(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 yet again.
Adjusted earnings per share (EPS) more than doubled to 64 cents from 28 cents. Reported net income jumped to $130.03 million from $39.03 million.
Revenue surged 70.4 percent to $637 million and comparable store sales soared 41.4 percent for the third quarter.
Wall Street analysts, on average, expected earnings of $0.41 per share on revenue growth of 44.60 percent.
[Related -3 Companies Trading At A Discount Despite Stellar Earnings]
Comparable store sales jumped 41 percent in North America. Retail net sales rose 67 percent, wholesale sales soared 77.4 percent and licensing revenue increased 52 percent.
Gross profit as a percentage of total revenue improved to 60.2 percent from 59.4 percent.
Michael Kors said its "brand strength, innovative fashion design and jet-set in-store experience drove strong sales and earnings."
Looking ahead for the fourth quarter, KORS forecasts EPS in the range of 32 cents to 34 cents on revenue of $515 million to $525 million. Analysts' expect the company to earn 32 cents on revenue of $513.3 million.
For fiscal 2013, the company now expects EPS between $1.80 and $1.82 on revenue to be roughly $2.1 billion. Analysts expect earnings of $1.56 per share on revenue of $2.01 billion. Michael Kors' earlier projection called in for EPS of $1.48 to $1.50 on revenue of $1.86 billion to $1.96 billion.
[Related -Michael Kors Holdings Ltd. (KORS) Q1 Earnings Preview:]
At December 29, 2012, Michael Kors operated 297 retail stores, including concessions, compared with 231 retail stores, including concessions, in the year-ago period.
KORS ended Monday's regular trading session at $57.00. The stock has been trading in the 52-week range between $33.02 and $60.00.