The Business of Fashion
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NEW YORK, United States — Michael Kors Holdings Ltd. (KORS) on Thursday reported fiscal second-quarter profit of $160.9 million.
On a per-share basis, the London-based company said it had net income of 95 cents.
The results beat Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share.
The luxury retailer posted revenue of $1.05 billion in the period, missing Street forecasts. Nine analysts surveyed by Zacks expected $1.08 billion.
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Michael Kors Holdings expects full-year earnings in the range of $4.37 to $4.43 per share, with revenue expected to be $4.55 billion.
Michael Kors Holdings shares have risen 29 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 6 percent. In the final minutes of trading on Thursday, shares hit $51.76, an increase of 20 percent in the last 12 months.
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