WWD.com/business-news/financial/michael-kors-ups-q4-and-full-year-guidance-5807990/
government-trade
government-trade

Michael Kors Ups Q4 and Full-Year Guidance

The company also said comps for the 11 weeks ended March 17 rose 35.8 percent.

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.