Michael Kors Stock Surges on Earnings Beat

KORS beat EPS estimates by 37 cents

Michael Kors (NYSE:KORS) stock was up on Wednesday following the release of its earnings report for its fiscal first quarter of 2019.

Michael Kors Stock Surges on Earnings Beat

Michael Kors’ earnings report for its fiscal first quarter of the year includes earnings per share of $1.32. This is an increase over its earnings per share of 80 cents from the same period of the year prior. It was also good news for KORS stock by easily beating out Wall Street’s earnings per share estimate of 95 cents for the quarter.

Net income reported by Michael Kors for its fiscal first quarter of 2019 came in at $186.20 million. The fashion company’s net income from its fiscal first quarter of 2018 was $125.50 million.

During its fiscal first quarter of the year, Michael Kors reported operating income of $215.20 million. This is better than the company’s operating income of $149.4 million that was reported during the same time last year.

Michael Kors also reported revenue of $1.20 billion for its fiscal first quarter of 2019. Revenue reported by the company in its fiscal first quarter of the previous year was $952.40 million. This is a boon to KORS stock, as analysts’ were estimating revenue of $1.14 billion for the period.

Michael Kors also took time in its most recent earnings report to update its guidance for its fiscal full year of 2019. The company says that it is now expecting earnings per share for the period to range from $4.90 to $5.00. This is up 25 cents from its previous outlook. Wall Street is looking for earnings per share of $4.77 for the fiscal year.

KORS stock was up 6% 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/2018/08/michael-kors-stock-soars-on-earnings-beat/.

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