Michael Kors Shares Slump 9.3% On Weaker-than-expected Outlook

Michael Kors Holdings Ltd. shares slumped 9.3% in premarket trade, after the luxury designer reported a stronger-than-expected fiscal third quarter, but offered a weaker-than-expected outlook for the fourth quarter and fiscal year. The company said it had net earnings of $303.7 million, or $1.48 a share, in the third quarter, up from $229.6 million, or $1.11 a share, in the year-earlier period. Revenue rose to $1.26 billion from $964.8 million. The FactSet consensus was for earnings of $1.33 a share on revenue of $1.298 billion. But the company said it expects fourth-quarter EPS of 89 cents to 92 cents on revenue of $1.05 to $1.08 billion. The FactSet consensus is for earnings of 94 cents and revenue of $1.151 billion. For the full year, the company is expecting EPS of $4.27 to $4.30 and revenue of about $4.4 billion. The FactSet consensus is for 2015 EPS of $$4.81 and revenue of $5.311 billion.