Par for the 'Kors' (KORS); Retailer Tops Q3 Views, Smashes Guidance Expectations
Tweet
Share
E-mail
Get Alerts KORS Hot Sheet
Join SI Premium – FREE
Michael Kors Holdings (NYSE: KORS) stock is en fuego Tuesday morning following strong quarterly results and outlook issued earlier.
The maker of handbags and gladrags reporting a 70.4 percent increase in revs to $636.8 million, while net income rose by multiples to $130 million, or 64 cents per share.
Consensus views called for revs of $540.3 million and EPS of 41 cents.
Comps rose 41.4 percent in the quarter and gross margin improved 80 basis points to 60.2 percent.
"The 75% sales increase in the North America wholesale segment reflects comparable stores sales growth as well as the continued conversion to shop-in-shops in department stores," commented CEO and Chairman John D. Idol. "In Europe, the 58% comparable store sales growth, which reflected continued brand acceptance, combined with the expansion of our retail and wholesale doors, led to 112% sales growth in the quarter. Finally, in our licensing segment, revenue increased 52%, driven primarily by the ongoing strength in watches. Overall, we believe that the Michael Kors brand is ideally positioned within the global luxury lifestyle market and we look forward to delivering on our long-term objectives."
Looking ahead, Kors sees fourth-quarter 2013 revs of $515 million to $525 million and EPS of 32 cents to 34 cents, versus consensus views calling for revs of $513.3 million and EPS of 32 cents.
For fiscal 2013, the Company is modeling revs of $2.10 billion and EPS of $1.80 to $1.82, while the Street sees revs of $2.01 billion and EPS of $1.56.
Into the open, Kors shares are up over 10 percent.
The maker of handbags and gladrags reporting a 70.4 percent increase in revs to $636.8 million, while net income rose by multiples to $130 million, or 64 cents per share.
Consensus views called for revs of $540.3 million and EPS of 41 cents.
Comps rose 41.4 percent in the quarter and gross margin improved 80 basis points to 60.2 percent.
"The 75% sales increase in the North America wholesale segment reflects comparable stores sales growth as well as the continued conversion to shop-in-shops in department stores," commented CEO and Chairman John D. Idol. "In Europe, the 58% comparable store sales growth, which reflected continued brand acceptance, combined with the expansion of our retail and wholesale doors, led to 112% sales growth in the quarter. Finally, in our licensing segment, revenue increased 52%, driven primarily by the ongoing strength in watches. Overall, we believe that the Michael Kors brand is ideally positioned within the global luxury lifestyle market and we look forward to delivering on our long-term objectives."
Looking ahead, Kors sees fourth-quarter 2013 revs of $515 million to $525 million and EPS of 32 cents to 34 cents, versus consensus views calling for revs of $513.3 million and EPS of 32 cents.
For fiscal 2013, the Company is modeling revs of $2.10 billion and EPS of $1.80 to $1.82, while the Street sees revs of $2.01 billion and EPS of $1.56.
Into the open, Kors shares are up over 10 percent.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Flowers Foods (FLO) Misses Q2 EPS by 3c; Offers Guidance
- Wolfspeed (WOLF) Misses Q4 EPS by 174c; Offers Guidance
- Navios Maritime Partners (NMM) Tops Q2 EPS by 34c
Create E-mail Alert Related Categories
Earnings, Guidance, Hot Earnings, Hot Guidance, Retail SalesSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
