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Michael Kors (KORS) Q2 Earnings, Sales Jump; Shares Off On Guidance

 November 13, 2012 08:12 AM


(By Balachander) Michael Kors Holdings Ltd. (NYSE: KORS) posted a jump in quarterly earnings, bolstered by strong results across each of its retail, wholesale and licensing segments and that the apparel retailer boosted its 2013 guidance.

Shares, however, retreated 3.62 percent in premarket after the company's increased 2013 sales forecast trailed market expectations.

Adjusted earnings per share (EPS) nearly doubled to 49 cents from 25 cents. Net income jumped to $97.83 million from $40.60 million.

Revenue surged 74 percent to $533 million and comparable store sales soared 45 percent for the second quarter.

[Related -Michael Kors Holdings Ltd. (KORS) Q1 Earnings Preview:]

Wall Street analysts, on average, expected earnings of $0.40 per share on revenue of $519 million.

Comparable store sales jumped 45.1 percent in North America. Retail net sales rose 82 percent, wholesale sales soared 75 percent and licensing revenue rose 13 percent.

Gross profit as a percentage of total revenue improved to 59.3 percent from 57.3 percent.

Looking ahead for the third quarter, KORS forecasts earnings per share in the range of 37 cents to 39 cents on revenue of $525 million to $535 million. Analysts' expect the company to earn 39 cents on revenue of $523.55 million.

For fiscal 2013, the company now expects earnings per share in the range of $1.48 to $1.50 on revenue between $1.86 billion and $1.96 billion. Analysts expect earnings of $1.46 per share on revenue of $1.98 billion. Michael Kors' earlier projection called in for EPS of $1.39 to $1.41 on revenue of $1.85 billion to $1.95 billion.

[Related -Tumi Holdings (TUMI): This Luxury Stock Has 3 Powerful Tailwinds]

KORS ended Monday's regular trading session at $50.58. The stock has been trading in the 52-week range between $23.51 and $58.62.

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