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Michael Kors Q2 Beats, Sales Surge in Europe and Japan

TheStreet

Michael Kors' shares are trading lower on Monday despite significantly higher comparable store sales in their latest quarterly report. Profit came in a full dime better than expectations at 91 cents a share. Revenue came in at almost $920 millions, which is almost 10% better than estimates. North American shoppers spent more in the stores, but sales in Europe and Japan were even higher. CEO John Idol said, "In Europe, we were extremely pleased with our revenue growth of 128%, which was driven by a comparable store sales increase of 54.2%. Revenue in Japan increased 89%, driven by comparable store sales growth of 48.8%." The fashion watchers are following Michael Kors' brand image closely. Michael Kors currently has 2,500 stores in North America. TheStreet's Julia Sun has details.