New York -- Michael Kors Holdings Ltd. is on a roll. The white-hot luxury fashion and accessories company plans to open up to 50 stores in North America in its current fiscal year, plus additional units in Europe and the Far East. Michael Kors currently has 44 stores in Europe, with another 40 planned for its new fiscal year.
“Given how strongly our brand has performed in the market, how well it resonates with European consumers . . . we have concluded that the retail store growth potential is greater than the hundred locations we initially targeted [in Europe],” CEO John Idol said during a conference call with investors.
On Wednesday, Michael Kors reported that its profit more than doubled on surging sales in the fourth quarter, ended March 30, topping another strong year for the company. Net income was $101.1 million, up from $43.6 million in the year-ago period.
Revenue jumped 57% to $597.1 million.
For the year ended March 30, net income nearly tripled to $397.6 million from $147.4 million a year ago.
Revenue surged 67% to $2.18 billion for the year from $1.3 billion. Same-store sales rose 35% in North America.