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Michael Kors Sales Soar on Strength of Shoes and Accessories Offering in Q3

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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.

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