Financial Analysis of Michael Kors Holdings Limited

This study provides a financial and non-financial analysis of the chosen American luxury sportswear house company of Michael Kors Holdings Limited. It includes business and strategic analysis, accounting analysis, and financial analysis. The study evaluates the macroeconomic factors affecting the company, industry analysis, and competitor analysis. It also assesses the company's competitive and corporate strategy, risk factors, and growth potential. The accounting analysis includes the evaluation of key accounts in the balance sheet of both the company and the quality of disclosure. The financial analysis includes various ratios and critical analysis of the company's financial statements from the annual reports.

Running head: FINANCIAL ANALYSIS
Financial Analysis
Name of Student:
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Author’s Note:

1FINANCIAL ANALYSIS
Table of Contents
Introduction......................................................................................................................................3
1. Business and Strategic Analysis..................................................................................................3
Analysis of the economy.............................................................................................................3
Macroeconomic Factors affecting Michael Kors Holdings Limited.......................................3
Industry analysis..........................................................................................................................4
Identification of the Industry...................................................................................................4
Identification of the Competitor Company..............................................................................4
Porters Five Force Analysis with Assessment.........................................................................5
Industry’s Growth Potential.....................................................................................................6
Company’s competitive and corporate strategy..........................................................................6
Company’s competitive strategy, risk factors and growth potential.......................................6
Company’s corporate strategy.................................................................................................7
2. Accounting Analysis....................................................................................................................7
Three Key Accounts in the balance sheet of both the company..............................................7
Evaluating the quality of disclosure........................................................................................8
Identifying 3 potential red flags for the company...................................................................9
3. Financial Analysis.....................................................................................................................10
ROE.......................................................................................................................................10
Dupont Analysis....................................................................................................................10
Financial Analysis.................................................................................................................10
Operating management Ratios...............................................................................................11
Investment management Ratios.............................................................................................13

2FINANCIAL ANALYSIS
Financial Leverage Ratios.....................................................................................................15
Cross-sectional analysis.............................................................................................................17
Time Series Analysis.................................................................................................................17
Conclusion.....................................................................................................................................18
References......................................................................................................................................19

3FINANCIAL ANALYSIS
Introduction
The following study deals with the various financial and non-financial analysis of the
chosen American luxury sportswear house company of Michael Kors which is a luxury lifestyle
brand operating worldwide, it has a world-class management team that has been launched since
35 years. The company of Michael Kors has featured distinctive designs when it comes to
products like global accessories, footwear and apparel operating in more than 100 countries. The
company operates in three segments including retail, wholesale and licensing that led to the
company strategically controlled global distribution of network that consist of more than 390
retail stores in the Americas 278 international retail stores and e-commerce sites in U.S. the
discussion consists of the strategy analysis of the businsess that includes industry evaluation,
microeconomic factors and competitive strategy (Rigamonti et al., 2015). In order to analyse the
competitive strategy, the chosen company for the base of the comparison taken is VF
Corporation dealing with similar products in the same industry. Further in the study there has
been financial analysis of the company both year wise and company wise this would enable the
financial position of Michael Kors. For the financial analysis various ratio has been calculated
along with critical analysis of the company’s financial statements from the annual reports.
1. Business and Strategic Analysis
Analysis of the economy
Macroeconomic Factors affecting Michael Kors Holdings Limited
In order to understand the economy of the chosen American luxury sportswear house
company of Michael Kors there has been an analysis of one of the predominant factors among
the various micro economic factors that includes the political, economic, social and the
technological factors related to the company. There are the external factors that affects the
performance and operation of the company. According to the annual report of the Michael Kors
the PEST analysis gives a vivid detail of the operating challenges (Kothari, Mizik &
Roychowdhury, 2015). The Michael Kors Holdings Limited will face in prevalent macro
environment other than competitive forces. The Industry may be highly profitable with a strong
growth trajectory but it will not be any good for Michael Kors Holdings Limited if it is situated

4FINANCIAL ANALYSIS
in a political environment that is not stable. Since the company operates in different nation with
different economies the Macro environment factors of the company includes the rate of inflation,
rate of savings, rate of interest, rate foreign exchange and the economic cycle that helps in the
determination of the aggregate demand and investment the economy(Grant, 2016). On the other
hand the micro environment factors that impacts are competition norms impact the competitive
advantage of the firm. Michael Kors Holdings Limited can use country’s economic factor such
as growth rate, inflation & industry’s economic indicators such as Textile - Apparel Clothing
industry growth rate and consumer spending.
Industry analysis
Identification of the Industry
The process of industry refers to the assessment tool of the market of company of
Michael Kors that reviews the market factors that influence the way the in which the industry
develops. The factors that influence the market of a particular industry are competitors, buyers
and the suppliers, market entrants (Giannakis & Papadopoulos, 2016). The industry in which the
company of Michael Kors Holdings Limited operates is apparel or textile industry. The company
of Michael Kors Holdings Limited lies in the textile or apparel industry lies in range of top
performer with a rank of 38 out of 255 company. Moreover the company of Michael Kors
Holdings Limited has a market share of 2.92%.
Identification of the Competitor Company
The competitor company that is to be analysed with the company of Michael Kors
Holdings Limited is is VF Corporation dealing with similar products in the same industry. The
competitor analysis would enable to identify the complexity of a particular industry (Titman,
Keown and Martin 2017). The VF Corporation shares increased at present increased to 5.01%.
Michael Kors Holdings Limited on the other hand has reached is up 4.97% year at present. In
addition to this since the V.F. Corporation and Michael Kors Holdings Limited are the two most
active stocks in the Textile – Apparel Clothing industry on the basis of recent trading volumes,
of determining whether one is a better has a better investment than the other, There must be a

5FINANCIAL ANALYSIS
comparison of the two companies in terms of growth (Fischer & Pascucci, 2017). It can be
observed that VF corporation has a grow earnings at a 11.34% annual rate. In comparison to
KORS is expected to grow at a 5.60%. All else equal, VFC’s higher growth rate would imply a
greater potential for capital appreciation.
It can be said that Michael Kors beats V.F. Corporation when it comes to market share
and profitability. It has been seen that Kors is growing fast and generates high return on
investment, has a lower financial risk (Valickova, Havranek & Horvath, 2015).
Porters Five Force Analysis with Assessment
The Porter’s five forces framework that helps in the analysing the present competition of the
company it includes the following heads:
 Threat of new entrants: In the industry of textile and Apparel a new entrant brings
innovation and new procedures of business strategy and it may be a pressure on Michael
Kors Holdings Limited with reducing costs, lower strategy pricing and new value offers
to the clients.
 Bargaining power of the suppliers: The suppliers who are powerful in the sector of
consumer goods may possess a negotiating power for extracting higher prices in the field.
It may impact to the company if the supplier bargaining power is low in the overall
profitability (Chandra 2017).
 Bargaining power of the Buyers: It can be of pressure on the Michael Kors regarding
the profitability in long run. If there is small and more powerful customer base in the
Michael Kors there is a higher the bargaining customers’ power and higher ability to seek
discounts along with the offers.
 Threat of the substitutes: At the time of a new product launch that meets some similar
needs of the customer the profitability of the industry suffers. In case threat of a substitute
is high thee is a high value offer that is different from present prepositions of the
industry.

6FINANCIAL ANALYSIS
 Competitor rivalry: The Michael Kors operates in an industry where the industry
competition is high. This competition impacts the overall long-term profitability of the
entity.
Industry’s Growth Potential
The fashion industry of United States is undergoing through seismic shift and the fashion
system is driven by several factors such as redefinition of cost system by digitization across
value chain, new innovative business model and accelerated industrial pace, data proliferation
and brands experimenting with consumers directly. According to industry analysts, out of total
worth of $ 1.2 trillion global industry, US spend more than $ 250 million annually on fashion.
Since year 2013, apparel industry has struggled to exceed 3 percent of sales growth, however, the
decline has been offset by considerable gains in retail segments and selected consumers. One of
the most highlighted retail shifts in year 2016 was the growth of online shopping along with
important piece of online growth is the pure play e commerce sites (Fibre2fashion.com, 2018).
Fashion industry is being pushed and pulled in various directions by consumers who are looking
to buying channels that is less traditional and who are demanding something different. A truly
global supply chains are maintained by fashion companies of US on continuous basis. Millennial
generation is the second most crucial segment of customers with the largest living generation in
country. Total number of fashion events that are held in US is considerably higher compared to
other countries. The regional fashion shows and emerging designers are promoted by support
that is received from private financers.
Company’s competitive and corporate strategy
Company’s competitive strategy, risk factors and growth potential
The competitive strategies adopted by Michael Kors that helps in differentiating from
competitors is growth of luxury lifestyle brand that has best in class and leveraging the position
of brand to grow the product categories of global accessories, innovative offerings of product
from licensing agreement. In addition to this, considerable focus is given on initiatives of

7FINANCIAL ANALYSIS
customer relationship and continuous investment in technology. Furthermore, there some risk
factors to the business footwear, accessories and apparel industry that affects the spending of
customers. The market in which company operates is highly competitive both internationally and
within North America. Some of the brands from which company faces huge competitions include
Kate Spade, Calvin Klein, Burberry, Ralph Lauren, Hermes, coach and many other brands.
The competitive strategy adopted by VF Corporation is to reshape the portfolio and
strengthening the ability to act vertically and responsibly sourcing the footwear and apparel from
design and innovation along with placing the products in different retail channel and hands of
consumers. In addition to this, company also intends to drove the efficiency of go to market
process for the Timberland and North face brands (Andersen & Andersson, 2017).
Business of VF Corporation is impacted by the level of consumer spending and
constantly responding to changes in market conditions. Some other risks are associated with
operations of business, their strategic capabilities and profitability of business due to increasing
pressure on margins (Bettis et al., 2014).
Company’s corporate strategy
The corporate strategy of VF Corporation is focused on some key mega choices for
sustained growth that helps in unlocking of mega choices. Such strategies include reshaping
portfolio of VF and enabling the powerful brands, elevating the business of direct to consumer
while prioritizing digitization, transforming the existing business model to a more retain centric
and consumer model and distorting investment towards Asian countries by heightening focus on
China. All these strategic choice will be empowered by increased focus and investment of
strategic capabilities such as brand experience, creation of demand, retail excellence, analytics
and insights, innovation and design, talent and agility of demand and supply chain.
Michael Kors has six strategic initiatives that help in achieving the business strategies.
These six strategies are innovative product offerings by setting trends, product planning
diversification, and optimization of engagement of customers, distinctive positioning of brand,
leading luxury digital presence and expanding global presence (Horkoff et al., 2014)

8FINANCIAL ANALYSIS
2. Accounting Analysis
Three Key Accounts in the balance sheet of both the company
The key accounts as identified in the balance sheet of VF Corporation are the current
assets, current liabilities and stockholders’ equity. Items recorded under current assets include
inventories, cash and cash equivalents, current assets for discontinued operations and accounts
receivables deductive of allowance for doubtful accounts. Total value of current assets reported
in financial year 2017 increased to $ 4392124 compared to $ 4293098 in year 2016 respectively.
On other hand, items under current liabilities comprised of short term borrowings, accounts
payable, accrued liabilities, current portion of long term debt and current liabilities of
discontinued operations. Stockholder’s equity comprises of common stock, preferred stock,
additional paid in capital, retained earnings and other accumulated comprehensive income
(Vfc.com, 2018).
For Michael Kors Holding limited, the key accounts of balance sheet include assets,
liabilities and shareholder’s equity. Current assets comprised of receivables, cash and cash
equivalent, prepaid expenses, receivables and others. Items under current liabilities include
accounts payable, accrued income tax, accrued expenses, accrued expenses related to payroll.
Shareholders equity on other hand incorporates retained earnings, other comprehensive loss,
additional paid in capital, ordinary shares and treasury shares.
Evaluating the quality of disclosure
The disclosure of financial statements is presented according to US GAAP (Generally
Accepted Accounting principles). Additional disclosure is required to be made concerning the
amount, nature, timing and uncertainty of cash flows and revenues that arises from contracts with
customers. In addition o this, the process of performing the disclosure assessment of project
relies on completion of impact analysis of VF Corporation by implementation of cross functional
team. The assessment of new standard for revenue recognition includes the impact on
disclosures, accounting policies and on processes. An update of guidance of accounting standard

9FINANCIAL ANALYSIS
issued by FASB effects the requirements of disclosure for financial instruments (Fleisher &
Bensoussan, 2015).
Michael Kors complies with the disclosure requirement of under the act of Securities
Exchange, 1934. Management of organization is responsible for making the assumptions and
estimates that affects the disclosure requirements contingent liabilities and assets. Furthermore,
organization makes qualitative and quantitative disclosures about market risks along with
disclosure about procedures and control process. For the disclosure of fair value measurements,
measurement of financial liabilities and assets are done using the hierarchy of three level
valuation. The report prepared for evaluating the effectiveness of disclosure control and
procedures and any change in the internal control of registrants is incorporated in the report
during the recent fiscal quarter. Adoption of method for recognizing revenue and other related
disclosures are evaluated.
Identifying 3 potential red flags for the company
The business of Michael Kors could be adversely affected by the failure of Information
technology systems to carry out the operations in an effective and proper way, difficulty in
integration of new system and issues with transition to replacement or up gradation system.
Websites and IT system may be subjected to interruptions or damage from telecommunication
failures, power outages, breaches of security, hackers, network, usage errors by employees
computer, any bad acts by customers and computer viruses. In addition to this, credibility and
reputation of organization could be harmed by any significant disruption in websites and IT
systems (Inyang & Egor, 2017). Other red flags area that is identified from the analysis of annual
report of company is any delay or interruptions in the operations at interim. In addition to this, in
the interim, organization can suffer loss of critical data due to ceasing and damaging of the
websites and this could materially have adverse affect on business, operating and financial
results.
The ability of business of VF Corporation to effectively operate and manage depends
considerably on systems of information technology. Failure on part of information technology to

10FINANCIAL ANALYSIS
operate effectively and making any transition to replacement system, breach of security and
difficulties in new system integration could have adverse impact on the business operations such
as replenishment and ordering, inventory management, authorization and processing of credit
card transactions and interaction with public on social media (Fleisher & Bensoussan, 2015).
Acquisition process of VF Corporation faces some risks and it is difficult on part of
organization to overcome the problems and risk that is encountered. There can be significant
impairment charge due to large onetime expenses or creation of intangible assets or goodwill.
The ability of organization to deliver the product to market could be adversely impacted due to
the problem that is encountered with the distribution system. Furthermore, there can be adverse
material impact on achieving operational efficiencies, inventory management, meeting customer
expectations and complete sales if problem is encountered in meeting customer expectations and
distribution system (Vfc.com, 2018).
3. Financial Analysis
ROE
The return on equity computed for Michael Corp increased from 1.87 in year 2015 to
2.27 and 2.73 in year 2016 and 2017 respectively. Increase in return on equity is attributable to
decline in total value of equity and increase in net income of company. This increase in return on
equity is indicative of the fact that ability of organization to generate profits from investment of
shareholders has increased considerably in recent years and the funds of investors are being
utilized effectively (Prajogo, 2016). Return to equity for VF Corporation on other hand, has
witnessed a significant decline from 2.03 in year 2015 to 2.28 and further to 1.87 in year 2016
and 2017 respectively. This fall in values of return on equity is illustrative of the fact that
investments are not utilized efficiently for generating profits.
Dupont Analysis
The examination of return on equity is done in an extended way by using the du point
analysis by highlighting the scope of improvement by the identification of strength and weak

11FINANCIAL ANALYSIS
point of company. It is required by Michael Corp to increase the net income generated by
company along with increasing the total value of equity (Hill et al., 2017). For VF Corporation,
there is requirement of setting higher profit by lowering down the cost margin.
Financial Analysis
Operating management Ratios
The operating performance ratios of both the companies have been evaluated by
computation of fixed asset turnover ratio, revenue per employee ratio, operating cycle and
operating ratio.
Fixed asset turnover ratio for Michael Kors has initially increased from $ 48.92 in year
2015 to $ 60.97 and subsequently to $ 49.66 in year 2017 respectively. This decline is
attributable to fall in net sales generated and the amount of total fixed assets held by company. It
is illustrative of the fact that fixed assets are not efficiently utilized for generating profits in
recent years. Ratio for VF Corporation on other hand, has varied by fewer values from 31.60 in
year 2015 to 31.30 2016 and further to 31.19 in year 2017 respectively.

12FINANCIAL ANALYSIS
2017 2016 2015
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
49.66
60.97
48.92
31.19 31.30 31.60
Fixed Asset Turnver Ratio
Michael Kors VF Corp
Revenue per employee for Michael Kor stood at 0.38 in year 2015 and further to 0.36 and
0.32 in year 2016 and 2015 respectively. It is suggested by the figure that there is continuous
decline in ratio. This fall in ratio is attributable to increasing number of employee’s year on year
and decreasing net sales of company. Fall in such ratio depicts that company is not able to utilize
their employees efficiently for generating sales. For VF Corporation, the value of ratio is
computed at 0.16 for year 2015 and 2016 and it increased to 0.17 in year 2017 respectively.
Increase in ratio is attributable to increase in net sales and constant number of employee.

13FINANCIAL ANALYSIS
2017 2016 2015
0.00
5.00
10.00
15.00
20.00
25.00
30.00
14.00
12.00
19.00
24.0024.00
16.00 15.00
Operating Cycle
Michael Kors VF Corp
The operating cycle of Michael Kor stood at 14 compared to 24 for VF Corporation
indicating that former company is more efficient in converting inventories into cash.
2017 2016 2015
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.32
0.36
0.38
0.17 0.16 0.16
Sales/Revenue Per Employee
Michael Kors VF Corp

14FINANCIAL ANALYSIS
Operational efficiency helps in measuring operational efficiency of organization and
there is consistent increase in operating ratio of Michael Kor from 33% in year 2015 and further
to 36% and 45% in year 2016 and 2017 respectively. This increase in percentage is indicative of
the fact that operations of organization have become efficient in recent years. Operating ratio for
VF Corporation on other hand has increased from 86% in year 2015 and further to 88% in year
2016 and 2017 respectively. A high net profit ratio is indicated by low operating ratio indicating
that net profit of both the organizations have reduced in recent year.
Investment management Ratios
Investment management ratios are evaluated by the computation of inventory turnover
ratio, assets turnover ratio and days sales in inventory. Inventory turnover ratio for Michael Kor
has reduced from 8.08 to 8.03 in year 2015 and 2016 and the value further decreased to 7.92 in
year 2017 respectively. Fall in ratio indicates that inventory is slow moving inventories that
might be due to the result of excessive inventories and leading to poor inventory management.
For VF Corporation, there is considerable reduction in ratio from 62.38 in year 2015 to 29.45
and further to 69.01 in year 2016 and 2017 respectively. This increase is due to fall in inventory
value and indicates that inventories are managed properly.
Average collection period has increased to 0.032% for Michael compared to 0.002% for VF
Corporation in year 2017. The collection period of former is more than later.
2017 2016 2015
0.000%
0.005%
0.010%
0.015%
0.020%
0.025%
0.030%
0.035%
Average Collection Period
Michael Kors VF Corp

15FINANCIAL ANALYSIS
Days sales in inventories has increased to 109.42 for Michael compared to 10.62 for VF
Corporation in year 2017. The collection period of former is more than later indicating that
inventory management is not efficient for Michael Kor.
2017 2016 2015
0.00
20.00
40.00
60.00
80.00
100.00
120.00
Days' Sales in Inventory
Michael Kors VF Corp
Receivable turnover for Michael has increased from 11.56 in year 2015 to 16.36 in year
2017 indicating that company is efficient in collecting its receivables. On other hand, ratio for
VF Corporation has reduced from 11.56 in year 2015 to 8.92 and further to 8.25 in year 2016 and
2017 respectively. This fall in ratio is indicative of the fact that company is not efficient in
making credit sales as it takes long time to collect receivables.

16FINANCIAL ANALYSIS
2017 2016 2015
0.000%
0.005%
0.010%
0.015%
0.020%
0.025%
0.030%
0.035% 0.032%
0.026% 0.024%
0.002% 0.003% 0.004%
Receivables Turnover (Times)
Michael Kors VF Corp
Financial Leverage Ratios
Financial leverage ratios are evaluated by computation of debt to equity ratio, equity
ratio, debt ratio and equity multiplier ratio. Debt ratio for Michael has initially increased to 0.44
in year 2016 compared to 0.35 in year 2015 and declined further to 0.4 in year 2017. Fall in debt
ratio indicates improvement in financial leverage of company. VF Corporation ratio has
increased to 0.45 in year 2017 compared to 0.19 in year 2015 indicating that there is increased
depended on external funds.

17FINANCIAL ANALYSIS
2017 2016 2015 2017 2016 2015
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
0.50
0.40 0.44
0.35
0.45 0.43
0.19
Debt Ratio
Michael Kors VF Corp
Equity ratio for Michael stood at 0.60 in year 2015 compared to $ 0.54 in year 2017 there
is reduced investment on part of shareholders in recent years. This is due to fall in value of total
equity. For VF Corporation, has initially reduced to 4.77 and subsequently increased to 6.26 in
year 2017indicating that investment made by shareholders has increased.
2017 2016 2015 2017 2016 2015
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
0.54 0.56 0.60
6.26
4.77
5.46
Equity Ratio
Michael Kors VF Corp
Debt to equity ratio has increased considerably to 0.78 in year 2016 compared to 0.75 in
year 2017 and a low ratio is preferable which indicates that there is reduced dependence on debt.
Ratio for VF Corporation on other hand initially increased to 0.09 in year 2016 compared to 0.04

18FINANCIAL ANALYSIS
in year 2015 and it increased to 0.07 in year 2017. This fall is a positive sign indicating that there
is reduced dependence on external borrowings.
2017 2016 2015 2017 2016 2015
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
0.75 0.78
0.58
0.07 0.09 0.04
Debt to Equity Ratio
Michael Kors VF Corp
Cross-sectional analysis
The net sales made by VF Corporation have increased in recent years as against net sales
made by Michael Kors. This fall in value of sales is somewhat attributable to the macro
economic conditions impacting the fashion industry of United States.
Time Series Analysis
2015 2016 2017
0.00
0.50
1.00
1.50
2.00
2.50
3.00
Time Series Analysis
Michael Kors VF Corp

19FINANCIAL ANALYSIS
The above graph depicts that there is liner growth witnessed by Michael Kor in terms of
return on equity. On other hand, for VF Corporation, return on growth has initially increased and
there is a tendency that of reduction in subsequent year (Wheelen et al., 2017).
Conclusion
The above report is prepared for evaluating the financial performance of Michael Kor and
VF Corporation. It can be seen that the financial performance of Michael Kors is likely to
influence the shareholders and investors as against VF Corporation. Solvency position of
Michael Kor is better compared to VF Corporation as the proportion total liabilities against then
total assets is lower for former compared to later. Based on the assertions it can be seen that a
truly global supply chains are maintained by fashion companies of US on continuous basis.
Millennial generation is the second most crucial segment of customers with the largest living
generation in country. Total number of fashion events that are held in US is considerably higher
compared to other countries. The regional fashion shows and emerging designers are promoted
by support that is received from private financers. It can be further discerned that the fashion
industry of United States is undergoing through seismic shift and the fashion system is driven by
several factors such as redefinition of cost system by digitization across value chain, new
innovative business model and accelerated industrial pace, data proliferation and brands
experimenting with consumers directly. According to industry analysts, out of total worth of $
1.2 trillion global industry, US spend more than $ 250 million annually on fashion. Since year
2013, apparel industry has struggled to exceed 3 percent of sales growth, however, the decline
has been offset by considerable gains in retail segments and selected consumers. In addition to
this, the examination of return on equity is done in an extended way by using the du point
analysis by highlighting the scope of improvement by the identification of strength and weak
point of company. It is required by Michael Corp to increase the net income generated by
company along with increasing the total value of equity.

20FINANCIAL ANALYSIS
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