Michael Kors Holdings: Fiscal 2Q Earnings Snapshot
LONDON (AP) — Michael Kors Holdings Ltd. (KORS) on Wednesday reported fiscal second-quarter earnings of $137.6 million.
The London-based company said it had net income of 91 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and restructuring costs, were $1.27 per share.
The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.09 per share.
The luxury retailer posted revenue of $1.25 billion in the period, falling short of Street forecasts. Seven analysts surveyed by Zacks expected $1.26 billion.
For the current quarter ending in January, Michael Kors Holdings said it expects revenue in the range of $1.46 billion. Analysts surveyed by Zacks had expected revenue of $1.47 billion.
The company expects full-year earnings in the range of $4.95 to $5.05 per share, with revenue expected to be $5.13 billion.
Michael Kors Holdings shares have dropped roughly 9 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 3 percent. The stock has climbed 5 percent in the last 12 months.