UNITED NEWS INTERNATIONAL (UNI) — Michael Kors is doing something right.
Shares of the luxury handbag maker surged after the company released its better-than-expected earnings results on Aug. 8.
Michael Kors posted a profit of 80 cents per share in its latest quarter, topping the consensus estimate of 62 cents a share.
Total revenue for the period came in at $952 million, also beating analysts’ expectations of $918 million, according to Thomson Reuters.
Meanwhile, same-store sales fell just 5.9 percent, compared to the 8.9 percent contraction analysts had expected.
Michael Kors saw stronger sales in North America and Europe. It also opened more stores and got a lift from strong demand in China.
So it looks like the company’s turnaround efforts may be paying off. Michael Kors remains upbeat ahead, raising its sales outlook for the full year.