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.



There were 400 Michael Kors stores worldwide at the end of the fourth quarter of fiscal 2013.