Nov 13 (Reuters) – Fashion company Michael Kors Holdings Ltd
reported a higher-than-expected quarterly profit on
Tuesday, helped by rising sales at its own stores and the
roll-out of its boutiques at department and stores, and raised
its full-year profit forecast.
Michael Kors, whose founder is a judge on the long-running
television fashion show “Project Runway,” said sales at its own
stores, open a year, could rise by a “mid-20 percent” in the
holiday quarter.
Total revenue in the first quarter soared 74.4 percent to
$532.9 million, while sales at stores open at least a year rose
45.2 percent. In Europe, where Kors still has a small presence,
sales surged 97 percent.
Net income more than tripled to $97.8 million, or 49 cents
per share for the quarter that ended Sept. 29, from $31.6
million, or 22 cents per share, a year earlier. That beat Wall
Street estimated by 9 cents, according to Thomson Reuters
I/B/E/S.
Michael Kors, which has challenged Coach Inc, raised
its full-year profit forecast by 16 cents to a range of $1.48 to
$1.50 per share, above the $1.46 analyst estimate.
