* Q4 EPS 22 cents vs view 16 cents
* Sees full-year EPS $1.08-$1.12 vs view 98 cents
* Shares up 11.3 pct in premarket
June 12 Michael Kors Holdings Ltd
reported a stronger-than- expected fourth-quarter profit, fueled
by growth in its own chain of stores, and the designer clothing
and apparel company gave a full-year profit and sales forecast
that handily beat Wall Street forecasts.
The company's shares rose 11.3 percent to $42.50 in
Michael Kors, whose founder is one of the judges on the
long-running TV fashion show "Project Runway," expects sales at
stores open at least a year to rise 35 percent this current
fiscal year, leading to full-year sales of $1.7 billion to $1.8
billion, with a profit of $1.08 to $1.12 per share.
Wall Street analysts were projecting sales of $1.69 billion
and a profit of 98 cents per share this fiscal year, according
to Thomson Reuters I/B/E/S.
Michael Kors' retail sales last quarter soared 80.3 percent
to $172.2 million, helped by the addition of 71 new stores last
year. Its fleet ended the year with 237 stores. Sales at its
stores open at least year rose 36.1 percent.
In its wholesale business, which includes sales to luxury
chains including Nordstrom Inc and Saks Inc, and
is still its biggest segment, revenue rose 45.5 percent.
In Europe, where the company gets less than one-tenth of
sales, business more than doubled, overcoming the austerity and
anxiety about the euro crisis that has cast a pall over luxury
Michael Kors, which started listing its shares in December,
reported net income of $43.6 million, or 22 cents per share for
the quarter that ended March 31, compared with $17.4 million, or
10 cents per share a year earlier.
Excluding a one-time reimbursement of costs linked to its
IPO, Kors earned 21 cents per share, beating analyst forecasts
of 17 cents.
Michael Kors expects first-quarter same-store sales to be up
35 percent and profits of 18 cents to 20 cents per share, above
Wall Street forecasts of 17 cents per share.