Michael Kors Holdings tops 3Q profit forecasts

MarketsAssociated 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.

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