UPDATE: Michael Kors Posts Rise In FQ3 Profit, Lifts Outlook

Michael Kors Holdings

reported a 77% gain in its fiscal third-quarter profit and lifted its forecast for the year. Michael Kors projects full-year earnings of $3.07 to $3.09 per share on revenue of $3.18 billion to $3.19 billion. The company had earlier expected earnings of $2.77 to $2.81 per share on revenue of $2.9 billion to $3 billion. Michael Kors posted its quarterly earnings of $229.6 million, or $1.11 per share, versus $130 million, or $0.64 per share, in the year-ago period. Its revenue climbed 59% to $1.01 billion. The company had expected earnings of $0.83 to $0.85 per share on revenue of $845 million to $855 million. Michael Kors shares jumped 19.86% to $91.90 in pre-market trading.