UPDATE: Michael Kors Posts Upbeat Q3 Profit, Lifts Full-Year Forecast
Michael Kors Holdings (NYSE: KORS) reported better-than-expected third-quarter results and lifted its full-year forecast.
Its quarterly net income jumped to $130.0 million, or $0.64 per share, versus $32.0 million, or $0.20 per share, in the year-ago period. Analysts were expecting earnings of $0.41 per share.
Michael Kors' quarterly revenue climbed 70% to $636.8 million, versus analysts' estimates of $540.3 million.
Michael Kors lifted its full-year earnings view to $1.80 to $1.82 per share, from $1.48 to $1.50 per share. It now expects revenue of around $2.1 billion, versus its earlier forecast of $1.86 billion to $1.96 billion. However, analysts expected full-year earnings of $1.57 per share on revenue of $2.01 billion.
Michael Kors shares jumped 12.12% to $63.91 in pre-market trading.
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