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Michael Kors profit falls 15%

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Michael Kors reported a 15 per cent drop in quarterly profit on Tuesday, as the US fashion accessories maker sold fewer items to department stores.

[BENGALURU] Michael Kors reported a 15 per cent drop in quarterly profit on Tuesday, as the US fashion accessories maker sold fewer items to department stores.

Net income attributable to the company fell to US$125.5 million, or 80 US cents per share in the first quarter ended July 1, from US$147.1 million, or 83 US cents per share, a year earlier.

Total revenue for Michael Kors, which said last month it would buy upscale shoemaker Jimmy Choo, dipped 3.6 per cent to US$952.4 million.

The company, however, raised its annual revenue forecast.

REUTERS

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