Michael Kors Q1 Profit Rises; Lifts FY15 Outlook - Quick Facts

(RTTNews) - Luxury goods company Michael Kors Holdings Ltd. (KORS) reported that its net income for the first-quarter of fiscal 2015 increased to $187.7 million or $0.91 per share, from $125.0 million or $0.61 per share in the first quarter of fiscal 2014. Analysts polled by Thomson Reuters expected the company to report earnings of $0.81 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue increased 43.4% to $919.2 million from $640.9 million in the first quarter of fiscal 2014. Wall Street expected revenues of $851.66 million for the quarter.

Retail net sales increased 47.5% to $480.2 million driven by a 24.2% increase in comparable store sales and 115 net new store openings since the end of the first quarter of fiscal 2014. Wholesale net sales increased 40.0% to $406.8 million and licensing revenue increased 30.5% to $32.1 million.

For the second quarter of fiscal 2015, the company expects total revenue to be in the range of $950 million to $960 million. This assumes a comparable store sales increase in the high teens. Earnings per share are expected to be in the range of $0.85 to $0.87 for the second quarter of fiscal 2015. Analysts expect the company to report earnings of $0.89 per share and revenues of $959.47 million for the second-quarter.

For fiscal 2015, the Company now expects total revenue to be in the range of $4.25 billion to $4.35 billion. This assumes a comparable store sales increase in the high teens. Earnings per share are now expected to be in the range of $4.00 to $4.05 for fiscal 2015. Wall Street currently is looking for fiscal year 2015 earnings of $3.96 per share on annual revenues of $4.20 billion.

The company said in May that it expected earnings per share for fiscal 2015 to be in the range of $3.85 to $3.91. Total revenues for the year were anticipated to be between $4.0 billion and $4.1 billion, which assumed a comparable-store sales increase in the high teens.