Michael Kors Holdings Ltd.'s KORS -1.82% fiscal first-quarter profit jumped 82%, as the retailer again reported broad sales growth across segments and continents, continuing a wave of momentum it has been riding for the past several quarters.
The company also raised its view for the year, now expecting per-share earnings of $2.67 to $2.69 on revenue of $2.8 billion to $2.9 billion. Its prior view was for per-share earnings of $2.43 to $2.47 on revenue of $2.65 billion to $2.75 billion.
Shares jumped 4.6% to $71.01 in recent premarket trading. The stock has risen 19% in the past three months.
Michael Kors, a 30-year-old brand that went public in December 2011, sells clothing, footwear and other apparel and accessories through luxury department stores and its own company-operated shops. The company has enjoyed a recent boom in retail and wholesale demand, in part from its expansion of shop-in-shop branded areas in department stores.
For the quarter ended June 29, Michael Kors reported a profit of $125 million, or 61 cents a share, compared with $68.6 million, or 34 cents a share, a year earlier. Revenue jumped 55% to $640.9 million. The company had predicted earnings of 46 cents to 48 cents a share on revenue of $555 million to $565 million.
Retail net sales increased 52% to $325.7 million, driven by a 27% increase in same-store sales and 75 net new store openings since the year-ago quarter.
Wholesale net sales increased 59% to $290.6 million. North America logged wholesale sales growth of 50%, which the company said was driven by a rise in same-store sales as well as shop-in-shops in department stores.
Licensing revenue increased 41% to $24.6 million, driven by strength in watches and eyewear.
North American same-store sales increased 25%, while in Europe same-store sales jumped 56%.
Gross margin widened to 62% from 60.5%.
For the current quarter, the handbag maker is targeting per-share earnings of 62 cents to 64 cents on revenue of $695 million to $705 million. Analysts polled by Thomson Reuters currently expect 64 cents and $697 million, respectively. Michael Kors is assuming a same-store sales increase of 15% to 20%.
Michael Kors competitors include handbag and accessories maker Coach Inc. (COH), which last month agreed to sell its Reed Krakoff business to a group led by Reed Krakoff and reported its fiscal fourth-quarter earnings fell 12% amid weaker North American same-store sales.
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