Michael Kors Handbags Are Everywhere — and That’s a Problem for the Brand
Michael Kors, the accessible luxury retailer best known for its leather handbags, delivered the kind of earnings report Thursday that many retailers would consider the stuff of dreams: revenue soared nearly 30 percent and profit rocketed 24 percent in the most recent quarter. Sales at stores open more than a year increased 8.6 percent, and online sales rose 76 percent. However, investors looking toward the future are unimpressed, sending the company's stock down nearly 4 percent in morning trading. Kors went public in December 2011, and it was on a rocket ride from the start.