Michael Kors Q1 Profit Rises - Quick Facts

(RTTNews) - Michael Kors Holdings Limited (KORS) reported that its first-quarter net income increased to $125.0 million, or $0.61 per share, from $68.6 million, or $0.34 per share, last year.

On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $0.49 for the quarter. Analysts' estimates typically exclude special items.

Total revenue increased 54.5% to $640.9 million, from $414.9 million in the first quarter of fiscal 2013. Analysts expected revenue of $570.52 million for the quarter. Comparable store sales increased 27.3% for the quarter.

For the second quarter of fiscal 2014, the company expects total revenue to be in the range of $695 million to $705 million. This assumes a comparable store sales increase in the range of 15% to 20%. Earnings per share are expected to be in the range of $0.62 to $0.64 for the second quarter of fiscal 2014. Analysts expect the company to report second-quarter profit per share of $0.64 on revenue of $696.80 million.

For fiscal 2014, the company now expects total revenue to be in the range of $2.8 billion to $2.9 billion. This assumes a comparable store sales increase of approximately 20%. Earnings per share are now expected to be in the range of $2.67 to $2.69 for fiscal 2014. Analysts expect the company to report fiscal year profit per share of $2.57 on revenue of $2.84 billion.