Michael Kors Up 18% After Beating Earnings Estimates

Shares of Michael 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.