(Reuters) – Michael Kors Holdings Ltd (N:) reported a 15 percent drop in quarterly profit on Tuesday, as the U.S. fashion accessories maker sold fewer items to department stores.
Net income attributable to the company fell to $ 125.5 million, or 80 cents per share in the first quarter ended July 1, from $ 147.1 million, or 83 cents per share, a year earlier.
Total revenue for Michael Kors, which said last month it would buy upscale shoemaker Jimmy Choo, dipped 3.6 percent to $ 952.4 million.
The company, however, raised its annual revenue forecast.
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