Michael Kors Holdings Ltd. (NYSE: KORS) reported third-quarter fiscal 2013 adjusted diluted earnings per share (EPS) of $0.64 and $636.78 million in revenues before markets opened this morning. In the same period a year ago, the luxury apparel maker and retailer reported EPS of $0.28 on revenue of $373.61 million. This morning's results also compare to the Thomson Reuters consensus estimates for EPS of $0.41 and $540.3 million in revenue.
Global same-store sales for the quarter rose 41.4% year-over-year, and the company says it has opened 66 new stores since the end of the third quarter of fiscal 2012.
Kors's CEO said:
Our strong third quarter performance reflects sustained brand momentum as the global recognition and appeal for the Michael Kors luxury brand continued to expand. Moreover, we were extremely pleased with the holiday season as Michael Kors' brand strength, innovative fashion design and jet-set in-store experience drove strong sales and earnings.
The company guided fourth-quarter revenue to $515 to $525 million, assuming an increase in same-store sales in the low to mid-20% range. EPS is forecast at $0.32 to $0.34 for the quarter.
For the 2013 fiscal year, Kors now estimates revenues of $2.1 billion, up from the previous guidance of $1.86 billion to $1.96 billion, and assumes a same-store sales increase in the mid-30% range. EPS is now forecast at $1.80 to $1.82, up generously from $1.48 to $1.50 for the full year.
The consensus estimates for the company's fourth-quarter call for EPS of $0.32 on revenues of $513.29 million. For the full year, the consensus estimate calls for EPS of $1.56 on revenues of $2.01 billion.
Kors continues to be one of the bright lights in luxury apparel business since coming public in December of last year. Last quarter's results were a bit of a disappointment, but Kors more than made up for it today. Guidance is way past estimates, and quarterly results just hammered expectations.
Shares are up about 10.5% in premarket trading to $63.00, above the 52-week high. The current 52-week range is $33.02 to $60.00. Thomson Reuters had a consensus analyst price target of $65.30 before today's results were announced.
Filed under: 24/7 Wall St. Wire, Apparel, Earnings, Luxury Tagged: KORS