Michael Kors' sales shine as brand refresh efforts pay off [Reuters]
MICHAEL KORS HOLDINGS (KORS)
Last michael kors holdings earnings: 11/7 06:30 am
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Source: Reuters
Michael Kors' sales shine as brand refresh efforts pay off | Reuters Reuters Staff 3 Min Read (Reuters) - Michael Kors Holdings Ltd ( KORS.N ) reported strong holiday-quarter sales and raised its full-year revenue forecast, showing the luxury goods maker’s moves to cut promotions in order to reinvigorate sales and brand prestige were paying off. The retailer’s shares rose more than 7 percent in trading before the U.S. market opened on Wednesday. Once the hottest name in affordable luxury, Kors chose to appeal to a mass market by making its sought-after products such as handbags more widely available and offering promotions. But that led to brand fatigue and a year-long decline in revenue. Last year, Kors dialed back supplies to department stores and off-price channels, refreshed its product lines and shut underperforming stores. It intensified these moves in the key holiday shopping season. Coupled with sales of Jimmy Choo, the high-end shoemaker it bought last year, Kors posted an
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