Capri Holdings Limited (CPRI) 10-Q 6 Aug 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 27, 2015	Jul. 30, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 27, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	KORS
Entity Registrant Name	MICHAEL KORS HOLDINGS LTD
Entity Central Index Key	1,530,721
Current Fiscal Year End Date	--04-02
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		193,421,983

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 27, 2015	Mar. 28, 2015
Current assets
Cash and cash equivalents	$ 808,540	$ 978,922
Receivables, net	252,502	363,419
Inventories	606,450	519,908
Deferred tax assets	28,214	27,739
Prepaid expenses and other current assets	118,145	127,443
Total current assets	1,813,851	2,017,431
Property and equipment, net	624,194	562,934
Intangible assets, net	68,899	61,541
Goodwill	14,005	14,005
Deferred tax assets	4,627	2,484
Other assets	31,092	33,498
Total assets	2,556,668	2,691,893
Current liabilities
Accounts payable	172,123	142,818
Accrued payroll and payroll related expenses	38,706	62,869
Accrued income taxes	29,679	25,507
Deferred tax liabilities	3,585	3,741
Accrued expenses and other current liabilities	94,907	95,146
Total current liabilities	339,000	330,081
Deferred rent	94,843	88,320
Deferred tax liabilities	13,769	10,490
Other long-term liabilities	19,867	22,037
Total liabilities	$ 467,479	$ 450,928
Commitments and contingencies
Shareholders' equity
Ordinary shares, no par value; 650,000,000 shares authorized; 207,184,790 shares issued and 193,372,032 outstanding at June 27, 2015; 206,486,699 shares issued and 199,656,833 outstanding at March 28, 2015	$ 0	$ 0
Treasury shares, at cost (13,812,758 shares at June 27, 2015 and 6,829,866 shares at March 28, 2015)	(848,819)	(497,724)
Additional paid-in capital	662,516	636,732
Accumulated other comprehensive loss	(67,624)	(66,804)
Retained earnings	2,343,116	2,168,761
Total shareholders' equity	2,089,189	2,240,965
Total liabilities and shareholders' equity	$ 2,556,668	$ 2,691,893

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 27, 2015	Mar. 28, 2015
Ordinary shares, par value	$ 0	$ 0
Ordinary shares, shares authorized	650,000,000	650,000,000
Ordinary shares, shares issued	207,184,790	206,486,699
Ordinary shares, shares outstanding	193,372,032	199,656,833
Treasury shares	13,812,758	6,829,866

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Net sales	$ 947,259	$ 887,037
Licensing revenue	38,716	32,117
Total revenue	985,975	919,154
Cost of goods sold	382,340	347,521
Gross profit	603,635	571,633
Selling, general and administrative expenses	313,459	265,864
Depreciation and amortization	41,553	28,998
Total operating expenses	355,012	294,862
Income from operations	248,623	276,771
Other expense (income), net	825	(343)
Interest expense (income), net	109	(41)
Foreign currency losses	677	1,153
Income before provision for income taxes	247,012	276,002
Provision for income taxes	72,657	88,286
Net income	$ 174,355	$ 187,716
Weighted average ordinary shares outstanding:
Basic	196,977,021	203,749,572
Diluted	200,054,494	207,176,243
Net income per ordinary share:
Basic	$ 0.89	$ 0.92
Diluted	$ 0.87	$ 0.91
Statements of Comprehensive Income:
Net income	$ 174,355	$ 187,716
Foreign currency translation adjustments	9,814	3,067
Net gains (losses) on derivatives	(10,634)	1,464
Comprehensive income	$ 173,535	$ 192,247

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - 3 months ended Jun. 27, 2015 - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-in Capital	Treasury Shares	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning Balance (in shares) at Mar. 28, 2015	206,486,699	206,486,699		(6,829,866)
Beginning Balance at Mar. 28, 2015	$ 2,240,965		$ 636,732	$ (497,724)	$ (66,804)	$ 2,168,761
Net income	174,355					174,355
Other comprehensive income	(820)				(820)
Comprehensive income	$ 173,535
Forfeitures of restricted shares		(8,252)
Exercise of employee share options (in shares)	706,343	706,343
Exercise of employee share options	$ 4,946		4,946
Equity compensation expense	12,506		12,506
Tax benefits on exercise of share options	8,332		8,332
Purchase of treasury shares				(6,982,892)
Purchase of treasury shares	$ (351,095)			$ (351,095)
Ending Balance (in shares) at Jun. 27, 2015	207,184,790	207,184,790		(13,812,758)
Ending Balance at Jun. 27, 2015	$ 2,089,189		$ 662,516	$ (848,819)	$ (67,624)	$ 2,343,116

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Cash flows from operating activities
Net income	$ 174,355	$ 187,716
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	41,553	28,998
Equity compensation expense	12,506	8,154
Deferred income taxes	1,623	(905)
Amortization of deferred rent	502	1,537
Loss on disposal of fixed assets	631	738
Amortization of deferred financing costs	187	187
Tax benefits on exercise of share options	(8,332)	(18,686)
Foreign currency losses	624	305
Loss (income) earned on joint venture	907	(203)
Change in assets and liabilities:
Receivables, net	112,510	85,970
Inventories	(80,627)	(99,958)
Prepaid expenses and other current assets	(5,393)	(4,020)
Other assets	2,030	(190)
Accounts payable	29,174	10,186
Accrued expenses and other current liabilities	(6,063)	13,950
Other long-term liabilities	3,484	8,606
Net cash provided by operating activities	279,671	222,385
Cash flows from investing activities
Capital expenditures	(105,998)	(73,187)
Purchase of intangible assets	(7,399)	(4,504)
Equity method investments	(907)	0
Net cash used in investing activities	(114,304)	(77,691)
Cash flows from financing activities
Repurchase of treasury shares	(351,095)	(1,037)
Tax benefits on exercise of share options	8,332	18,686
Exercise of employee share options	4,946	5,173
Net cash (used in) provided by financing activities	(337,817)	22,822
Effect of exchange rate changes on cash and cash equivalents	2,068	3,060
Net (decrease) increase in cash and cash equivalents	(170,382)	170,576
Beginning of period	978,922	971,194
End of period	808,540	1,141,770
Supplemental disclosures of cash flow information
Cash paid for interest	190	173
Cash paid for income taxes	61,351	51,170
Supplemental disclosure of noncash investing and financing activities
Accrued capital expenditures	$ 25,610	$ 24,212

Business and Basis of Presentat

Business and Basis of Presentation	3 Months Ended
	Jun. 27, 2015
Business and Basis of Presentation	1. Business and Basis of Presentation Michael Kors Holdings Limited (“MKHL,” and together with its subsidiaries, the “Company”) was incorporated in the British Virgin Islands (“BVI”) on December 13, 2002. The Company is a leading designer, marketer, distributor and retailer of branded women’s apparel and accessories and men’s apparel bearing the Michael Kors tradename and related trademarks “MICHAEL KORS,” “MICHAEL MICHAEL KORS,” and various other related trademarks and logos. The Company’s business consists of retail, wholesale and licensing segments. Retail operations consist of collection stores and lifestyle stores, including concessions and outlet stores, located primarily in the United States, Canada, Europe and Japan, as well as e-commerce. Wholesale revenues are principally derived from major department and specialty stores located throughout the United States, Canada and Europe. The Company licenses its trademarks on products such as fragrances, beauty, eyewear, leather goods, jewelry, watches, coats, men’s suits, swimwear, furs and ties, as well as through geographic licenses. The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements as of June 27, 2015, and for the three months ended June 27, 2015 and June 28, 2014, are unaudited. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The interim financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, necessary for a fair presentation in conformity with U.S. GAAP. The interim financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended March 28, 2015, as filed with the Securities and Exchange Commission on May 27, 2015, in the Company’s Annual Report on Form 10-K. The results of operations for the interim periods should not be considered indicative of results to be expected for the full fiscal year. The Company utilizes a 52 to 53 week fiscal year ending on the Saturday closest to March 31. As such, the term “Fiscal Year” or “Fiscal” refers to the 52-week or 53-week period, ending on that day. The results for the three months ended June 27, 2015 and June 28, 2014, are based on 13-week periods.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jun. 27, 2015
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to use judgment and make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. The most significant assumptions and estimates involved in preparing the financial statements include allowances for customer deductions, sales returns, sales discounts and doubtful accounts, estimates of inventory recovery, the valuation of share-based compensation, valuation of deferred taxes and the estimated useful lives used for amortization and depreciation of intangible assets and property and equipment. Actual results could differ from those estimates. Reclassifications Certain reclassifications have been made to the prior periods’ financial information in order to conform to the current period’s presentation. Seasonality The Company experiences certain effects of seasonality with respect to its wholesale and retail segments. The Company’s wholesale segment generally experiences its greatest sales in our third and fourth fiscal quarters while its first fiscal quarter experiences the lowest sales. The Company’s retail segment generally experiences greater sales during our third fiscal quarter as a result of Holiday season sales. In the aggregate, the Company’s first fiscal quarter typically experiences significantly less sales volume relative to the other three quarters and its third fiscal quarter generally has higher sales volume relative to other three quarters. However, given the Company’s recent growth, the effects of any seasonality are further muted by incremental sales related to its new retail stores, wholesale doors and shop-in-shops. Derivative Financial Instruments The Company uses forward currency exchange contracts to manage its exposure to fluctuations in foreign currency for certain of its transactions. The Company in its normal course of business enters into transactions with foreign suppliers and seeks to minimize risks related to these transactions. The Company employs these forward currency contracts to hedge the Company’s cash flows, as they relate to foreign currency transactions. Certain of these contracts are designated as hedges for accounting purposes, while others remain undesignated. All of the Company’s derivative instruments are recorded in the Company’s consolidated balance sheets at fair value on a gross basis, regardless of their hedge designation. The Company designates certain contracts related to the purchase of inventory that qualify for hedge accounting as cash flow hedges. Formal hedge documentation is prepared for all derivative instruments designated as hedges, including description of the hedged item and the hedging instrument, the risk being hedged, and the manner in which hedge effectiveness will be assessed prospectively and retrospectively. The effective portion of changes in the fair value for contracts designated as cash flow hedges is recorded in equity as a component of accumulated other comprehensive income (loss) until the hedged item effects earnings. When the inventory related to forecasted inventory purchases that are being hedged is sold to a third party, the gains or losses deferred in accumulated other comprehensive income (loss) are recognized within cost of goods sold. The Company uses regression analysis to assess effectiveness of derivative instruments that are designated as hedges, which compares the change in the fair value of the derivative instrument to the change in the related hedged item. Effectiveness is assessed on a quarterly basis and any portion of the designated hedge contracts deemed ineffective is recorded to foreign currency gain (loss). If the hedge is no longer expected to be highly effective in the future, future changes in the fair value are recognized in earnings. For those contracts that are not designated as hedges, changes in the fair value are recorded to foreign currency gain (loss) in the Company’s consolidated statements of operations. The Company classifies cash flows relating to its derivative instruments consistently with the classification of the hedged item, within cash from operating activities. The Company is exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. In order to mitigate counterparty credit risk, the Company only enters into contracts with carefully selected financial institutions based upon their credit ratings and certain other financial factors, adhering to established limits for credit exposure. The aforementioned forward contracts generally have a term of no more than 12 months. The period of these contracts is directly related to the foreign transaction they are intended to hedge. Net Income per Share The Company’s basic net income per ordinary share is calculated by dividing net income by the weighted average number of ordinary shares outstanding during the period. Diluted net income per ordinary share reflects the potential dilution that would occur if share option grants or any other potentially dilutive instruments, including restricted shares and units (“RSUs”), were exercised or converted into ordinary shares. These potentially dilutive securities are included in diluted shares to the extent they are dilutive under the treasury stock method for the applicable periods. Performance-based RSUs are included in diluted shares if the related performance conditions are considered satisfied as of the end of the reporting period and to the extent they are dilutive under the treasury stock method. The components of the calculation of basic net income per ordinary share and diluted net income per ordinary share are as follows (in thousands except share and per share data): Fiscal Years Ended June 27, June 28, 2015 2014 Numerator: Net income $ 174,355 $ 187,716 Denominator: Basic weighted average shares 196,977,021 203,749,572 Weighted average dilutive share equivalents: Share options and restricted shares/units 3,077,473 3,426,671 Diluted weighted average shares 200,054,494 207,176,243 Basic net income per share $ 0.89 $ 0.92 Diluted net income per share $ 0.87 $ 0.91 Share equivalents of 1,811,380 shares and 39,546 shares for the three months ended June 27, 2015 and June 28, 2014, respectively, have been excluded from the above calculation due to their anti-dilutive effect. Recent Accounting Pronouncements In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-12, “ Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In May 2014, the FASB issued ASU No. 2014-09, “ Revenue from Contracts with Customers

Receivables, net

Receivables, net	3 Months Ended
	Jun. 27, 2015
Receivables, net	3. Receivables, net Receivables, net consist of (in thousands): June 27, March 28, 2015 2015 Trade receivables: Credit risk assumed by factors/insured $ 261,934 $ 374,150 Credit risk retained by Company 62,504 67,530 Receivables due from licensees 13,228 11,763 337,666 453,443 Less allowances: (85,164 ) (90,024 ) $ 252,502 $ 363,419 Receivables are presented net of allowances for sales returns, discounts, markdowns, operational chargebacks and doubtful accounts. Sales returns are determined based on an evaluation of current market conditions and historical returns experience. Discounts are based on open invoices where trade discounts have been extended to customers. Markdowns are based on retail sales performance, seasonal negotiations with customers, historical deduction trends and an evaluation of current market conditions. Operational chargebacks are based on deductions taken by customers, net of expected recoveries. Such provisions, and related recoveries, are reflected in net sales. The allowance for doubtful accounts is determined through analysis of periodic aging of receivables for which credit risk is not assumed by the factors, or which are not covered by insurance, and assessments of collectability based on an evaluation of historic and anticipated trends, the financial conditions of the Company’s customers and the impact of general economic conditions. The past due status of a receivable is based on its contractual terms. Amounts deemed uncollectible are written off against the allowance when it is probable the amounts will not be recovered. Allowances for doubtful accounts were $1.0 million and $0.7 million, at June 27, 2015 and March 28, 2015, respectively.

Property and Equipment, net

Property and Equipment, net	3 Months Ended
	Jun. 27, 2015
Property and Equipment, net	4. Property and Equipment, net Property and equipment, net consist of (in thousands): June 27, March 28, Leasehold improvements $ 331,531 $ 294,225 In-store shops 202,977 189,308 Furniture and fixtures 174,438 160,178 Computer equipment and software 121,043 104,372 Equipment 75,034 73,609 Land 15,099 — 920,122 821,692 Less: accumulated depreciation and amortization (369,760 ) (337,755 ) 550,362 483,937 Construction-in-progress 73,832 78,997 $ 624,194 $ 562,934 Depreciation and amortization of property and equipment for the three-month periods ended June 27, 2015 and June 28, 2014 was $39.7 million and $27.4 million, respectively.

Current Assets and Current Liab

Current Assets and Current Liabilities	3 Months Ended
	Jun. 27, 2015
Current Assets and Current Liabilities	5. Current Assets and Current Liabilities Prepaid expenses and other current assets consist of the following (in thousands): June 27, March 28, Prepaid taxes $ 65,475 $ 60,637 Unrealized gains on forward foreign exchange contracts 8,928 25,004 Leasehold incentive receivable 8,573 12,289 Prepaid rent 13,868 11,681 Other 21,301 17,832 $ 118,145 $ 127,443 Accrued expenses and other current liabilities consist of the following (in thousands): June 27, March 28, Other taxes payable $ 23,210 $ 20,202 Accrued rent 22,750 27,058 Advance royalties 7,382 5,081 Accrued litigation 6,254 5,539 Accrued advertising 6,035 5,653 Professional services 4,372 7,347 Accrued samples 469 816 Unrealized loss on forward foreign exchange contracts 157 600 Other 24,278 22,850 $ 94,907 $ 95,146

Credit Facilities

Credit Facilities	3 Months Ended
	Jun. 27, 2015
Credit Facilities	6. Credit Facilities Senior Unsecured Revolving Credit Facility On February 8, 2013, the Company entered into a senior unsecured credit facility (“2013 Credit Facility”). Pursuant to the agreement, the 2013 Credit Facility provides for up to $200.0 million of borrowings, and expires on February 8, 2018. The agreement also provides for loans and letters of credit to the Company’s European subsidiaries of up to $100.0 million. The 2013 Credit Facility contains financial covenants, such as requiring an adjusted leverage ratio of 3.5 to 1.0 (with the ratio being total consolidated indebtedness plus 8.0 times consolidated rent expense to EBITDA plus consolidated rent expense) and a fixed charge coverage ratio of 2.0 to 1.0 (with the ratio being EBITDA plus consolidated rent expense to the sum of fixed charges plus consolidated rent expense), restricts and limits additional indebtedness, and restricts the incurrence of additional liens and cash dividends. As of June 27, 2015, the Company was in compliance with all covenants related to this agreement. Borrowings under the 2013 Credit Facility accrue interest at the rate per annum announced from time to time by the agent based on the rates applicable for deposits in the London interbank market for U.S. dollars or the applicable currency in which the loans are made (the “Adjusted LIBOR”) plus an applicable margin. The applicable margin may range from 1.25% to 1.75%, and is based, or dependent upon, a particular threshold related to the adjusted leverage ratio calculated during the period of borrowing. The 2013 Credit Facility requires an annual facility fee of $0.1 million and an annual commitment fee of 0.25% to 0.35% on the unused portion of the available credit under the facility. As of June 27, 2015 and March 28, 2015, there were no borrowings outstanding under the 2013 Credit Facility. At June 27, 2015, stand-by letters of credit of $10.9 million were outstanding. The amount available for future borrowings under the agreement was $189.1 million as of June 27, 2015.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 27, 2015
Commitments and Contingencies	7. Commitments and Contingencies In the ordinary course of business, the Company is party to various legal proceedings and claims. Although the outcome of such items cannot be determined with certainty, the Company’s management does not believe that the outcome of all pending legal proceedings in the aggregate will have a material adverse effect on its cash flow, results of operations or financial position.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Jun. 27, 2015
Fair Value of Financial Instruments	8. Fair Value of Financial Instruments Financial assets and liabilities are measured at fair value using the three-level valuation hierarchy for disclosure of fair value measurements. The determination of the applicable level within the hierarchy of a particular asset or liability depends on the inputs used in the valuation as of the measurement date, notably the extent to which the inputs are market-based (observable) or internally derived (unobservable). Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs based on a company’s own assumptions about market participant assumptions developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that a company has the ability to access at the measurement date. Level 2 – Valuations based on quoted inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data. Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. At June 27, 2015 and March 28, 2015, the fair values of the Company’s foreign currency forward contracts, the Company’s only derivative instruments, were determined using broker quotations, which were calculations derived from observable market information: the applicable currency rates at the balance sheet date and those forward rates particular to the contract at inception. The Company makes no adjustments to these broker obtained quotes or prices, but assesses the credit risk of the counterparty and would adjust the provided valuations for counterparty credit risk when appropriate. The fair values of the forward contracts are included in prepaid expenses and other current assets, and in accrued expenses and other current liabilities in the consolidated balance sheets, depending on whether they represent assets or (liabilities) to the Company, as detailed in Note 9. All contracts are measured and recorded at fair value on a recurring basis and are categorized in Level 2 of the fair value hierarchy, as shown in the following table (in thousands): Fair value at June 27, 2015, using: Fair value at March 28, 2015, using: Quoted prices in Significant Significant Quoted prices in Significant Significant Foreign currency forward contracts- Euro $ — $ 8,546 $ — $ — $ 23,590 $ — Foreign currency forward contracts- Canadian Dollar — 382 — — 1,404 — Foreign currency forward contracts- U.S. Dollar — (157 ) — — (590 ) — Total $ — $ 8,771 $ — $ — $ 24,404 $ — The Company’s cash and cash equivalents, accounts receivable and accounts payable, are recorded at carrying value, which approximates fair value. Borrowings under the 2013 Credit Facility, if outstanding, are recorded at carrying value, which resembles fair value due to the short-term nature of the revolving 2013 Credit Facility.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Jun. 27, 2015
Derivative Financial Instruments	9. Derivative Financial Instruments The Company uses forward currency exchange contracts to manage its exposure to fluctuations in foreign currency for certain of its transactions. The Company in its normal course of business enters into transactions with foreign suppliers and seeks to minimize risks related to certain forecasted inventory purchases by using foreign currency forward exchange contracts. The Company only enters into derivative instruments with highly credit-rated counterparties. The Company’s derivative financial instruments are not currently subject to master netting arrangements. The Company does not enter into derivative contracts for trading or speculative purposes. The following table details the fair value of the Company’s derivative contracts, which are recorded on a gross basis in the consolidated balance sheets as of June 27, 2015 and March 28, 2015 (in thousands): Fair Values Notional Amounts Current Assets (1) Current Liabilities (2) June 27, March 28, June 27, March 28, June 27, March 28, Designated forward currency exchange contracts $ 295,785 $ 226,090 $ 8,546 $ 23,590 $ 137 $ 522 Undesignated forward currency exchange contracts 12,264 25,788 382 1,414 20 78 Total $ 308,049 $ 251,878 $ 8,928 $ 25,004 $ 157 $ 600 (1) Recorded within prepaid expenses and other current assets in the Company’s audited consolidated balance sheets. (2) Recorded within accrued expenses and other current liabilities in the Company’s audited consolidated balance sheets. Changes in the fair value of the effective portion of the Company’s forward foreign currency exchange contracts that are designated as accounting hedges are recorded in equity as a component of accumulated other comprehensive income, and are reclassified from accumulated other comprehensive income into earnings when the items underlying the hedged transactions are recognized into earnings, as a component of cost of sales within the Company’s consolidated statements of operations. The following table summarizes the impact of the effective portion of gains and losses of the forward contracts designated as hedges for the three-month periods ended June 27, 2015 and June 28, 2014 (in thousands): Three Months Ended June 27, 2015 June 28, 2014 Pre-Tax Loss Pre-Tax Loss Pre-Tax Gain Pre-Tax Loss Forward currency exchange contracts (11,706 ) (48 ) $ 539 $ (1,134 ) Amounts related to ineffectiveness were not material during all periods presented. The Company expects that substantially all of the amounts currently recorded in accumulated other comprehensive loss will be reclassified into earnings during the next twelve months, based upon the timing of inventory purchases and turns. These amounts are subject to fluctuations in the applicable currency exchange rates. During the three-month periods ended June 27, 2015 and June 28, 2014, the Company recognized $1.0 million and $0.8 million, respectively, in losses related to the change in the fair value of undesignated forward currency exchange contracts within foreign currency gains (losses) in the Company’s consolidated statement of operations.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Jun. 27, 2015
Shareholders' Equity	10. Shareholders’ Equity Share Repurchase Program On October 30, 2014, the Company’s Board of Directors authorized a $1.0 billion share repurchase program, which authorized the repurchase of the Company’s shares for a period of two years. On May 20, 2015, the Company’s Board of Directors authorized the repurchase of up to an additional $500 million under the Company’s existing share repurchase program and extended the program through May 2017. During the three months ended June 27, 2015, the Company repurchased 6,960,352 shares at a cost of $350.0 million under its current share-repurchase program through open market transactions. As of June 27, 2015, the remaining availability under the Company’s share repurchase program was $658.1 million. The Company also has in place a “withhold to cover” repurchase program, which allows the Company to withhold ordinary shares from certain executive officers to satisfy minimum tax withholding obligations relating to the vesting of their restricted share awards. During the three-month periods ended June 27, 2015 and June 28, 2014, the Company withheld 22,540 shares and 11,022 shares, respectively, at a cost of $1.1 million and $1.0 million, respectively, in satisfaction of minimum tax withholding obligations relating to the vesting of restricted share awards.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Jun. 27, 2015
Accumulated Other Comprehensive Income	11. Accumulated Other Comprehensive Income The following table details changes in the components of accumulated other comprehensive income, net of taxes for the three-month periods ended June 27, 2015 and June 28, 2014, respectively (in thousands): Foreign Currency Net Gains (1) Total Balance at March 29, 2014 $ (4,775 ) $ (1,598 ) $ (6,373 ) Other comprehensive income before reclassifications 3,067 468 3,535 Less: amounts reclassified from AOCI to earnings (2) — (996 ) (996 ) Other comprehensive income net of tax 3,067 1,464 4,531 Balance at June 28, 2014 $ (1,708 ) $ (134 ) $ (1,842 ) Balance at March 28, 2015 $ (96,068 ) $ 29,264 (66,804 ) Other comprehensive income (loss) before reclassifications 9,814 (10,642 ) (828 ) Less: amounts reclassified from AOCI to earnings (2) — (8 ) (8 ) Other comprehensive income (loss) net of tax 9,814 (10,634 ) (820 ) Balance at June 27, 2015 $ (86,254 ) $ 18,630 $ (67,624 ) (1) Accumulative other comprehensive income balance related to net gains on derivative financial instruments as of June 27, 2015 and March 28, 2015 is net of tax provisions of $2.3 million and $3.3 million, respectively. Other comprehensive loss before reclassification related to derivative financial instruments for the three months ended June 27, 2015 is net of a tax benefit of $1.0 million. Tax effects related to all other amounts were not material. (2) Reclassified amounts relate to the Company’s forward foreign currency exchange contracts for inventory purchases and are recorded within Cost of goods sold in the Company’s consolidated statements of operations. The related tax effects recorded within income tax expense in the Company’s consolidated statements of operations were not material.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Jun. 27, 2015
Share-Based Compensation	12. Share-Based Compensation The Company issues equity grants to certain employees and directors of the Company at the discretion of the Company’s Compensation Committee. The Company has two equity plans, one adopted in Fiscal 2008, the Michael Kors (USA), Inc. Stock Option Plan (as amended and restated, the “2008 Plan”), and the other adopted in the third fiscal quarter of Fiscal 2012, the Michael Kors Holdings Limited Omnibus Incentive Plan (the “2012 Plan”). The 2008 Plan only provided for grants of share options and was authorized to issue up to 23,980,823 ordinary shares. As of June 27, 2015, there were no shares available to grant equity awards under the 2008 Plan. The 2012 Plan allows for grants of share options, restricted shares and restricted share units, and other equity awards, and authorizes a total issuance of up to 15,246,000 ordinary shares. At June 27, 2015, there were 9,170,884 ordinary shares available for future grants of equity awards under the 2012 Plan. Option grants issued from the 2008 Plan generally expire ten years from the date of the grant, and those issued under the 2012 Plan generally expire seven years from the date of the grant. Share Options Share options are generally exercisable at no less than the fair market value on the date of grant. The Company has issued two types of option grants, those that vest based on the attainment of a performance target and those that vest based on the passage of time. Performance-based share options may vest based upon the attainment of one of two performance measures. One performance measure is an individual performance target, which is based upon certain performance targets unique to the individual grantee, and the other measure is a company-wide performance target, which is based on a cumulative minimum growth requirement in consolidated net equity. The individual performance target vests 20% of the total option grant each year the target is satisfied. The individual has ten years in which to achieve five individual performance vesting tranches. The company-wide performance target must be achieved over the ten-year term. Performance is measured at the end of the term, and any unvested options vest if the target is achieved. The Company-wide performance target is established at the time of the grant. The target metrics underlying individual performance vesting requirements are established for each recipient each year up until such time as the grant is fully vested. Options subject to time-based vesting requirements become vested in four equal increments on each of the first, second, third and fourth anniversaries of the date on which such options were awarded. The following table summarizes the share option activity during the three months ended June 27, 2015: Number of Weighted Outstanding at March 28, 2015 7,187,003 $ 23.14 Granted 511,281 $ 47.12 Exercised (706,343 ) $ 6.79 Canceled/forfeited (22,955 ) $ 49.27 Outstanding at June 27, 2015 6,968,986 $ 26.47 The weighted average grant date fair value for options granted during the three months ended June 27, 2015 and June 28, 2014 was $14.37 and $29.20 respectively. The following table represents assumptions used to estimate the fair value of options: Three Months Ended June 27, June 28, Expected dividend yield 0.0 % 0.0 % Volatility factor 31.1 % 33.3 % Weighted average risk-free interest rate 1.6 % 1.5 % Expected life of option 4.75 years 4.75 years Restricted Shares and Restricted Share Units The Company grants restricted shares and restricted share units at the fair market value on the date of the grant. Expense for restricted share awards is based on the closing market price of the Company’s shares on the date of grant and is recognized ratably over the vesting period, which is generally three to four years from the date of the grant, net of expected forfeitures. Restricted share grants generally vest in equal increments on each of the four anniversaries of the date of grant. In addition, the Company grants two types of restricted share unit (“RSU”) awards: time-based RSUs and performance-based RSUs. Time-based RSUs generally vest in full either on the first anniversary of the date of the grant, or in equal increments on each of the four anniversaries of the date of grant. Performance-based RSUs vest in full on the three-year anniversary of the date of grant, subject to the employee’s continued employment during the vesting period and only if certain pre-established cumulative performance targets are met at the end of the three-year performance period. Expense related to performance-based RSUs is recognized ratably over the three-year performance period, net of forfeitures, based on the probability of attainment of the related performance targets. The potential number of shares that may be earned ranges between 0%, if the minimum level of performance is not attained, and 150%, if the level of performance is at or above the pre-determined maximum achievement level. The following table summarizes the restricted share activity during the three months ended June 27, 2015: Restricted Shares Number of Unvested Weighted Unvested at March 28, 2015 770,592 $ 68.77 Granted — $ — Vested (132,565 ) $ 80.64 Canceled/forfeited (8,252 ) $ 77.29 Unvested at June 27, 2015 629,775 $ 66.16 The following table summarizes the restricted share unit activity during the three months ended June 27, 2015: Service-based Performance-based Number of Weighted Number of Weighted Unvested at March 28, 2015 35,940 $ 66.26 317,201 $ 76.69 Granted 801,751 $ 47.57 287,476 $ 47.10 Vested — $ — — $ — Canceled/forfeited (318 ) $ 47.10 — $ — Unvested at June 27, 2015 837,373 $ 48.37 604,677 $ 62.62 Compensation expense attributable to share-based compensation for the three months ended June 27, 2015 and June 28, 2014 was $12.5 million and $8.2 million, respectively. The associated tax benefits recognized during the three months ended June 27, 2015 and June 28, 2014 were $5.0 million and $3.0 million, respectively. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates forfeitures based on its historical forfeiture rate to date. The estimated value of future forfeitures for equity grants as of June 27, 2015 is approximately $2.6 million.

Segment Information

Segment Information	3 Months Ended
	Jun. 27, 2015
Segment Information	13. Segment Information The Company operates its business through three operating segments—Retail, Wholesale and Licensing—which are based on its business activities and organization. The operating segments are segments of the Company for which separate financial information is available and for which operating results are evaluated regularly by executive management in deciding how to allocate resources, as well as in assessing performance. The primary key performance indicators are net sales or revenue (in the case of Licensing) and operating income for each segment. The Company’s reportable segments represent channels of distribution that offer similar merchandise, customer experience and sales/marketing strategies. The Company’s Retail segment includes sales through the Company owned stores, including “Collection,” “Lifestyle” including “concessions,” and outlet stores located throughout North America, Europe, and Japan, as well as the Company’s e-commerce sales. Products sold through the Retail segment include women’s apparel, accessories (which include handbags and small leather goods such as wallets), footwear and licensed products, such as watches, jewelry, fragrances and beauty, and eyewear. The Wholesale segment includes sales primarily to major department stores and specialty shops throughout North America, Europe and Asia. Products sold through the Wholesale segment include accessories (which include handbags and small leather goods such as wallets), footwear and women’s and men’s apparel. We also have wholesale arrangements pursuant to which we sell products to certain of our licensees, including our licensees in Asia (which were previously reported within our North American wholesale operations). The Licensing segment includes royalties earned on licensed products and use of the Company’s trademarks, and rights granted to third parties for the right to sell the Company’s products in certain geographic regions such as the Middle East, Eastern Europe, Latin America and the Caribbean, throughout all of Asia (excluding Japan), as well as Australia. All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance. Corporate overhead expenses are allocated to the segments based upon specific usage or other allocation methods. The Company has allocated $12.1 million and $1.9 million of its recorded goodwill to its Wholesale and Licensing segments, respectively. The Company does not have identifiable assets separated by segment. The following table presents the key performance information of the Company’s reportable segments (in thousands): Three Months Ended June 27, June 28, Revenue: Net sales: Retail $ 523,300 $ 480,242 Wholesale 423,959 406,795 Licensing 38,716 32,117 Total revenue $ 985,975 $ 919,154 Income from operations: Retail $ 120,874 $ 142,689 Wholesale 106,310 117,652 Licensing 21,439 16,430 Income from operations $ 248,623 $ 276,771 Depreciation and amortization expense for each segment are as follows (in thousands): Three Months Ended June 27, June 28, Depreciation and amortization: Retail $ 25,091 $ 17,965 Wholesale 16,102 10,775 Licensing 360 258 Total depreciation and amortization $ 41,553 $ 28,998 Total revenue (as recognized based on country of origin), and long-lived assets by geographic location of the consolidated Company are as follows (in thousands): Three Months Ended June 27, June 28, Revenues: North America (U.S. and Canada) (1) $ 727,295 $ 718,889 Europe 216,813 185,497 Other regions 41,867 14,768 Total revenues $ 985,975 $ 919,154 As of June 27, March 28, Long-lived assets: North America (U.S. and Canada) (1) $ 468,355 $ 443,816 Europe 208,348 169,243 Other regions 16,390 11,416 Total Long-lived assets $ 693,093 $ 624,475 (1) Net revenues earned in the U.S. during the three months ended June 27, 2015 and June 28, 2014 were $684.8 million and $674.3 million, respectively. Long-lived assets located in the U.S. as of June 27, 2015 and March 28, 2015 were $441.9 million and $418.8 million, respectively.

Agreements with Shareholders an

Agreements with Shareholders and Related Party Transactions	3 Months Ended
	Jun. 27, 2015
Agreements with Shareholders and Related Party Transactions	14. Agreements with Shareholders and Related Party Transactions The Company’s Chief Creative Officer, Michael Kors, and the Company’s Chief Executive Officer, John Idol, have an ownership interest in Michael Kors Far East Holdings Limited, a BVI company. On April 1, 2011, the Company entered into certain licensing agreements with certain subsidiaries of Michael Kors Far East Holdings Limited (the “Licensees”), which provide the Licensees with certain exclusive rights for use of the Company’s trademarks within China, Hong Kong, Macau and Taiwan, and to import, sell, advertise and promote certain of the Company’s products in these regions, as well as to own and operate stores which bear the Company’s tradenames. The agreements between the Company and the licensees expire on March 31, 2041, and may be terminated by the Company at certain intervals if certain minimum sales benchmarks are not met. During the three months ended June 27, 2015 and June 28, 2014, there were approximately $1.7 million and $0.8 million, respectively, of royalties earned under these agreements. These royalties were driven by Licensee sales (of the Company’s goods) to their customers of approximately $38.3 million and $19.6 million for the three months ended June 27, 2015 and June 28, 2014, respectively. In addition, the Company sells certain inventory items to the Licensees through its wholesale segment at terms consistent with those of similar licensees in the region. During the three months ended June 27, 2015 and June 28, 2014, amounts recognized as net sales in the Company’s consolidated statements of operations and comprehensive income related to these sales were approximately $16.0 million and $6.2 million, respectively. As of June 27, 2015 and March 28, 2015, the Company’s total accounts receivable from this related party were $16.5 million and $6.5 million, respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 27, 2015
Subsequent Events	15. Subsequent Events The Company has historically accounted for its investment in its Latin American joint venture, MK (Panama) Holdings, S.A. and subsidiaries (“MK Panama”), under the equity method of accounting. In July 2015, the Company made a capital contribution to the joint venture, obtaining a controlling interest in MK Panama. As such, the Company will consolidate MK Panama into its operations beginning with the second quarter of Fiscal 2016. The Company is currently in the process of finalizing the new ownership structure and accounting.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 27, 2015
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to use judgment and make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. The most significant assumptions and estimates involved in preparing the financial statements include allowances for customer deductions, sales returns, sales discounts and doubtful accounts, estimates of inventory recovery, the valuation of share-based compensation, valuation of deferred taxes and the estimated useful lives used for amortization and depreciation of intangible assets and property and equipment. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior periods’ financial information in order to conform to the current period’s presentation.
Seasonality	Seasonality The Company experiences certain effects of seasonality with respect to its wholesale and retail segments. The Company’s wholesale segment generally experiences its greatest sales in our third and fourth fiscal quarters while its first fiscal quarter experiences the lowest sales. The Company’s retail segment generally experiences greater sales during our third fiscal quarter as a result of Holiday season sales. In the aggregate, the Company’s first fiscal quarter typically experiences significantly less sales volume relative to the other three quarters and its third fiscal quarter generally has higher sales volume relative to other three quarters. However, given the Company’s recent growth, the effects of any seasonality are further muted by incremental sales related to its new retail stores, wholesale doors and shop-in-shops.
Derivative Financial Instruments	Derivative Financial Instruments The Company uses forward currency exchange contracts to manage its exposure to fluctuations in foreign currency for certain of its transactions. The Company in its normal course of business enters into transactions with foreign suppliers and seeks to minimize risks related to these transactions. The Company employs these forward currency contracts to hedge the Company’s cash flows, as they relate to foreign currency transactions. Certain of these contracts are designated as hedges for accounting purposes, while others remain undesignated. All of the Company’s derivative instruments are recorded in the Company’s consolidated balance sheets at fair value on a gross basis, regardless of their hedge designation. The Company designates certain contracts related to the purchase of inventory that qualify for hedge accounting as cash flow hedges. Formal hedge documentation is prepared for all derivative instruments designated as hedges, including description of the hedged item and the hedging instrument, the risk being hedged, and the manner in which hedge effectiveness will be assessed prospectively and retrospectively. The effective portion of changes in the fair value for contracts designated as cash flow hedges is recorded in equity as a component of accumulated other comprehensive income (loss) until the hedged item effects earnings. When the inventory related to forecasted inventory purchases that are being hedged is sold to a third party, the gains or losses deferred in accumulated other comprehensive income (loss) are recognized within cost of goods sold. The Company uses regression analysis to assess effectiveness of derivative instruments that are designated as hedges, which compares the change in the fair value of the derivative instrument to the change in the related hedged item. Effectiveness is assessed on a quarterly basis and any portion of the designated hedge contracts deemed ineffective is recorded to foreign currency gain (loss). If the hedge is no longer expected to be highly effective in the future, future changes in the fair value are recognized in earnings. For those contracts that are not designated as hedges, changes in the fair value are recorded to foreign currency gain (loss) in the Company’s consolidated statements of operations. The Company classifies cash flows relating to its derivative instruments consistently with the classification of the hedged item, within cash from operating activities. The Company is exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. In order to mitigate counterparty credit risk, the Company only enters into contracts with carefully selected financial institutions based upon their credit ratings and certain other financial factors, adhering to established limits for credit exposure. The aforementioned forward contracts generally have a term of no more than 12 months. The period of these contracts is directly related to the foreign transaction they are intended to hedge.
Net Income Per Share	Net Income per Share The Company’s basic net income per ordinary share is calculated by dividing net income by the weighted average number of ordinary shares outstanding during the period. Diluted net income per ordinary share reflects the potential dilution that would occur if share option grants or any other potentially dilutive instruments, including restricted shares and units (“RSUs”), were exercised or converted into ordinary shares. These potentially dilutive securities are included in diluted shares to the extent they are dilutive under the treasury stock method for the applicable periods. Performance-based RSUs are included in diluted shares if the related performance conditions are considered satisfied as of the end of the reporting period and to the extent they are dilutive under the treasury stock method.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-12, “ Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In May 2014, the FASB issued ASU No. 2014-09, “ Revenue from Contracts with Customers
Receivables, net	Receivables are presented net of allowances for sales returns, discounts, markdowns, operational chargebacks and doubtful accounts. Sales returns are determined based on an evaluation of current market conditions and historical returns experience. Discounts are based on open invoices where trade discounts have been extended to customers. Markdowns are based on retail sales performance, seasonal negotiations with customers, historical deduction trends and an evaluation of current market conditions. Operational chargebacks are based on deductions taken by customers, net of expected recoveries. Such provisions, and related recoveries, are reflected in net sales. The allowance for doubtful accounts is determined through analysis of periodic aging of receivables for which credit risk is not assumed by the factors, or which are not covered by insurance, and assessments of collectability based on an evaluation of historic and anticipated trends, the financial conditions of the Company’s customers and the impact of general economic conditions. The past due status of a receivable is based on its contractual terms. Amounts deemed uncollectible are written off against the allowance when it is probable the amounts will not be recovered. Allowances for doubtful accounts were $1.0 million and $0.7 million, at June 27, 2015 and March 28, 2015, respectively.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Jun. 27, 2015
Components of Calculation of Basic Net Income Per Ordinary Share and Diluted Net Income Per Ordinary Share	The components of the calculation of basic net income per ordinary share and diluted net income per ordinary share are as follows (in thousands except share and per share data): Fiscal Years Ended June 27, June 28, 2015 2014 Numerator: Net income $ 174,355 $ 187,716 Denominator: Basic weighted average shares 196,977,021 203,749,572 Weighted average dilutive share equivalents: Share options and restricted shares/units 3,077,473 3,426,671 Diluted weighted average shares 200,054,494 207,176,243 Basic net income per share $ 0.89 $ 0.92 Diluted net income per share $ 0.87 $ 0.91

Receivables, net (Tables)

Receivables, net (Tables)	3 Months Ended
	Jun. 27, 2015
Receivables, net	Receivables, net consist of (in thousands): June 27, March 28, 2015 2015 Trade receivables: Credit risk assumed by factors/insured $ 261,934 $ 374,150 Credit risk retained by Company 62,504 67,530 Receivables due from licensees 13,228 11,763 337,666 453,443 Less allowances: (85,164 ) (90,024 ) $ 252,502 $ 363,419

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	3 Months Ended
	Jun. 27, 2015
Property and Equipment, Net	Property and equipment, net consist of (in thousands): June 27, March 28, Leasehold improvements $ 331,531 $ 294,225 In-store shops 202,977 189,308 Furniture and fixtures 174,438 160,178 Computer equipment and software 121,043 104,372 Equipment 75,034 73,609 Land 15,099 — 920,122 821,692 Less: accumulated depreciation and amortization (369,760 ) (337,755 ) 550,362 483,937 Construction-in-progress 73,832 78,997 $ 624,194 $ 562,934

Current Assets and Current Li26

Current Assets and Current Liabilities (Tables)	3 Months Ended
	Jun. 27, 2015
Prepaid expenses and other current assets	Prepaid expenses and other current assets consist of the following (in thousands): June 27, March 28, Prepaid taxes $ 65,475 $ 60,637 Unrealized gains on forward foreign exchange contracts 8,928 25,004 Leasehold incentive receivable 8,573 12,289 Prepaid rent 13,868 11,681 Other 21,301 17,832 $ 118,145 $ 127,443
Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): June 27, March 28, Other taxes payable $ 23,210 $ 20,202 Accrued rent 22,750 27,058 Advance royalties 7,382 5,081 Accrued litigation 6,254 5,539 Accrued advertising 6,035 5,653 Professional services 4,372 7,347 Accrued samples 469 816 Unrealized loss on forward foreign exchange contracts 157 600 Other 24,278 22,850 $ 94,907 $ 95,146

Fair Value of Financial Instr27

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Jun. 27, 2015
Contracts Measured and Recorded at Fair Value on Recurring and Categorized in Level 2 of Fair Value Hierarchy	All contracts are measured and recorded at fair value on a recurring basis and are categorized in Level 2 of the fair value hierarchy, as shown in the following table (in thousands): Fair value at June 27, 2015, using: Fair value at March 28, 2015, using: Quoted prices in Significant Significant Quoted prices in Significant Significant Foreign currency forward contracts- Euro $ — $ 8,546 $ — $ — $ 23,590 $ — Foreign currency forward contracts- Canadian Dollar — 382 — — 1,404 — Foreign currency forward contracts- U.S. Dollar — (157 ) — — (590 ) — Total $ — $ 8,771 $ — $ — $ 24,404 $ —

Derivative Financial Instrume28

Derivative Financial Instruments (Tables)	3 Months Ended
	Jun. 27, 2015
Fair Value of Derivative Contracts Recorded on Gross Basis in Consolidated Balance Sheets	The following table details the fair value of the Company’s derivative contracts, which are recorded on a gross basis in the consolidated balance sheets as of June 27, 2015 and March 28, 2015 (in thousands): Fair Values Notional Amounts Current Assets (1) Current Liabilities (2) June 27, March 28, June 27, March 28, June 27, March 28, Designated forward currency exchange contracts $ 295,785 $ 226,090 $ 8,546 $ 23,590 $ 137 $ 522 Undesignated forward currency exchange contracts 12,264 25,788 382 1,414 20 78 Total $ 308,049 $ 251,878 $ 8,928 $ 25,004 $ 157 $ 600 (1) Recorded within prepaid expenses and other current assets in the Company’s audited consolidated balance sheets. (2) Recorded within accrued expenses and other current liabilities in the Company’s audited consolidated balance sheets.
Impact of Effective Portion of Gains and Losses of Forward Contracts Designated as Hedges	The following table summarizes the impact of the effective portion of gains and losses of the forward contracts designated as hedges for the three-month periods ended June 27, 2015 and June 28, 2014 (in thousands): Three Months Ended June 27, 2015 June 28, 2014 Pre-Tax Loss Pre-Tax Loss Pre-Tax Gain Pre-Tax Loss Forward currency exchange contracts (11,706 ) (48 ) $ 539 $ (1,134 )

Accumulated Other Comprehensi29

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Jun. 27, 2015
Changes in Components of Accumulated Other Comprehensive Income, Net of Taxes	The following table details changes in the components of accumulated other comprehensive income, net of taxes for the three-month periods ended June 27, 2015 and June 28, 2014, respectively (in thousands): Foreign Currency Net Gains (1) Total Balance at March 29, 2014 $ (4,775 ) $ (1,598 ) $ (6,373 ) Other comprehensive income before reclassifications 3,067 468 3,535 Less: amounts reclassified from AOCI to earnings (2) — (996 ) (996 ) Other comprehensive income net of tax 3,067 1,464 4,531 Balance at June 28, 2014 $ (1,708 ) $ (134 ) $ (1,842 ) Balance at March 28, 2015 $ (96,068 ) $ 29,264 (66,804 ) Other comprehensive income (loss) before reclassifications 9,814 (10,642 ) (828 ) Less: amounts reclassified from AOCI to earnings (2) — (8 ) (8 ) Other comprehensive income (loss) net of tax 9,814 (10,634 ) (820 ) Balance at June 27, 2015 $ (86,254 ) $ 18,630 $ (67,624 ) (1) Accumulative other comprehensive income balance related to net gains on derivative financial instruments as of June 27, 2015 and March 28, 2015 is net of tax provisions of $2.3 million and $3.3 million, respectively. Other comprehensive loss before reclassification related to derivative financial instruments for the three months ended June 27, 2015 is net of a tax benefit of $1.0 million. Tax effects related to all other amounts were not material. (2) Reclassified amounts relate to the Company’s forward foreign currency exchange contracts for inventory purchases and are recorded within Cost of goods sold in the Company’s consolidated statements of operations. The related tax effects recorded within income tax expense in the Company’s consolidated statements of operations were not material.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Jun. 27, 2015
Summary Of Share Option Activity	The following table summarizes the share option activity during the three months ended June 27, 2015: Number of Weighted Outstanding at March 28, 2015 7,187,003 $ 23.14 Granted 511,281 $ 47.12 Exercised (706,343 ) $ 6.79 Canceled/forfeited (22,955 ) $ 49.27 Outstanding at June 27, 2015 6,968,986 $ 26.47
Assumptions Used to Estimate Fair Value of Options	The following table represents assumptions used to estimate the fair value of options: Three Months Ended June 27, June 28, Expected dividend yield 0.0 % 0.0 % Volatility factor 31.1 % 33.3 % Weighted average risk-free interest rate 1.6 % 1.5 % Expected life of option 4.75 years 4.75 years
Restricted Shares
Restricted Shares and Restricted Share Units	The following table summarizes the restricted share activity during the three months ended June 27, 2015: Restricted Shares Number of Unvested Weighted Unvested at March 28, 2015 770,592 $ 68.77 Granted — $ — Vested (132,565 ) $ 80.64 Canceled/forfeited (8,252 ) $ 77.29 Unvested at June 27, 2015 629,775 $ 66.16
Restricted Share Units
Restricted Shares and Restricted Share Units	The following table summarizes the restricted share unit activity during the three months ended June 27, 2015: Service-based Performance-based Number of Weighted Number of Weighted Unvested at March 28, 2015 35,940 $ 66.26 317,201 $ 76.69 Granted 801,751 $ 47.57 287,476 $ 47.10 Vested — $ — — $ — Canceled/forfeited (318 ) $ 47.10 — $ — Unvested at June 27, 2015 837,373 $ 48.37 604,677 $ 62.62

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Jun. 27, 2015
Key Performance Information of Reportable Segments	The following table presents the key performance information of the Company’s reportable segments (in thousands): Three Months Ended June 27, June 28, Revenue: Net sales: Retail $ 523,300 $ 480,242 Wholesale 423,959 406,795 Licensing 38,716 32,117 Total revenue $ 985,975 $ 919,154 Income from operations: Retail $ 120,874 $ 142,689 Wholesale 106,310 117,652 Licensing 21,439 16,430 Income from operations $ 248,623 $ 276,771
Depreciation and Amortization Expense for Each Segment	Depreciation and amortization expense for each segment are as follows (in thousands): Three Months Ended June 27, June 28, Depreciation and amortization: Retail $ 25,091 $ 17,965 Wholesale 16,102 10,775 Licensing 360 258 Total depreciation and amortization $ 41,553 $ 28,998
Total Revenue (as Recognized Based on Country of Origin)	Total revenue (as recognized based on country of origin), and long-lived assets by geographic location of the consolidated Company are as follows (in thousands): Three Months Ended June 27, June 28, Revenues: North America (U.S. and Canada) (1) $ 727,295 $ 718,889 Europe 216,813 185,497 Other regions 41,867 14,768 Total revenues $ 985,975 $ 919,154 (1) Net revenues earned in the U.S. during the three months ended June 27, 2015 and June 28, 2014 were $684.8 million and $674.3 million, respectively. Long-lived assets located in the U.S. as of June 27, 2015 and March 28, 2015 were $441.9 million and $418.8 million, respectively.
Long-Lived Assets by Geographic Location	As of June 27, March 28, Long-lived assets: North America (U.S. and Canada) (1) $ 468,355 $ 443,816 Europe 208,348 169,243 Other regions 16,390 11,416 Total Long-lived assets $ 693,093 $ 624,475 (1) Net revenues earned in the U.S. during the three months ended June 27, 2015 and June 28, 2014 were $684.8 million and $674.3 million, respectively. Long-lived assets located in the U.S. as of June 27, 2015 and March 28, 2015 were $441.9 million and $418.8 million, respectively.

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Additional Information (Detail) - shares	3 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Significant Accounting Policies [Line Items]
Forward contracts term, maximum	12 months
Anti-dilutive securities excluded from computation of earning per share captured in the above table per client request.	1,811,380	39,546

Components of Calculation of Ba

Components of Calculation of Basic Net Income Per Ordinary Share and Diluted Net Income Per Ordinary Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Numerator:
Net income	$ 174,355	$ 187,716
Denominator:
Basic weighted average shares	196,977,021	203,749,572
Weighted average dilutive share equivalents:
Share options and restricted shares/units	3,077,473	3,426,671
Diluted weighted average shares	200,054,494	207,176,243
Basic net income per share	$ 0.89	$ 0.92
Diluted net income per share	$ 0.87	$ 0.91

Receivables, net (Detail)

Receivables, net (Detail) - USD ($) $ in Thousands	Jun. 27, 2015	Mar. 28, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables due from licensees	$ 13,228	$ 11,763
Receivables, Gross, Current	337,666	453,443
Less allowances	(85,164)	(90,024)
Receivables, net	252,502	363,419
Credit Risk Assumed by Factors/Insured
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	261,934	374,150
Credit Risk Retained by Company
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 62,504	$ 67,530

Receivables - Additional Inform

Receivables - Additional Information (Detail) - USD ($) $ in Millions	Jun. 27, 2015	Mar. 28, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ 1	$ 0.7

Property and Equipment (Detail)

Property and Equipment (Detail) - USD ($) $ in Thousands	Jun. 27, 2015	Mar. 28, 2015
Property, Plant and Equipment [Line Items]
Leasehold improvements	$ 331,531	$ 294,225
In-store shops	202,977	189,308
Furniture and fixtures	174,438	160,178
Computer equipment and software	121,043	104,372
Equipment	75,034	73,609
Land	15,099	0
Property, plant and equipment, gross	920,122	821,692
Less: accumulated depreciation and amortization	(369,760)	(337,755)
Subtotal	550,362	483,937
Construction-in-progress	73,832	78,997
Property and equipment, net	$ 624,194	$ 562,934

Property and Equipment, net - A

Property and Equipment, net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Property, Plant and Equipment [Line Items]
Depreciation and amortization of property and equipment	$ 39.7	$ 27.4

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Jun. 27, 2015	Mar. 28, 2015
Accrued Expenses and Other Current Liabilities [Line Items]
Prepaid taxes	$ 65,475	$ 60,637
Unrealized gains on forward foreign exchange contracts	8,928	25,004
Leasehold incentive receivable	8,573	12,289
Prepaid rent	13,868	11,681
Other	21,301	17,832
Prepaid expenses and other current assets	$ 118,145	$ 127,443

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Jun. 27, 2015	Mar. 28, 2015
Accrued Expenses and Other Current Liabilities [Line Items]
Other taxes payable	$ 23,210	$ 20,202
Accrued rent	22,750	27,058
Advance royalties	7,382	5,081
Accrued litigation	6,254	5,539
Accrued advertising	6,035	5,653
Professional services	4,372	7,347
Accrued samples	469	816
Unrealized loss on forward foreign exchange contracts	157	600
Other	24,278	22,850
Accrued expenses and other current liabilities	$ 94,907	$ 95,146

Credit Facilities - Additional

Credit Facilities - Additional Information (Detail)	3 Months Ended
	Jun. 27, 2015USD ($)	Mar. 28, 2015USD ($)
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	$ 200,000,000
Secured revolving credit facility, Expiration date	Feb. 8, 2018
Line of credit facility covenant adjusted leverage ratio	350.00%
Line of credit facility, rent multiplier for leverage ratio	8
Minimum fixed charge coverage ratio	200.00%
Line of Credit Annual Facility fee on unused portion	$ 100,000
Line of credit facility amount outstanding	0	$ 0
Stand by letter of credit issued	10,900,000
Line of credit facility available for future borrowings	$ 189,100,000
Minimum
Line of Credit Facility [Line Items]
Interest rate margin	1.25%
Line of Credit Annual Commitment fees on unused portion	0.25%
Maximum
Line of Credit Facility [Line Items]
Interest rate margin	1.75%
Line of Credit Annual Commitment fees on unused portion	0.35%
Europe
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	$ 100,000,000

Contracts Measured and Recorded

Contracts Measured and Recorded at Fair Value on Recurring and Categorized in Level 2 of Fair Value Hierarchy (Detail) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Jun. 27, 2015	Mar. 28, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward currency forward contracts	$ 8,771	$ 24,404
Euro
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward currency forward contracts	8,546	23,590
Canadian Dollar
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward currency forward contracts	382	1,404
U.S. Dollar
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward currency forward contracts	$ (157)	$ (590)

Fair Value of Derivative Contra

Fair Value of Derivative Contracts Recorded on Gross Basis in Consolidated Balance Sheets (Detail) - Foreign Exchange Forward - USD ($) $ in Thousands		Jun. 27, 2015	Mar. 28, 2015
Derivatives, Fair Value [Line Items]
Notional amounts		$ 308,049	$ 251,878
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amounts		295,785	226,090
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amounts		12,264	25,788
Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	[1]	8,928	25,004
Prepaid Expenses and Other Current Assets | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	[1]	8,546	23,590
Prepaid Expenses and Other Current Assets | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	[1]	382	1,414
Accrued Expenses and Other Current Liabilities
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities	[2]	157	600
Accrued Expenses and Other Current Liabilities | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities	[2]	137	522
Accrued Expenses and Other Current Liabilities | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities	[2]	$ 20	$ 78
[1]	Recorded within prepaid expenses and other current assets in the Company's audited consolidated balance sheets.
[2]	Recorded within accrued expenses and other current liabilities in the Company's audited consolidated balance sheets.

Impact of Effective Portion of

Impact of Effective Portion of Gains and Losses of Forward Contracts Designated as Hedges (Detail) - Foreign Exchange Contract - Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Pre-Tax Gain (Loss) Recognized in OCI (Effective Portion)	$ (11,706)	$ 539
Pre-Tax Loss Reclassified from Accumulated OCI into Earnings (Effective Portion)	$ (48)	$ (1,134)

Derivative Financial Instrume44

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Foreign Exchange Forward | Not Designated as Hedging Instrument
Derivative [Line Items]
Losses on undesignated derivative contracts	$ (1)	$ (0.8)

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 30, 2014	Jun. 27, 2015	Jun. 28, 2014	May. 20, 2015
Equity [Line Items]
Ordinary shares repurchased, value		$ 351,095
Share Repurchase Program
Equity [Line Items]
Ordinary shares repurchased, shares		6,960,352
Ordinary shares repurchased, value		$ 350,000
Ordinary shares repurchased, remaining availability		$ 658,100
Ordinary shares repurchased, authorized amount	$ 1,000,000			$ 500,000
Share repurchase program, repurchase period	2 years
Withholding Taxes
Equity [Line Items]
Ordinary shares repurchased, shares		22,540	11,022
Ordinary shares repurchased, value		$ 1,100	$ 1,000

Changes in Components of Accumu

Changes in Components of Accumulated Other Comprehensive Income, Net of Taxes (Detail) - USD ($) $ in Thousands		3 Months Ended
		Jun. 27, 2015	Jun. 28, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		$ (66,804)	$ (6,373)
Other comprehensive income (loss) before reclassifications		(828)	3,535
Less: amounts reclassified from AOCI to earnings	[1]	(8)	(996)
Other comprehensive income (loss) net of tax		(820)	4,531
Ending Balance		(67,624)	(1,842)
Foreign Currency Translation Income(Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		(96,068)	(4,775)
Other comprehensive income (loss) before reclassifications		9,814	3,067
Other comprehensive income (loss) net of tax		9,814	3,067
Ending Balance		(86,254)	(1,708)
Net Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	[2]	29,264	(1,598)
Other comprehensive income (loss) before reclassifications	[2]	(10,642)	468
Less: amounts reclassified from AOCI to earnings	[1],[2]	(8)	(996)
Other comprehensive income (loss) net of tax	[2]	(10,634)	1,464
Ending Balance	[2]	$ 18,630	$ (134)
[1]	Reclassified amounts relate to the Company's forward foreign currency exchange contracts for inventory purchases and are recorded within Cost of goods sold in the Company's consolidated statements of operations. The related tax effects recorded within income tax expense in the Company's consolidated statements of operations were not material.
[2]	Accumulative other comprehensive income balance related to net gains on derivative financial instruments as of June 27, 2015 and March 28, 2015 is net of tax provisions of $2.3 million and $3.3 million, respectively. Other comprehensive loss before reclassification related to derivative financial instruments for the three months ended June 27, 2015 is net of a tax benefit of $1.0 million. Tax effects related to all other amounts were not material.

Changes in Components of Accu47

Changes in Components of Accumulated Other Comprehensive Income, Net of Taxes (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Jun. 27, 2015	Mar. 28, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications related to derivative instruments, tax benefit	$ (1)
Net Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulative other comprehensive income, tax provisions	$ 2.3	$ 3.3

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 27, 2015USD ($)TrancheOptionPlanEquityPlan$ / sharesshares	Jun. 28, 2014USD ($)$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity plans | EquityPlan	2
Number of share option grant types | OptionPlan	2
Weighted average grant date fair value of option | $ / shares	$ 14.37	$ 29.20
Equity compensation expense | $	$ 12,506	$ 8,154
Share-based compensation, tax benefits recognized | $	5,000	$ 3,000
Estimated value of future forfeitures | $	$ 2,600
Stock Option Plan 2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share authorized for issuance	23,980,823
Shares available for grant	0
Option expiration period	10 years
Omnibus Incentive Plan, Twenty Twelve
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share authorized for issuance	15,246,000
Shares available for grant	9,170,884
Option expiration period	7 years
Individual Performance Based Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential number of shares that may be earned each year	20.00%
Performance target achievement term	10 years
Individual performance vesting tranches | Tranche	5
Company-wide Performance Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance target achievement term	10 years
Time Based Option Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period	4 years
Restricted Shares and Restricted Share Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period	3 years
Restricted Shares and Restricted Share Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period	4 years
Time-based RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period	1 year
Time-based RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period	4 years
Performance-based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period	3 years
Expense related to grants recognizable period	3 years
Performance-based RSU | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential number of shares that may be earned each year	0.00%
Performance-based RSU | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential number of shares that may be earned each year	150.00%

Summary Of Share Option Activit

Summary Of Share Option Activity (Detail) - 3 months ended Jun. 27, 2015 - $ / shares	Total
Number of options
Outstanding at beginning of period	7,187,003
Granted	511,281
Exercised	(706,343)
Canceled/forfeited	(22,955)
Outstanding at end of period	6,968,986
Weighted Average Exercise Price
Outstanding at beginning of period	$ 23.14
Granted	47.12
Exercised	6.79
Canceled/forfeited	49.27
Outstanding at end of period	$ 26.47

Assumptions Used to Estimate Fa

Assumptions Used to Estimate Fair Value of Options (Detail)	3 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Volatility factor	31.10%	33.30%
Weighted average risk-free interest rate	1.60%	1.50%
Expected life of option	4 years 9 months	4 years 9 months

Restricted Shares and Restricte

Restricted Shares and Restricted Share Units (Detail) - 3 months ended Jun. 27, 2015 - $ / shares	Total
Restricted Shares
Number of Unvested Restricted Shares/Units
Unvested at beginning of period	770,592
Vested	(132,565)
Canceled/forfeited	(8,252)
Unvested at end of period	629,775
Weighted Average Grant Date Fair Value
Unvested at beginning of period	$ 68.77
Vested	80.64
Canceled/forfeited	77.29
Unvested at end of period	$ 66.16
Restricted Share Units | Service-based RSU
Number of Unvested Restricted Shares/Units
Unvested at beginning of period	35,940
Granted	801,751
Canceled/forfeited	(318)
Unvested at end of period	837,373
Weighted Average Grant Date Fair Value
Unvested at beginning of period	$ 66.26
Granted	47.57
Canceled/forfeited	47.10
Unvested at end of period	$ 48.37
Restricted Share Units | Performance-based RSU
Number of Unvested Restricted Shares/Units
Unvested at beginning of period	317,201
Granted	287,476
Unvested at end of period	604,677
Weighted Average Grant Date Fair Value
Unvested at beginning of period	$ 76.69
Granted	47.10
Unvested at end of period	$ 62.62

Segment Information - Additiona

Segment Information - Additional Information (Detail) $ in Thousands	3 Months Ended
	Jun. 27, 2015USD ($)Segment	Mar. 28, 2015USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | Segment	3
Goodwill	$ 14,005	$ 14,005
Wholesale
Segment Reporting Information [Line Items]
Goodwill	12,100
Licensing
Segment Reporting Information [Line Items]
Goodwill	$ 1,900

Key Performance Information of

Key Performance Information of Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Segment Reporting Information [Line Items]
Net sales	$ 947,259	$ 887,037
Licensing revenue	38,716	32,117
Revenue	985,975	919,154
Income from operations	248,623	276,771
Retail
Segment Reporting Information [Line Items]
Net sales	523,300	480,242
Income from operations	120,874	142,689
Wholesale
Segment Reporting Information [Line Items]
Net sales	423,959	406,795
Income from operations	106,310	117,652
Licensing
Segment Reporting Information [Line Items]
Licensing revenue	38,716	32,117
Income from operations	$ 21,439	$ 16,430

Depreciation and Amortization E

Depreciation and Amortization Expense for Each Segment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Depreciation By Segment [Line Items]
Depreciation and amortization	$ 41,553	$ 28,998
Retail
Depreciation By Segment [Line Items]
Depreciation and amortization	25,091	17,965
Wholesale
Depreciation By Segment [Line Items]
Depreciation and amortization	16,102	10,775
Licensing
Depreciation By Segment [Line Items]
Depreciation and amortization	$ 360	$ 258

Total Revenue (as Recognized Ba

Total Revenue (as Recognized Based on Country of Origin), and Long-Lived Assets by Geographic Location (Detail) - USD ($) $ in Thousands		3 Months Ended
		Jun. 27, 2015	Jun. 28, 2014	Mar. 28, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue		$ 985,975	$ 919,154
Long-lived assets		693,093		$ 624,475
North America (U.S. and Canada)
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	[1]	727,295	718,889
Long-lived assets	[1]	468,355		443,816
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue		216,813	185,497
Long-lived assets		208,348		169,243
Other Regions
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue		41,867	$ 14,768
Long-lived assets		$ 16,390		$ 11,416
[1]	Net revenues earned in the U.S. during the three months ended June 27, 2015 and June 28, 2014 were $684.8 million and $674.3 million, respectively. Long-lived assets located in the U.S. as of June 27, 2015 and March 28, 2015 were $441.9 million and $418.8 million, respectively.

Total Revenue (as Recognized 56

Total Revenue (as Recognized Based on Country of Origin), and Long-Lived Assets by Geographic Location (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Mar. 28, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 985,975	$ 919,154
Long-lived assets	693,093		$ 624,475
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	684,800	674,300
Long-lived assets	$ 441,900	$ 418,800

Agreements with Shareholders 57

Agreements with Shareholders and Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Mar. 28, 2015
Related Party Transaction [Line Items]
Net sales	$ 947,259	$ 887,037
Michael Kors Far East Holdings Limited
Related Party Transaction [Line Items]
Agreements between the Company and Far East Holdings Limited expiry date	Mar. 31, 2041
Royalties earned	$ 1,700	800
Net sales related to inventory items by Licensees	38,300	19,600
Net sales	16,000	$ 6,200
Accounts receivable from licensee	$ 16,500		$ 6,500