Michael Kors Inc. shares jumped almost 5% in premarket trade Thursday, after the luxury clothes and accessories company beat profit and sales estimates for its first fiscal quarter. The company said it had net profit of $174.4 million, or 87 cents a share, in the quarter, down from $187.7 million, or 91 cents a share, in the year-earlier period. Revenue rose 7.3% to $986 million. The FactSet consensus was for EPS of 75 cents and revenue of $944 million. "On a global basis we saw solid growth in accessories and footwear as these categories performed well in our retail stores and we experienced strong sell-through in our wholesale channel," Chief Executive John Idol said in a statement. The company is now expecting second-quarter EPS of 86 cents to 90 cents, compared with the current FactSet consensus of 98 cents. Revenue is expected to range from $1.06 billion to $1.08 billion, compared with the FactSet consensus of $1.11 billion. Shares are down 47% in the year so far, while the S&P 500 has gained about 2%.
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