Michael Kors beats expectations amid store expansion and rising demand
New York -- Michael Kors Holdings Ltd. said Tuesday that its fiscal fourth-quarter net income more than tripled as the company opened new stores and demand grew for its fashions and accessories.
For the three months through March 31, Michael Kors earned $43.6 million, up from $13.6 million in the same quarter last year.
Revenue rose 58% to $380 million, from $240 million. Same-store sales jumped 36%.
Michael Kors opened 71 stores this year, bringing its store count to 237. Retail sales rose 80% to $172.2 million.
The company's sales to department stores and other retailers rose 46%.