Aug 14Apparel company Michael Kors Holdings Ltd
reported higher-than-expected quarterly profit, helped
by rising sales at its own stores and the roll-out of its
boutiques at department stores, and raised its full-year profit
Michael Kors, whose founder is a judge on the long-running
television fashion show "Project Runway," said on Tuesday sales
at its own stores open a year could rise as much as 30 percent
Total revenue in the first quarter soared 70.6 percent to
Net income increased to $68.6 million, or 34 cents per share
for the quarter ended June 30, from $24.1 million, or 13 cents
per share, a year earlier. Analysts expected 20 cents per share,
according to Thomson Reuters I/B/E/S.
Michael Kors expects second-quarter same-store sales to be
up 30 percent, with a profit of 33 cents to 35 cents per share.
For the full year, it sees total revenue in the range of
$1.8 billion to $1.9 billion. The company expects earnings of
$1.32 to $1.34 per share for the year, compared with an earlier
forecast of $1.08 to $1.12.