Michael Kors Q2 Profit Rises, Boosts 2014 Outlook - Quick Facts

(RTTNews) - Michael Kors Holdings Limited (KORS) reported that its second-quarter net income increased to $145.81 million or $0.71 per share from $97.83 million or $0.49 per share last year.

On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $0.68 for the quarter. Analysts' estimates typically exclude special items.

Total revenue increased 38.9% to $707.44 million from $513.07 million in the same quarter last year. Analysts expected revenue of $725.91 million for the quarter. Comparable store sales increased 22.9% for the quarter.

For the third quarter of fiscal 2014, the company expects earnings in a range of $0.83 to $0.85 per share, on projected total revenues between $845 million and $855 million as well as comparable store sales growth of 15% to 20%. Analysts expect the company to report second-quarter profit per share of $0.85 on revenue of $841.16 million.

For fiscal 2014, the company raised its earnings guidance to a range of $2.77 to $2.81 per share from the prior forecast in the range of $2.67 to $2.69 per share. Total revenues are now seen between $2.9 billion and $3.0 billion, up from the previous outlook between $2.8 billion and $2.9 billion. However, the company still expects comparable store sales growth of about 20%. Street is currently looking for full-year 2014 earnings of $2.78 on revenue of $2.99 billion.