Market Overview

UPDATE: Michael Kors Posts Surge In FQ2 Profit, Lifts Forecast

Related KORS
Why Abercrombie Isn't 'Cool' Anymore
Why Oppenheimer Upgraded Coach
Kate Spade Q4 Revenue Tops, 2015 Guidance Light (Investor's Business Daily)

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.

Posted-In: profitEarnings News Guidance


Related Articles (KORS)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Benzinga PRO content