Michael Kors Holdings Ltd Stock Pops on Q3 Earnings Beat

KORS beat EPS and revenue estimates for the quarter

Michael Kors Holdings Ltd (NYSE:KORS) stock was up on Wednesday following an earnings beat for its fiscal third quarter of 2018.

Michael Kors Holdings Ltd Stock Pops on Q3 Earnings Beat
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Earnings per share reported by Michael Kors Holdings Ltd for its fiscal third quarter of the year came in at $1.77. This is an increase over its earnings per share of $1.64 reported in the same time last year. It was also good news for KORS stock by beating out Wall Street’s earnings per share estimate of $1.29 for the period.

Michael Kors Holdings Ltd reported net income of $219.40 million for its fiscal third quarter of 2018. This is down from its net income of $271.30 million that was reported in the same period of the year prior.

During its fiscal third quarter of the year, Michael Kors Holdings Ltd reported operating income of $313.50 million. The handbag and accessories seller reported operating income of $341.90 million for its fiscal third quarter of 2017.

Michael Kors Holdings Ltd also reported revenue of $1.44 billion for its fiscal third quarter of 2018. This is better than its revenue of $1.35 billion that was reported in the same quarter of the previous year.

Michael Kors Holdings Ltd has also provided an update to its outlook for fiscal 2018 in its most recent earnings report. It is expecting earnings per share for the year to range from $4.40 to $4.45. Wall Street is looking for earnings per share of $4.00 for the year.

Revenue expectations reported by Michael Kors Holdings Ltd for its fiscal 2018 year are sitting at approximately $4.66 billion. Analysts are estimating revenue of $4.62 billion for the full fiscal year of 2018.

KORS stock was up 3% as of noon Wednesday.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/02/michael-kors-beats-q3-estimates/.

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