Michael Kors Holdings posts 2Q profit, results top Street expectations

MarketsAssociated Press

TSIM SHA TSUI KOWLOON, Hong Kong (AP) — Michael Kors Holdings Ltd. (KORS) on Tuesday reported earnings of $207 million in its fiscal second quarter.

On a per-share basis, the Tsim Sha Tsui Kowloon, Hong Kong-based company said it had net income of $1.

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The results surpassed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share.

The luxury retailer posted revenue of $1.06 billion in the period, also surpassing Street forecasts. Analysts expected $978.4 million, according to Zacks.

For the current quarter ending in December, Michael Kors Holdings said it expects revenue in the range of $1.27 billion to $1.3 billion. Analysts surveyed by Zacks had expected revenue of $1.29 billion.

The company expects full-year earnings to be $4.13 to $4.18 per share, with revenue ranging from $4.3 billion to $4.4 billion.

Michael Kors Holdings shares have decreased almost 4 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 9 percent. The stock has risen slightly more than 3 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. KORS stock research report from Zacks.

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Keywords:Michael Kors Holdings,Earnings Report