Michael Kors Became A Billionaire Today

CFDA Karolina Kurkova Michael KorsAndrew H. Walker/GettyMichael Kors (left) became a billionaire Tuesday.

Designer Michael Kors became a billionaire Tuesday as shares of his namesake company surged more than 18% to $US90.68 after posting better-than-expected profit.

The 54-year-old CEO owns about 2% of the luxury goods company, which is valued at about $US390 million, and he has collected more than $US700 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 $US3.09 earnings per share, up from November’s estimate of $US2.77 to $US2.81 earnings per share.

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