Most Recent Articles In Business
Latest Business Articles
- H&M Sales Rise 16% in July
- IHS Projects Back-to-School Sales as a B+
- Time Inc. Posts 3Q Profit As Costs Decline
More Articles By
Michael Kors Holdings Ltd. posted a 49 percent rise in net income in the second quarter ended Sept. 28 to $145.8 million, or 71 cents a diluted share, from $97.8 million, or 49 cents, last year. Wall Street’s consensus estimate pegged second quarter EPS at 68 cents.
The company said total revenues rose 38.9 percent to $740.3 million from $532.9 million last year. Wall Street had expected revenues of $725.9 million. Net sales in the period rose 37.9 percent to $707.4 million from $513.1 million. The balance in total revenues was from licensing income.
John D. Idol, chairman and chief executive officer, said, “Our strong financial results in the second quarter underscore Michael Kors’ expanding brand awareness and global presence. Comparable stores sales increased 23 percent, representing our 30th consecutive quarter of growth.”
Idol added that the revenue performance was driven by “strong acceptance of the fashion luxury products created by Michael Kors and the design team.”
The ceo noted that the company continues to see strong performance across its “retail, wholesale and licensing segments” both in North America and in its international markets.
For the third quarter, the company forecast diluted EPS at between 83 cents to 85 cents, with revenues in the range of $845 million to $855 million. For fiscal 2014, the company said diluted EPS is estimated in the range of $2.77 to $2.81 on a revenue range of $2.9 billion to $3 billion.