Michael Kors Profit, Sales Top Estimates

Michael Kors Holdings Ltd. said it had net income of $207 million, or $1.00 a share, in its second fiscal quarter, up from $145.8 million, or 71 cents a share, in the year-earlier period. The luxury clothes and accessories maker was expected to post EPS of 89 cents a share, according to analysts surveyed by FactSet. Revenue rose 42.7% to $1.1 billion, ahead of the FactSet consensus of $978 million. Revenue rose 108.6% in Europe, 106.3% in Japan and 29.8% in North America. The company said its board has approved a $1 billion share buyback to be conducted over a two-year period. For the third quarter, it is expecting revenue of $1.27 billion to $1.30 billion, assuming a low double-digit same-store sales increase. Earnings per share are expected at $1.31 to $1.34, compared with a FactSet consensus of $1.34. Shares fell 6.1% in premarket trade, and are down 3.9% in the year so far, while the S&P 500 has gained 9%.