Michael Kors Q1 profit leaps 82%; plans new stores in India and Brazil

New York -- Fashion presence Michael Kors Holdings Ltd. reported a first-quarter profit of $125 million, nearly double the $68.6 million profit of the year-ago period.

Revenue for the quarter ended June 29 soared 54% percent to $640.9 million, well above Wall Street’s expected $570.5 million. Same-store sales climbed 27.3%. In North America, which generates 86% of the company's business, same-store sales rose 25%.

Despite the stronger-than-expected sales, Kors' full-year sales forecast of $2.8 billion to $2.9 billion was in line with Wall Street's projections for $2.84 billion.

Helping its overall results were the roll-out of shops within department stores and substantial gains in Europe. The company said it plans new stores in India and Brazil, as well as a bigger push for its watch and jewelry business worldwide. The company operates 249 of its own stores in North America and CEO John Idol said that could grow to 400. In Europe, Kors has 49 stores and thinks it can eventually have 200 locations. It also said it opened its first stores in Brazil and, with a partner, in India.