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Michael Kors, Seventh Avenue's latest Wall Street success story, had another banner quarter. Net income during the three months ended June 29 rose to $125 million, compared with $68.6 million during the same quarter a year ago.
Revenues were up 55.1%, to $616.2 million. And sales were exceptionally strong. Same-store sales, a key measure of retail health, were up 25% year-on-year in North America, and a whopping 56% in Europe.
C.E.O. and chairman John Idol didn't share any specifics, but then it's sort of the C.E.O.'s job to speak in market-friendly buzzwords:
"We attribute the ongoing momentum to our fashion design leadership combined with an aspirational jet-set luxury in-store experience. As we continue to successfully execute on our strategic initiatives, we remain excited about our future growth potential."
The Michael Kors I.P.O. was ranked by Bloomberg Markets as the number one best-performing I.P.O. of the year. (Kors personally made a cool $700 million since the company he founded went public.) And the company's growth and profitability shows for now no sign of slowing.
— Jenna Sauers
· Michael Kors Profits Leap 82% [WWD]