Pursuits
Michael Kors Gains on Raising Full-Year Profit Forecast
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Michael Kors Holdings Ltd., named for the designer who founded the company, rose to the highest price since its market debut after forecasting profit for fiscal 2013 more than double that reported a year earlier.
The shares climbed 8.8 percent to $62 at the close in New York, for the highest price since Dec. 15, 2011. The Hong Kong-based company has gained 85 percent in the past 12 months, while the Standard & Poor’s 500 Consumer Discretionary Sector Index has risen 20 percent.