Michael Kors Outlet Store

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%.