Skip to main content
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Michael Kors Profit Tops Estimates as New Stores Boost Sales

Michael Kors Holdings Ltd. posted second-quarter profit that topped analysts’ estimates as new stores boosted sales.
Michael Kors | Source: Shutterstock
By
  • Bloomberg

NEW YORK, United States — Michael Kors Holdings Ltd., the seller of luxury handbags and clothing, posted second-quarter profit that topped analysts' estimates as new stores boosted sales.

Earnings in the quarter through Sept. 26 were $1.01 a share, the London-based company said in a statement on Wednesday. Analysts estimated 89 cents, on average.

Kors has been opening new international locations more quickly than it has been adding them in its core North American market, helping its revenue climb even as the strong U.S. dollar weighs on sales. Sales in the quarter rose 6.9 percent to $1.13 billion, topping analysts’ $1.08 billion average projection. Excluding currency effects, sales would have increased 12 percent.

The shares surged 9.4 percent to $43 at 7:04 a.m. in early trading in New York. Kors had plunged 48 percent this year through the close of trading Tuesday.

By Lindsey Rupp; editors: Nick Turner, Kevin Orland, Paul Jarvis.

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Financial Markets
A financial lens on the fast-changing fashion sector, including markets, investors and deals.

The Best of BoF 2023: Diversity’s Litmus Test

In 2020, like many companies, the $50 billion yoga apparel brand created a new department to improve internal diversity and inclusion, and to create a more equitable playing field for minorities. In interviews with BoF, 14 current and former employees said things only got worse.


The Year Ahead: The Future of Fashion Deal-Making

For fashion’s private market investors, deal-making may provide less-than-ideal returns and raise questions about the long-term value creation opportunities across parts of the fashion industry, reports The State of Fashion 2024.


The Investment Giant Behind Some of Fashion’s Biggest Deals

L Catterton, the private-equity firm with close ties to LVMH and Bernard Arnault that’s preparing to take Birkenstock public, has become an investment giant in the consumer-goods space, with stakes in companies selling everything from fashion to pet food to tacos.


view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
BoF Professional - How to Turn Data Into Meaningful Customer Connections
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
BoF Professional - How to Turn Data Into Meaningful Customer Connections