NEW YORK — Michael Kors Holdings Ltd. on Monday raised its fourth-quarter and full-year guidance.
The company said in a regulatory filing with the Securities and Exchange Commission that it now expects fourth-quarter diluted earnings per share to be between 14 cents and 16 cents, up from previous guidance of between 10 cents and 12 cents. The updated guidance excludes the effect of a one-time gain in the fourth quarter, which the firm said impacted diluted EPS by 1 cent. Total revenue is forecasted in the range of $350 million to $360 million.
The company also noted that it is experiencing “operational difficulties” transitioning to its new distribution facility, which it expects to be resolved by April 30. The transition may result in additional shipping delays, which could affect revenue guidance, the firm cautioned.
For the year, diluted EPS is expected at between 79 cents and 81 cents, up from earlier guidance of between 74 cents and 76 cents. The guidance excludes the impact of one-time charges as disclosed when the firm posted third-quarter earnings on Feb. 14., partially offset by the one-time gain in the fourth quarter. Total revenue is expected at between $1.27 billion and $1.28 billion.
Both the quarter and full-year ends on March 31.
Kors also said in the regulatory filing that quarter-to-date comparable-store sales for its retail segment for the 11 weeks ended March 17 rose 35.8 percent. Comparable-store sales for the 50 weeks ended March 17 increased 39.3 percent.
Kors is scheduled to report fourth-quarter and full-year earnings on June 12.
Shares of Kors rose 2.1 percent to close at $45.32 Monday in trading on the New York Stock Exchange.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast