February 7, 2018 / 12:09 PM / 10 months ago

Michael Kors' same-store sales fall less than expected

Feb 7 (Reuters) - Michael Kors Holdings Ltd reported a much smaller-than-expected drop in same-store sales for the holiday quarter during which the affordable luxury products maker sharply cut promotions to reinvigorate sales and brand prestige.

The company said same-store sales fell 3.2 percent in its third quarter ended Dec. 30, well below analysts average estimate of a decline of 6.8 percent, according to Thomson Reuters I/B/E/S.

Kors’s total revenue rose 6.5 percent to $1.44 billion in the quarter, which included two months of sales for Jimmy Choo, the high-end shoemaker it bought last year. (Reporting by Nivedita Balu and Sangameswaran S in Bengaluru; Editing by Savio D’Souza)

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