Michael Kors Q3 Results Beat View; But Sees Q4, 2015 Results Below Estimates

(RTTNews) - Luxury goods retailer Michael Kors Holdings Ltd. (KORS) reported third-quarter net income of $303.68 million or $1.48 per share, up from $229.64 million or $1.11 per share in the prior-year quarter.

On average, 29 analysts polled by Thomson Reuters expected the company to earn $1.33 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter grew 30 percent to $1.31 billion from $1.01 billion in the same quarter last year. Net sales for the quarter rose to $1.26 billion from $964.79 million a year ago. Analysts estimated revenues of $1.30 billion for the quarter.

Comparable store sales for the quarter increased 8.6 percent.

Looking ahead to the fourth quarter, Michael Kors forecast earnings per share in a range of $0.89 to $0.92 and total revenue of $1.05 billion to $1.08 billion. This assumes a comparable store sales increase of mid-single digits on a reported basis and an increase of high single digits on a constant currency basis.

Street expect earnings of $0.94 per share for the quarter on revenues of $1.15 billion.

For fiscal 2015, the company now forecasts earnings per share in a range of $4.27 to $4.30 and total revenue to be about $4.4 billion. This assumes a comparable store sales increase of low double digits on a reported basis, and an increase of low to mid-teens on a constant currency basis.

Earlier, the company forecast fiscal 2015 earnings per share of $4.13 to $4.18, and total revenues in a range of $4.3 billion to $4.4 billion, assuming a comparable store sales increase in the mid teens.

Analysts are looking for earnings of $4.82 per share for the year on revenues of $5.31 billion for the year.