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Michael Kors Beats 4Q Profit Forecasts

Michael Kors Holdings Ltd. on Wednesday reported fiscal fourth-quarter net income of $182.6 million. The results topped Wall Street expectations.
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  • Associated Press

NEW YORK, United States — Michael Kors Holdings Ltd. on Wednesday reported fiscal fourth-quarter net income of $182.6 million.

On a per-share basis, the London-based company said it had net income of 90 cents. Earnings, adjusted for non-recurring costs, were 96 cents per share.

The results topped Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share.

The luxury retailer posted revenue of $1.08 billion in the period, which met Street forecasts.

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For the current quarter ending in June, Michael Kors Holdings said it expects revenue in the range of $930 million to $950 million. Analysts surveyed by Zacks had expected revenue of $1.09 billion.

The company expects full-year earnings to be $4.40 to $4.50 per share, with revenue ranging from $4.7 billion to $4.8 billion.

Michael Kors Holdings shares have dropped 19 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 2 percent. The stock has dropped 37 percent in the last 12 months.

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