Michael Kors Holdings Beats Wall Street Forecasts

NEW YORK, United States – Michael Kors Holdings Ltd. on Thursday reported fiscal third-quarter profit of $303.7 million.

The New York-based company said it had net income of $1.48 per share.

The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.34 per share.

The luxury retailer posted revenue of $1.31 billion in the period, which also topped Street forecasts. Analysts expected $1.3 billion, according to Zacks.

For the current quarter ending in March, Michael Kors Holdings said it expects revenue in the range of $1.05 billion to $1.08 billion. Analysts surveyed by Zacks had expected revenue of $1.15 billion.

The company expects full-year earnings to be $4.27 to $4.30 per share.

Michael Kors Holdings shares have declined 5 percent since the beginning of the year, while the Standard & Poor's 500 index has decreased almost 1 percent. The stock has fallen 21 percent in the last 12 months.