Luxury demand fuels Michael Kors glitzy qtr

Michael Kors Holdings Ltd reported robust quarterly results as its namesake luxury brand saw strong demand, and said it expects its accessories business to drive profits in the coming quarters.

Shares of the designer apparel and accessories company jumped 26 percent to $42.19 on Tuesday on the New York Stock Exchange, their highest since the stock's Dec. 15 debut.

The stock, which had risen 39 percent through Monday's close, was trading up 22 percent at $41.25 in late morning trade. It was the biggest percentage gainer on the exchange.

Chief Executive John Idol attributed the quarterly performance to "the strong demand for the Michael Kors luxury brand, our exciting assortment of fashion merchandise and our exceptional jet-set in-store experience."

Read Full Article from Reuters

- Posted: 2012-02-14 11:52:35

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