Michael Kors Holdings: Fiscal 1Q Earnings Snapshot
LONDON (AP) — Michael Kors Holdings Ltd. (KORS) on Wednesday reported fiscal first-quarter net income of $186.4 million.
On a per-share basis, the London-based company said it had profit of $1.22. Earnings, adjusted for restructuring costs and asset impairment costs, came to $1.32 per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 94 cents per share.
The luxury retailer posted revenue of $1.2 billion in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $1.14 billion.
Michael Kors Holdings expects full-year earnings in the range of $4.90 to $5 per share.
Michael Kors Holdings shares have climbed 4 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed roughly 7 percent. The stock has climbed 76 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KORS at https://www.zacks.com/ap/KORS