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Michael Kors Q4 profit doubles; sales jump 57%
New York -- 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.
Retail net sales increased 58.8% to $272.7 million driven by a 36.7% increase in comparable store sales and 67 net new store openings since the end of the fourth quarter of fiscal 2012.
Wholesale net sales increased 59.4% to $304.7 million and licensing revenue increased 15.7% to $19.8 million.
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Loft to open four stores in Canada
Toronto -- Loft, a division of Ann Inc., is expanding in Canada, with four new stores by the end of fall 2013.
Loft entered Canada last November, at Yorkdale Shopping Centre in Toronto. The chain will open a store in Toronto Eaton Centrer, Toronto, in late May, followed by additional units at Lime Ridge Mall in Hamilton in July, Markville Shopping Centre in Markham in August and Square One Shopping Centre in Mississauga in October.