NEW YORK — The momentum continues at Michael Kors Holdings Ltd., with shares of the firm spiking up 16.5 percent after the fashion brand posted first-quarter results that saw profits more than triple on a revenue gain of 70.6 percent.
For the three months ended June 30, income attributable to common shareholders was $68.6 million, or 34 cents a diluted share, from $18.9 million, or 13 cents, last year. Total revenues rose to $414.9 million from $243.1 million, which included a total sales gain of 71.1 percent to $397.4 million. The balance of the revenue included a 61.3 percent jump in licensing income to $17.5 million, boosted in part by strong watch sales.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"