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Michael Kors Reports Higher Retail Sales

Michael Kors Holdings Ltd. on Wednesday reported higher retail sales helped by new store openings, but it lowered growth forecasts for sales and profit as shoppers turn to smaller handbags that cost less.
Its retail sales in the latest quarter rose 7.5% from a year earlier to $532.8 million. Kors opened 116 new stores in the past 12 months, bringing its total to 589 locations around the world. Excluding store openings and closings, retail sales fell 8.5%.

Michael Kors revenue beats on growth overseas

Michael Kors Holdings Ltd. reported its revenue climbed a better-than-expected 6.3% in the latest quarter on strong demand for its accessories and footwear, momentum with its online offerings and international growth.Shares of the company, down 43% over the past year, shot up 14% to $46.30 in premarket trading."We are pleased with our third-quarter results, as we delivered revenue, comparable-store sales and earnings growth ahead of our expectations," Chief Executive John Idol said.