Michael Kors Holdings Ltd. is on a roll. The white-hot luxury fashion and accessories company plans to open up to 50 stores in North America in its current fiscal year, plus additional units in Europe and the Far East. Michael Kors currently has 44 stores in Europe, with another 40 planned for its new fiscal year.
Michael Kors Holdings Ltd. reported better-than-expected net income of $101.1 million, compared with a year-earlier profit of $43.6 million, on strong demand for its products around the globe.
As shares of his company reached an all-time high, fashion designer and retailer Michael Kors will sell 3 million of his shares as part of a secondary offering of 25 million shares, according to a Tuesday regulatory filing.
Michael Kors Holdings Ltd. reported that profit for the quarter ended Dec. 29 decreased to $636.8 million, compared with $373.6 million in the year-ago period.
Macy’s, Sephora, Michael Kors and Lancome were ranked as Facebook “geniuses” in the second annual L2 Facebook IQ Index, developed in partnership with Buddy Media, a social enterprise software firm.
Michael Kors Holdings Ltd. said that its fiscal fourth-quarter net income more than tripled as the company opened new stores and demand grew for its fashions and accessories.
Noted fashion designer and retailer Michael Kors has opened a new store in Cherry Hill, N.J. — at the Cherry Hill Mall, a property owned by Philadelphia-based Pennsylvania Real Estate Investment Trust.