May 29 - Sales at Michael Kors hit $2.2 billion for the fiscal year driven by luxury spending around the globe. Conway G. Gittens reports.
The Daily Digit is $2.2 billion… that's sales at high-end clothing and accessories maker Michael Kors for the fiscal year ended March 30th. The number is almost 70 percent bigger than a year ago and shows growing appetite for luxury shopping. Sales at the company, formed and owned by fashion designer Michael Kors, have risen at a blistering pace since it went public in 2011. Last quarter alone, sales were up more than 50 percent in North America, and almost doubled in Europe - blowing past forecasts. And, at Michael Kors, they believe it can only get better. The retailer is expanding, even in austerity-ravaged Europe. For fiscal 2014, the company sees total revenue between $2.65 billion and $2.75 billion; that would be up from the prior year, but not as strong as analysts are looking for.