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NEW YORK, United States — Michael Kors Holdings Ltd., the luxury-goods company founded by the designer of the same name, advanced in early trading after posting profit and revenue in the fiscal fourth quarter that topped analysts' estimates.
The shares rose 3.3 percent to $98.94 at 7:52 a.m. in New York, after earlier rising as high as $103.45.
Customers snapped up Michael Kors accessories and watches at its own locations as well as in department stores in the U.S. and Europe, driving total revenue up 54 percent to $917.5 million in the quarter. The company also benefited from store openings, ending the quarter with 405 retail stores compared with 304 a year earlier.
Earnings per share in the quarter ended March 29 totaled 78 cents, the Hong Kong-based company said today in a statement. Analysts estimated profit of 68 cents on sales of $818.1 million, according to data compiled by Bloomberg.
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Revenue rose 43 percent in North America and more than doubled in Europe, Michael Kors said. Sales at stores open at least a year increased 26 percent, exceeding analysts’ estimates for a 21 percent gain.
Profit for fiscal 2015 will be as much as $3.91 a share. Analysts projected $3.85, on average.
By Cotten Timberlake; Editors: Nick Turner, James Callan, Kevin Orland
