Michael Kors Holdings Limited (NYSE:KORS) trading at $53.84 dropped $-0.08 or -0.15% on a volume of 2,731,680 shares, and is today’s top luxury stock to watch.
Michael Kors, now one of the most loved and fashionable brands in the world, reported incredible quarterly results in February and hit its 52-week high, but has since lowered making it opportune for buying.
In February earnings per share increased 220% to $0.64, while revenue increased 70.4% to $636.8 million. This beat analysts expected estimates of earnings per share at $0.41.
In the last 52 weeks, Michael Kors has opened 66 new retail locations, bringing the grand total to 297 stores, along with another 91 stores operated through licensed partners. With the company still expanding, it now has its eyes set on the Chinese market, with CEO John Idol stating that, "over the next three to five year, we will have 100 stores open in this market ( CHINA)." China is expected to account for 20% of the world's luxury market by 2015.