Michael Kors Holdings Limited (KORS) reported that its fourth-quarter net income increased to $101.1 million or $0.50 per share, from $43.6 million or $0.22 per share, last year.
On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $0.39 for the quarter. Analysts' estimates typically exclude special items.
Total revenue increased 57.1% to $597.2 million from $380.0 million in the fourth quarter of fiscal 2012. Analysts expected revenue of $546.07 million for the quarter.
Retail net sales increased 58.8% to $272.7 million driven by a 36.7% increase in comparable store sales and 67 net new store openings since the end of the fourth quarter of fiscal 2012. Wholesale net sales increased 59.4% to $304.7 million.
For the first quarter of fiscal 2014, the company expects total revenue to be in the range of $555 million to $565 million. Profit per share is expected to be in the range of $0.46 to $0.48. Analysts expect the company to report first-quarter profit per share of $0.47 on revenue of $570.31 million.
For fiscal 2014, the company expects total revenue to be in the range of $2.65 billion to $2.75 billion. Profit per share is expected to be in the range of $2.43 to $2.47. Analysts expect the company to report fiscal 2014 profit per share of $2.44 on revenue of $2.83 billion.
For comments and feedback: editorial@rttnews.com