Michael Kors Holdings Ltd (NYSE:KORS) stock was hurting on Wednesday despite reporting an earnings beat for its fiscal fourth quarter of 2018.
During its fourth quarter of the year, Michael Kors Holdings Ltd reported earnings per share of 63 cents. This is a decrease over its earnings per share of 73 cents from the same time last year. However, it was still able to come in above Wall Street’s earnings per share estimate of 60 cents for the quarter.
Net income reported by Michael Kors Holdings Ltd for its fiscal fourth quarter of 2018 was $44.50 million. This is an improvement over the fashion company’s net less of $26.80 million reported in its fiscal fourth quarter of 2017.
Michael Kors Holdings Ltd’s earnings report for its fiscal fourth quarter of the year also saw its operating income come in at $87.10 million. This is better than the company’s operating loss of $42.60 million reported in the same period of the year prior.
Michael Kors Holdings Ltd also reported revenue of $1.18 billion for its fiscal fourth quarter of 2018. This is up from its revenue of $1.06 billion reported in its fiscal fourth quarter of the previous year. It also beat out analysts’ revenue estimate of $1.15 billion for the period.
While Michael Kors Holdings Ltd’s earnings for its fiscal fourth quarter of the year were strong, it’s outlook for fiscal 2019 isn’t quite as good. The company is expecting earnings per share ranging from $4.65 to $4.75 on revenue around $5.10 billion. This may be dragging down KORS stock as Wall Street is looking for earnings per share of $4.74 on revenue of $5.01 billion.
KORS stock was down 13% as of noon Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.