US: Michael Kors in 77% Q3 profit surge
- Q3 net profit up 77% to US$229.6m
- Revenues surge 59% to $1bn
- CEO highlights “outstanding” holiday season
Revenue jumped 59% in the third quarter
Luxury lifestyle brand Michael Kors Holdings recorded a 77% surge in third quarter profit, thanks to strong sales increases around the globe.
Revenue was up 59% in the three months to 28 December, with retail sales soaring 51.3% to US$503.4m and comparable store sales rising 27.8%.
Wholesale revenues were up 68.2% to $461.4m, while licensing revenues rose 59% to $47.4m, the US company added.
Revenues in North America were up 51%, with comps increasing 24%, while sales in Europe soared by 144%, accompanied by a 73% comps surge.
Michael Kors chairman and CEO John Idol described trading in the holiday period as “outstanding” and added: “Our results reflect broad-based strength with significant revenue growth across our retail, wholesale and licensing segments, as well as in our North American and international markets.”
For fiscal 2014, the company is forecasting revenues of $3.18-3.19bn and diluted earnings per share of $3.07-3.09.
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