Higher Profits Posted By Michael Kors

Posted by Sara | Online Presence | Tuesday 14 February 2012 7:36 pm
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Higher Profits Posted By Michael KorsHigher quarterly results, helped by strong demand for its namesake luxury brand, were posted by Michael Kors Holdings Ltd. The above-expected results sent shares of the designer apparel and accessory company up 23 percent.

The company also said it expects a fourth-quarter profit of 10 cents to 12 cents a share. According to Thomson Reuters I/B/E/S, analysts were looking for 11 cents a share and the company was able to post a third-quarter profit of $39 million, or 20 cents a share while revenue rose 68 percent to $373.6 million.

Third-quarter comparable sales grew 38 percent, driven by higher sales in the luxury leather accessory business such as handbags and small leather goods, according to the company.

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