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Actionable news in KORS: MICHAEL KORS HOLDINGS LIMITED,

Michael Kors lifts full-year revenue forecast, shares soar

A Michael Kors Holdings Limited retail store is shown in La Jolla, California, U.S., May 17, 2017. REUTERS/Mike Blake

(Reuters) - Michael Kors Holdings Ltd (KORS.N) reported better-than-expected profit for the first quarter as it cut down on promotions and sold more premium handbags, and lifted its full-year revenue forecast, sending the company's shares up as much as 22 percent.

Once the hottest name in affordable luxury, Kors has been grappling with declining same-store sales as more people shop online. Over-distribution of its products and a reliance on promotions to boost sales also eroded some of Kors' brand value and its appeal.

To reverse an eight-quarter slump in same-store sales, Kors is pursuing a multi-brand strategy for growth and diversifying into new products. Last month, the...


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