Michael Kors Holdings tops 3Q profit forecasts

Markets Associated Press

This Tuesday, Feb. 7, 2017 photo shows a Michael Kors purse in New York. Michael Kors’ third-quarter revenue was driven lower by weak sales in Europe and the Americas, comparable store sales fell and the luxury retailer lowered its outlook for all of ... 2017. (AP Photo) (The Associated Press)

Michael Kors Holdings Ltd. (KORS) on Tuesday reported fiscal third-quarter net income of $271.3 million.

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On a per-share basis, the London-based company said it had net income of $1.64.

The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.62 per share.

The luxury retailer posted revenue of $1.35 billion in the period, which matched Street forecasts.

For the current quarter ending in March, Michael Kors Holdings said it expects revenue in the range of $1.03 billion to $1.06 billion. Analysts surveyed by Zacks had expected revenue of $1.11 billion.

The company expects full-year earnings in the range of $4.15 to $4.19 per share, with revenue expected to be $4.48 billion.

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Michael Kors Holdings shares have dropped 4 percent since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 2 percent. The stock has fallen 20 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KORS at https://www.zacks.com/ap/KORS

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Keywords: Michael Kors Holdings, Earnings Report