NEW YORK ? Shares of Michael Kors Holdings Ltd. soared as much as 25 percent early Tuesday after the luxury company said its fiscal third-quarter earnings rose 40 percent and revenue rose 68 percent, results that beat Wall Street expectations. The company, which went public in December and designs and sells products from accessories to clothing, also offered an upbeat earnings and sales outlook. That signals the company is confident its affluent shoppers’ appetite for high-end goods will remain robust. [...]
TOKYO (Reuters) ? The Bank of Japan forecast the economy will contract in the current fiscal year but kept policy steady on Tuesday, expecting exports to emerging markets and reconstruction after last year’s earthquake will help fuel a steady recovery later in 2012. BOJ Governor Masaaki Shirakawa, however, warned that Europe’s sovereign debt crisis remained the biggest threat to Japan’s recovery prospects, already clouded by recent yen rises against the euro and slowing global demand for Japanese goods. “At present, [...]
DALLAS ? Even with a tough economy and high jet fuel prices, Southwest Airlines Co. made money in the fourth quarter and could do better this year. Travel demand was strong enough in the final three months of 2011 for the carrier to keep planes nearly full and raise fares. The carrier’s fourth-quarter net income rose 16 percent to $152 million, and profit was slightly higher than analysts expected. Revenue jumped to $4.11 billion. CEO Gary C. Kelly said he [...]