Michael Kors' profits exceed expectations

First published: 28-05-2014

Watch maker Michael Kors has announced profits that were better than expected for the fiscal fourth quarter, as they soared by 59 per cent, while its share price rose by five per cent. 

A notable growth in watch sales and accessories was behind the success, as North American revenues skyrocketed by 43 per cent to $739.4 million (£441 million), while same-store sales rose by 21 per cent.

It was a similar situation in Europe, as revenue more than doubled to $164.7 million, as same-store figures leapt 63 per cent. 

Chairman and chief executive John Idol said: "We believe that our expanding global brand awareness is driving continued strong demand for our luxury product and fueling our growth as a global luxury lifestyle brand."

He added there was "significant revenue growth" in each of the retail, wholesale and licensing segments, while this was also the case for its markets across North America and internationally. 

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