Michael Kors's Stock Soars After Profit, Sales Beat

Michael Kors Holdings Ltd.'s stock soared 8.8% in premarket trade Tuesday after the luxury accessories company reported fiscal third-quarter profit and sales that beat expectations. Earnings declined to $294.6 million, or $1.59 a share, from $303.7 million, or $1.48 a share, in the same period a year ago. The FactSet EPS consensus was $1.46. Total revenue rose to $1.4 billion from $1.31 billion. The FactSet sales consensus was $1.36 billion. Same-store sales fell 0.9%, beating the FactSet consensus for a decline of 4.4%. For the fiscal fourth-quarter, the company expects total revenue in the range of $1.13 billion to $1.15 billion, compared with the FactSet consensus of $1.16 billion. Earnings per share are expected to be 93 cents to 97 cents, below the FactSet consensus of $1. "Our performance was driven primarily by strong consumer response to our luxury fashion product offering, particularly in our accessories and footwear categories, the continued momentum in our digital flagship business and outstanding growth in our international markets," said Chief Executive John Idol. The stock had gained 3.8% over the past three months through Monday, while the S&P 500 had lost 7.8%.