however by 2014, the
ratio decreased to 1.34. Simultaneously, the Industrial Average also decreased their total asset
turnover ratio from 1.8 in 2013 to 1.5 in 2014. As of 2013, Michael Kors’ 2014 Annual Report
states that they started contracts to handle the use of global currency. This affected both the cost
of sales and operating expenses, which are both a part of net sales.

From the calculations completed using the numbers in the Michael Kors balance sheet,
there was no change between 2013 and 2014 in relation to debt-to-equity. With a .23, Michael
Kors had a lower ratio than the Industry Averages, and Coach, Inc. in both 2013 and 2014. The
Industry Average is .39 in 2013 and decreased to .25 in 2014. Additionally, Coach, Inc. had .47
ratio in 2013 and increased to .51. With Michael Kors’ low ratio as to the others, the creditors of
the company contribute 23 cents of assets for each dollar of assets contributed by the
shareholders, therefore they have a greater opportunity to expand the business.
From 2013 to 2014, the Michael Kors’ profit margin did not change dramatically.
Starting at .19 in 2013 and continuing in 2014 with a .21, both of these ratios surpassed the
Industrial Averages’, of .03 and .08, respectively, meaning that they are both above average in
the apparel and apparel accessories industry. With Coach, Inc. at .2 in 2013, Michael Kors’ profit
margin was a bit lower, however as the Michael Kors' company ratio increased in 2014, Coach,
Inc., decreased to .16. Michael Kors’ profit margin increased due to a decrease in income tax,
which caused an increase in net income. According to Michael Kors’ 2014 Annual Report, when
customers take action in operational chargebacks, this also has an effect on net sales and profit
margin.
The share performance graph illustrated on the 2014 Michael Kors Annual Report
demonstrates the huge difference between the company and “peer groups” and other markets
(2014 Annual Report, 2014). Michael Kors is the highest out of all the comparisons due to the
reestablishment of the total quantity of all dividends. Due to this explanation, Michael Kors had
a return on stockholders’ equity ratio of 278.69 in 2013. Since then, the same ratio continued to
increase with nearly twice the amount to 463.65. As for the industrial averages, their ratio was
much lower compared to Michael Kors’ with a .11 in 2013 presented and a .15 in 2014. In

addition, with a 47 in 2013 and a decrease to 32.35 in 2014, Coach, Inc.’s ratio is between the
industrial averages’ and Michael Kors’.
Over the past few years, Michael Kors increased their earnings per share from 1.96 to
3.26 due to their increase in demand for accessories, like heels and handbags (Sharf, 2013). Their
price-earnings ratio was too high before at 40.1 in 2013 compared to Coach Inc.’s, 3.73.
However, due to Michael Kors’ earnings per share change, their price-earnings ratio decreased to
24.11. In 2014, Coach, Inc.’s still remained at a low number with a 3.1 as their price-earnings
ratio.

Recommendation, Summary, and Conclusion
Michael Kors financial statements analysis indicates that the company’s competitive
strengths are that as a company they have consistently shown growth in the past two years. They
have built strong relationships with wholesalers which allowed the company to access more of
their current customers and new customers. They have also been successful in building brand
awareness globally; their sales have doubled in just one year. Brand awareness has also helped
the company in the licensing segment, revenue increased by 61% from 2013 to 2014.
The company had a high current ratio which indicates the company is capable of paying
their current liabilities. The high current ratio could also indicate that the company is investing
too much in current assets. They might not be working as efficient, because current assets
generate low returns on investments. If the company invested in current investments and Long-
term investments, the company could generate a higher return on their investments.
A weakness that the company may face is that Michael Kors sells high priced luxury
clothing and accessories. Therefore if customers’ demands change there could be a drop in sales.
If the customers’ demands drop or there is a downturn in the economy it could affect the
consumers spending habits, which would generate less cash for operating activities. The
company also has many competitors in the apparel industry that compete with Michael Kors. The
company will need to produce quality products at a comparable price as other competitors.
Investing in Michael Kors stock, would be the company shows consistent growth. The
only concerns is that Michael Kors in not investing in Long-Term investments which is not
generating as high of a return as it could be. The balance sheet indicates that the company’s
retained earnings have increase, but shareholders have not received dividends.

Bibliography
Chabbott, S., & Aquino, J. (2009). Coach's New World: Firm Backs Reed Krakoff Apparel
Brand. WWD: Women's Wear Daily, 198(19), 1-1NULL.
Investor, Feria. (2014). Kors: International Expansion, Eyewear And Buyback Should Boost.
Retrieved from http://seekingalpha.com/article/2708115-kors-international-expansion-
eyewear-and-buyback-should-boost
Kapner, S. (2014). Popular or Overexposed? Michael Kors Walks Thin Line. Retrieved from
http://online.wsj.com/articles/popular-oroverexposed-michael-kors walks-thin-line-
1406911371
Michael Kors. (2014). 2014 Annual Report. Retrieved from
http://investors.michaelkors.com/files/doc_financials/annual_report/2014-Annual-
Report.pdf
Michael David Kors. (2014). The Biography.com website. Retrieved 08:49, Dec 02, 2014, from
http://www.biography.com/people/michael-kors-594228
Michael Kors Holdings Ltd. (2014, November 1). Retrieved from
http://www.marketwatch.com/investing/stock/KORS/hulbert
Michael Kors Impressive Financial Run Continues - Analyst Blog. (2014). Retrieved from
http://www.nasdaq.com/article/michael-kors-impressive-financial-run-continues-analyst-
blog-cm417436
Morningstar. (2014). [Excel Table Coach Key Ratios]. Coach Inc COH. Retrieved from
http://financials.morningstar.com/ratios/r.html?t=COH&region=usa&culture=en-US
MSN Money. (2014). [Online Table Coach Price Ratios]. COACH INC. Retrieved from
http://www.msn.com/en-us/money/stockdetails/fi-126.1.COH.NYS

Sharf, S. (2013). Accessories Drive Michael Kors' 45% Earnings Growth. Forbes.com, 1.
Singh, A. (2014). 5 Technology Trends Transforming the Fashion Industry. Retrieved October
29, 2014, from http://www.fashiongps.com/5-technology-trends-transforming-the-
fashion-industry/
Timberlake, C. (2014). Michael Kors Beating European Brands on Their Home Turf.
Retrieved from http://www.bloomberg.com/news/2014-0404/michael-kors-beating
european-brands-on-their-home-turf.html
Troy, L. (2012). Almanac of Business & Industrial Financial Ratios. 2013 Edition. CCH Inc.
Troy, L. (2013). Almanac of Business & Industrial Financial Ratios. 2014 Edition. CCH Inc.

Garibaldi_Genesis_Michael Kors Accounting Annual Report

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Similar to Garibaldi_Genesis_Michael Kors Accounting Annual Report

Similar to Garibaldi_Genesis_Michael Kors Accounting Annual Report (20)

Garibaldi_Genesis_Michael Kors Accounting Annual Report