New York -- Michael Kors Holdings Ltd’s first-quarter net income surged 50% amid strong sales overseas. The luxury retailer earned a better-than-expected $187.7 million for the three months ended June 28, up from $125 million from a year ago.
Net sales jumped 44% to $887 million. Total revenue — which includes licensing revenue — climbed 43% to $919.2 million. Global same-store sales for the quarter rose 24.2%.
"In North America, revenue increased 30%, with comparable store sales growth of 18.7%,” said Michael Kors CEO John Idol.
“In addition, the 30% growth in our North American wholesale segment reflects ongoing momentum in our brand as well as the continued benefit from our shop-in-shop conversions. In Europe, we were extremely pleased with our revenue growth of 128%, which was driven by a comparable store sales increase of 54.2%, as well as strength in our wholesale business. Lastly, revenue in Japan increased 89%, driven by comparable store sales growth of 48.8%."