Michael Kors Profit And Revenue Beats Estimates, Shares Surge

Michael Kors Holding Ltd. said Wednesday it had net income of $193.1 million, or $1.01 a share, in its fiscal second quarter, compared with $207 million, or $1.00 a share, in the year-earlier period. Revenue rose 6.9% to $1.13 billion. The FactSet consensus was for EPS of 90 cents and revenue of $1.075 billion. "We drove growth in our retail and wholesale segments as well as across our operating regions in the Americas, Europe and Japan," Chief Executive John Idol said in a statement. Looking ahead, the company is expecting third-quarter revenue to range from $1.33 billion to $1.35 billion, compared with the current FactSet consensus of $1.39 billion. EPS is expected to range from $1.44 to $1.48, compared with the FactSet consensus of $1.53. The board approved an additional share buyback of $500 million. Shares surged 9% in premarket trade, but are down 47% in the year through Tuesday, while the S&P 500 has gained 2.5%.

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