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Designer Michael Kors Outlet became a billionaire Tuesday as shares of his namesake company surged more than 18% to $90.68 after posting better-than-expected profit.
The 54-year-old CEO owns about 2% of the luxury goods company, which is valued at about $390 million, and he has collected more than $700 million selling stock since its 2011 initial public offering, Bloomberg reports.
The company”s stock was surging Tuesday on news that its fiscal third-quarter profit jumped 77%, driven by sales growth in Europe and North America.
European same-store sales increased 73% in the third quarter while North American sales grew 24%, the company said.
Michael Kors has revised its 2014 profit outlook to a maximum $3.09 earnings per share, up from November”s estimate of $2.77 to $2.81 earnings per share.