Michael Kors Holdings Ltd (NYSE:KORS) stock was flying high today on a strong outlook for fiscal 2018.
Michael Kors Holdings Ltd provided an updated outlook for the year in its fiscal second quarter of 2018. The fashion company is expecting earnings per share for the year to range from $3.85 to $3.95. This is a plus for KORS stock by being above Wall Street’s earnings per share estimate of $3.71 for fiscal 2018.
Michael Kors Holdings Ltd’s revenue guidance of $4.59 billion for fiscal 2018 is also a boon to KORS stock. This is higher than analysts’ revenue estimate of $4.30 billion for the year. The company notes that its recent acquisition of Jimmy Choo is adding between $215 million and $225 million to its fiscal 2018 revenue.
Michael Kors Holdings Ltd also provided its outlook for the fiscal third quarter of 2018 in its most recent earnings report. It is expecting earnings per share ranging from $1.22 to $1.27 on revenue between $1.355 billion and $1.385 billion. Wall Street is expecting earnings per share of $1.50 on revenue of $1.29 billion for the quarter.
The update to Michael Kors Holdings Ltd’s fiscal 2018 outlook came during a positive earnings report for the company. It reported revenue of $1.15 billion for the quarter, which is up roughly 5% from the same time last year. This also came in above analysts’ revenue estimate of $1.04 billion for the period.
Earnings per share reported by Michael Kors Holdings Ltd for the fiscal second quarter of the year was $1.33. This is an increase over its earnings per share of 97 cents from the fiscal second quarter of 2017. It also beat out Wall Street’s earnings per share estimate of 83 cents for the quarter.
KORS stock was up 14% as of Monday morning and is up 25% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.