Michael Kors Holdings posts 1Q profit, results top Wall Street forecasts

IndustriesAssociated Press

Michael Kors Holdings Ltd. (KORS) on Thursday reported fiscal first-quarter earnings of $174.4 million.

On a per-share basis, the London-based company said it had net income of 87 cents.

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The results surpassed Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.

The luxury retailer posted revenue of $947.3 million in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $943 million.

For the current quarter ending in October, Michael Kors Holdings said it expects revenue in the range of $1.06 billion to $1.08 billion. Analysts surveyed by Zacks had expected revenue of $1.11 billion.

The company expects full-year earnings to be $4.40 to $4.50 per share, with revenue ranging from $4.7 billion to $4.8 billion.

Michael Kors Holdings shares have fallen 47 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 2 percent. The stock has decreased 50 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 http://www.zacks.com/ap/KORS

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Keywords: Michael Kors Holdings, Earnings Report