Aug 14Apparel company Michael Kors Holdings Ltd reported higher-than-expected quarterly profit, helped by rising sales at its own stores and the roll-out of its boutiques at department stores, and raised its full-year profit forecast.
Michael Kors, whose founder is a judge on the long-running television fashion show "Project Runway," said on Tuesday sales at its own stores open a year could rise as much as 30 percent this quarter.
Total revenue in the first quarter soared 70.6 percent to $414.9 million.
Net income increased to $68.6 million, or 34 cents per share for the quarter ended June 30, from $24.1 million, or 13 cents per share, a year earlier. Analysts expected 20 cents per share, according to Thomson Reuters I/B/E/S.
Michael Kors expects second-quarter same-store sales to be up 30 percent, with a profit of 33 cents to 35 cents per share.
For the full year, it sees total revenue in the range of $1.8 billion to $1.9 billion. The company expects earnings of $1.32 to $1.34 per share for the year, compared with an earlier forecast of $1.08 to $1.12.