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Michael Kors Beats Earnings Estimates After Overseas Sales Grow

Michael Kors Holdings Ltd. posted first-quarter earnings that topped analysts’ estimates after overseas expansion helped make up for a slump in North America.
By
  • Bloomberg

NEW YORK, United States — Michael Kors Holdings Ltd. posted first-quarter earnings that topped analysts' estimates after overseas expansion helped make up for a slump in North America.

The earnings amounted to 87 cents a share in the period, which ended June 27, the company said in a statement on Thursday. Analysts had estimated 76 cents on average, according to data compiled by Bloomberg.

While still the minority of Kors’s operations, the international business far outperformed its core North American market. Revenue in Europe grew 17 percent last quarter, even including the unfavorable impact of a strong U.S. dollar, and jumped 33 percent in Japan. Kors also is adding new products in the second half and improving its digital operations. At the same time, the brand is slashing prices in a bid to counter sluggish mall traffic and a strong dollar, which has reduced tourist spending.

The shares rose as much as 7.6 percent in early trading after the results were posted. Kors slid 47 percent this year through Wednesday’s close, dragged down by concerns that its growth is slowing.

By Lindsey Rupp; editors: Nick Turner, Kevin Orland.

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