Michael Kors Expects Upbeat 2013, Shares Rise

The company's annual forecast beats Wall Street's expectations

   

Michael Kors Expects Upbeat 2013, Shares Rise

Luxury goods maker Michael Kors (NYSE:KORS) announced that it expects EPS for the first quarter of fiscal 2013 of between 18 cents and 20 cents. The company projects between $360 million and $370 million in revenues for the quarter.

That exceeded analysts’ forecast of EPS of 17 cents on revenue of $324 million, Reuters noted.

KorsFeature 200x200 Michael Kors Expects Upbeat 2013, Shares Rise
Tale of Two IPOs: Michael Kors Vs. Facebook

For all of fiscal 2013, Michael Kors estimates revenue of between $1.7 billion and $1.8 billion and adjusted EPS of $1.08 and $1.12, topping Wall Street, which anticipates EPS of 98 cents on revenue of $1.69 billion.

Investors liked the guidance. Shares of Michael Kors rose more than 5% in Tuesday afternoon trading.

The company also posted fourth-quarter 2012 earnings of $43.6 million, more than twice the earnings from the same time last year.


Article printed from InvestorPlace Media, http://investorplace.com/2012/06/michael-kors-expects-upbeat-2013-shares-rise/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.