by Christopher Freeburn | August 14, 2012 2:23 pm
Shares of Michael Kors (NYSE:KORS) jumped on Tuesday after the company posted sharply higher quarterly earnings.
The apparel maker said it earned $68.6 million in its fiscal first quarter, up 185% from $24.1 million during the same period last year.
The company saw sales jump to $414.9 million, up 71% from $243.1 million in 2011, boosted by the opening of 76 new stores over the last year. That beat analysts, who had forecast revenue of $368 million, Fox Business noted.
EPS for the quarter was 34 cents, which handily topped the 20 cents Wall Street expected.
Shares of Michael Kors jumped more than 14% in Tuesday afternoon trading.
Looking forward, the company increased its guidance for 2013, predicting sales of between $1.8 billion and $1.9 billion and profits of between $1.32 and $1.34, up from earlier estimates.
Company officials projected second fiscal quarter revenue between $490 million and $500 million and EPS of between 33 cents and 35 cents. Analysts anticipated revenue of $422 million and earnings of 28 cents a share for the current quarter.
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