by Christopher Freeburn | February 4, 2014 9:29 am
On Tuesday, Michael Kors Holdings (KORS) posted impressive fiscal-third quarter revenue and earnings and boosted its annual profit outlook, sending KORS stock vaulting about 20% in pre-market trading.
Shares of Michael Kors stock jumped after the company said that, during the fiscal third quarter, it earned a profit of $229.6 million, up 77% from the year-ago quarter. EPS came in at $1.11 per share. Revenues surged to $1.01 billion, a 59% gain over the prior year’s quarter. That easily beat the EPS of 86 cents on revenue of $859.9 million that analysts had expected for Michael Kors, Reuters notes.
Michael Kors now expects full-year earnings of between $3.07 and $3.09 per share of Michael Kors stock. That was up from prior guidance of between $2.77 and $2.81 per share, and easily beat the earnings of $2.83 per share that Wall Street had anticipated for the year.
The company also increased its full year revenue estimates. Michael Kors indicated that annual revenue will fall between $3.18 billion and $3.19 billion, up from earlier forecasts of between $2.9 billion and $3 billion. That also topped the revenue of $3.03 billion that analysts had expected for Michael Kors.
Michael Kors also reported same-store sales up 27,8% during the fiscal third quarter.
Share of Michael Kors have climbed more than 35% over the past year. KORS stock closed at $76.67 a share on Monday.
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