UPDATE: Michael Kors Posts Surge In FQ2 Profit, Lifts Forecast
Michael Kors Holdings Ltd (NYSE: KORS) reported a surge in its fiscal second-quarter earnings.
Michael Kors lifted its full-year earnings forecast by $0.09 per share to $1.48 to $1.50 per share and raised its revenue forecast by $10 million to $1.86 billion to $1.96 billion.
It expects current-quarter earnings of $0.37 to $0.39 per share on revenue of $525 million to $535 million. However, analysts expect earnings of $0.39 per share on sales of $524 million.
Michael Kors' quarterly profit rose to $97.8 million, or $0.49 per share, from $40.6 million, or $0.22 per share, in the year-ago period. Excluding one-time items, it earned $0.25 per share.
Its revenue climbed 74% to $532.9 million. The company in September expected earnings of $0.38 to $0.40 per share on revenue of $510 million to $520 million.
Michael Kors' gross margin rose to 59.8% from 56.9%, while retail sales climbed 82%.
Michael Kors shares dropped 6.41% to $47.34 in pre-market trading.
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