Michael Kors answered the call of its athleisure-loving customers last year and introduced smaller bags to go with their new low-maintenance looks—and the move paid off. The luxury lifestyle brand on Tuesday revealed that total revenue for the third quarter of fiscal 2016 was $1.40 billion, up 6.3% from $1.31 billion a year ago, and $1.59 per diluted share.
The quarterly results topped the predictions of analysts polled by Thomson Reuters, who had estimated earnings of $1.46 per diluted share on revenue of $1.36 billion.
Wall Street responded well to the news: Michael Kors Holdings Ltd. shares (KORS) had jumped 18 percent by mid-morning.
Read more at Sourcing Journal.