Michael Kors Holdings tops Street 2Q forecasts

Markets Associated Press

Michael Kors Holdings Ltd. (KORS) on Monday reported fiscal second-quarter earnings of $202.9 million.

Continue Reading Below

On a per-share basis, the London-based company said it had net income of $1.32. Earnings, adjusted for one-time gains and costs, were $1.33 per share.

The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.

The luxury retailer posted revenue of $1.15 billion in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $1.05 billion.

For the current quarter ending in January, Michael Kors Holdings said it expects revenue in the range of $1.36 billion to $1.39 billion. Analysts surveyed by Zacks had expected revenue of $1.42 billion.

The company expects full-year earnings to be $3.85 to $3.95 per share, with revenue expected to be $4.59 billion.

Continue Reading Below

Michael Kors Holdings shares have climbed 11 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 16 percent. The stock has dropped 3 percent in the last 12 months.

_____

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