Michael Kors (KORS) Blows Away Wall Street in Q1, Makes Other Luxury Retailers Green with Envy
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Shares of Michael Kors Holdings (NYSE: KORS) are flying higher in pre-market trading on Tuesday following blockbuster first quarter results and a stronger outlook. The luxury goods retailer IPO'd last December, and so far the results have been impressive.
KORS reported Q12013 revenue of $414.9 million, an increase of 71 percent over the same period last year. Comps were 37.3 percent, and the company opened 76 new stores in 12 months, taking the total up to 253. Income from operations was 27 percent of revenue, and EPS was 34c, 14c better than analyst estimates.
"Our results demonstrate the strong momentum of the Michael Kors brand and the continued execution of our key growth strategies," said John Idol, Chairman and CEO of Michael Kors (NYSE: KORS).
For the second quarter of fiscal 2013, the Company expects total revenue to be in the range of $490 million to $500 million, versus the consensus of $422.2 million. This assumes a comparable store sales increase of approximately 30%. Diluted earnings per share are expected to be in the range of $0.33 to $0.35 for the quarter, versus the Wall Street consensus of $0.28.
For fiscal 2013, the Company now expects total revenue to be in the range of $1.8 billion to $1.9 billion, which assumes a comparable store sales increase in the mid- to high-twenty percent range. This compares favorably to the Wall Street consensus of $1.79 billion. EPS for the year is expected to be $1.32-$1.34, versus the consensus of $1.12.
Year-to-date, shares of KORS have handily outperformed other luxury goods retailers, like Coach (NYSE: COH), Nordstrom (NYSE: JWN), and Tiffany (NYSE: TIF), making it the apple of the eye for many investors and shoppers alike.
The stock is 12 percent higher to $47.50 in pre-open trading Tuesday.
KORS reported Q12013 revenue of $414.9 million, an increase of 71 percent over the same period last year. Comps were 37.3 percent, and the company opened 76 new stores in 12 months, taking the total up to 253. Income from operations was 27 percent of revenue, and EPS was 34c, 14c better than analyst estimates.
"Our results demonstrate the strong momentum of the Michael Kors brand and the continued execution of our key growth strategies," said John Idol, Chairman and CEO of Michael Kors (NYSE: KORS).
For the second quarter of fiscal 2013, the Company expects total revenue to be in the range of $490 million to $500 million, versus the consensus of $422.2 million. This assumes a comparable store sales increase of approximately 30%. Diluted earnings per share are expected to be in the range of $0.33 to $0.35 for the quarter, versus the Wall Street consensus of $0.28.
For fiscal 2013, the Company now expects total revenue to be in the range of $1.8 billion to $1.9 billion, which assumes a comparable store sales increase in the mid- to high-twenty percent range. This compares favorably to the Wall Street consensus of $1.79 billion. EPS for the year is expected to be $1.32-$1.34, versus the consensus of $1.12.
Year-to-date, shares of KORS have handily outperformed other luxury goods retailers, like Coach (NYSE: COH), Nordstrom (NYSE: JWN), and Tiffany (NYSE: TIF), making it the apple of the eye for many investors and shoppers alike.
The stock is 12 percent higher to $47.50 in pre-open trading Tuesday.
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