(Reuters) - Michael Kors Holdings Ltd (KORS.N) 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