Shares of Michael Kors KORS are up more than 18% after the company beat earnings estimates today.
Total revenue for the third quarter increased 67.9% to $373.6 million from $222.5 million in the third quarter of fiscal 2011.
Retail net sales increased 82.8% to $199.4 million driven by 75 new store openings since the end of the third quarter of last year and a 38.0% increase in comparable stores sales. Wholesale net sales increased 55.0% to $154.6 million and royalty revenue increased 44.0% to $19.6 million.
Gross profit for the quarter increased 75.1% to $221.9 million, and as a percentage of total revenue gross profit was 59.4% for the quarter as compared to 57.0% in the third quarter of fiscal 2011.
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