Mid-priced leathergoods help Kors steal a march on Coach
29/05/2014
Revenue for the year ending March 31 totalled $3.3 billion, driven by accessories, footwear and watches.
CEO John Idol said: “We delivered outstanding financial performance in fiscal 2014 with comparable store sales growth of 26.2% and earnings growth of 63.5%.
“In Europe, revenue grew 125% in the fourth quarter, with exceptional comparable store sales growth of 62.7%, which we believe was driven by growing brand awareness and demand across regions.”
Coach, its rival in the US, recently reported its fourth consecutive quarter of declining sales in North America, which analysts have suggested could be due to consumers turning to Kors with its less expensive handbags.
Kors opened 100 retail stores during the year; its network now totals 403.
“We have great momentum as we head into fiscal 2015 and remain very excited about our growth prospects for next year and beyond,” added Mr Idol.
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