Comp sales up 24% at Michael Kors

Michael Kors (NYSE:KORS) reports comparable-store sales rose 24.2% in FQ1.

Wholesale net sales were up 40.0% to $406.8M during the period, while licensing revenue improved 30.5% to $32.1M.

Gross profit rate +20 bps to 62.2%.

Inventory +65% Y/Y to $527.25M.

KORS +3.7% premarket

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