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Michael Kors posts first quarter profit and revenues jump

US luxury lifestyle label Michael Kors has posted a surge in profits for its first financial quarter, with European sales growing 128%.

The results are for the three months to June 28, 2014. Revenues increased 43.4% to $919.2m (£545.3m) from $640.9m (£380.2m) at the end of the same period last year, while gross profit increased 43.9% on the year before to $571.6m (£338.9m).

Chief executive John Idol said: “In Europe, we were extremely pleased with our revenue growth, which was driven by a comparable store sales increase of 54.2%, as well as strength in our wholesale business.”

He added “We saw continued strength across our retail, wholesale, and licensing segments, as well as in both the North American and international markets during the first quarter. In North America, revenue increased 30%, with comparable store sales growth of 18.7%.”

The results come at a time of major retail expansion for the company. Michael Kors now operates 443 retail stores, including concessions, compared to 328 at the end of the same prior-year period in 2013. The business has an additional 162 retail stores, including concessions, operated through licensing partners.

Last month the brand said it will open a new UK flagship store on London’s Regent Street. The three-floor store at numbers 169-183 will be its largest in Europe to date, measuring nearly 15,000 sq ft.

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