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