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Michael Kors beats expectations amid store expansion and rising demand
New York -- Michael Kors Holdings Ltd. said Tuesday that its fiscal fourth-quarter net income more than tripled as the company opened new stores and demand grew for its fashions and accessories.
For the three months through March 31, Michael Kors earned $43.6 million, up from $13.6 million in the same quarter last year.
Revenue rose 58% to $380 million, from $240 million. Same-store sales jumped 36%.
Michael Kors opened 71 stores this year, bringing its store count to 237. Retail sales rose 80% to $172.2 million.
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J.Crew expanding to Asia via partnership with Lane Crawford
New York -- J.Crew Group is expanding into Asia through a partnership with Hong Kong- based specialty store operator Lane Crawford.
Beginning in October, a curated selection of the J.Crew autumn/winter 2012 women's ready-to-wear and shoes, men's apparel and accessory collections will be available at select Lane Crawford stores in Hong Kong and China. It is the first time J.Crew goods will be featured in a retail environment outside of North America.