(Reuters) - Michael Kors Holdings Ltd (KORS.N) said it will likely earn more than it earlier expected in the second quarter as the fashion and accessory designer banks on strong global sales.
The company, which has gained popularity by selling what is commonly called “affordable” luxury, said quarter-to-date comparable store sales rose 45.1 percent.
Michael Kors, whose founder of the same name is one of the judges in the long-running television fashion show “Project Runway,” said it expects to earn between $0.38 to $0.40 per share for the second quarter. It had earlier expected a profit of $0.33 to $0.35 per share.
Analysts, on average, were expecting the company to earn 36 cents a share, according to Thomson Reuters I/B/E/S.
Shares of the company, which is expected to post results for the second quarter on November 13, were up 2.48 percent at $53.79 after the bell on Thursday.
Reporting by Nivedita Bhattacharjee in Chicago; editing by Andrew Hay