Michael Kors Holdings Ltd. (KORS) Thursday raised its financial outlook for the second quarter and full year 2013, as the luxury goods company indicated strong momentum of its products globally.
Chief Executive John Idol said, "Michael Kors' luxury fashion designs are resonating globally with our customers and we are excited about the long term growth potential of our Company as we continue to build upon the success we achieved in establishing Michael Kors as a global luxury lifestyle brand."
For the second quarter, Michael Kors now expect earnings in the range of $0.38 to $0.40 per share, up from its prior estimate of $0.33 to $0.35 per share. The company expects second-quarter revenue in the range of $510 million to $520 million, up from its previous outlook of $490 million to $500 million.
Analysts currently expect second-quarter earnings of $0.36 per share and revenues of $493.02 million.
For fiscal year 2013, the company now expect earnings in the range of $1.39 to $1.41 per share, up from its prior estimate of $1.32 to $1.34 per share. Revenues are now anticipated in the range of $1.85 billion to $1.95 billion, up from its prior estimate of $1.8 billion to $1.9 billion.
Analysts currently expect earnings of $1.37 per share and revenue of $1.94 billion for the full year.
KORS closed Thursday's trading at $52.49, down $0.03 or 0.06%, on a volume of 2.7 million shares, on the Nasdaq. The stock, however, gained $1.84 or 3.51% in after-hours trade.
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