Michael Kors Holdings Surges 70% in Revenue, Eyes China Expansion
Michael Kors Holdings has reported impressive growth in its latest quarter, with comparable sales surging by 41% and revenue increasing by 70%. Despite this, the company's stock market price has fluctuated, currently up 11% since the start of 2013 but down 12% from its 2013 peak.
The company's CEO, John Idol, recently sold 2 million shares in February. Meanwhile, Michael Kors, the founder, has reduced his stake to 2.4%, selling $185 million worth of stock in the same month. Michael Kors is expanding its horizons, planning to enter the Asian stock market, specifically China, in the coming years. Currently, the company is trading at 32 times earnings, higher than the industry average of 23. Since its market debut in late 2011, Michael Kors' share price has more than doubled.
Michael Kors Holdings has demonstrated strong sales and revenue growth in the last quarter. However, the company's stock market price has seen fluctuations, and key figures, including the CEO and founder, have sold shares. The company is also looking to expand into the Asian market, with plans to enter China in the near future.
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