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NEW YORK, United States — Michael Kors Holdings Ltd., the luxury-goods company founded by the designer of the same name, surged as much as 22 percent in early trading after posting profit that topped analysts' estimates and raising its forecast.
The shares rose 20 percent to $92.17 at 8:46 a.m. in New York and earlier climbed as high as $93.68. The stock jumped 59 percent in 2013.
Michael Kors boosted its full-year sales and profit forecasts after customers in Europe and in North America bought more of its products, which include accessories, footwear, watches and jewelry.
Profit for fiscal 2014 will be as much as $3.09 a share, up from a previous forecast of a maximum of $2.81 a share, the Hong Kong-based company said today in a statement. Analysts projected $2.82, the average of estimates compiled by Bloomberg.
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Earnings per share in the quarter ended Dec. 28 totaled $1.11, and revenue increased 59 percent to $1 billion, the company said. Analysts estimated profit of 86 cents and sales of $859.5 million, according to data compiled by Bloomberg.
Revenue rose 51 percent in North America and more than doubled in Europe in the quarter, Michael Kors said. Sales at stores open at least a year increased 28 percent, exceeding analysts’ estimates for a 19 percent gain.
By Lindsey Rupp; Editors: James Callan, Niamh Ring.
