On Wednesday, Michael Kors Holdings Limited (NYSE: KORS) announced its financial results for the third quarter of fiscal 2018. With both earnings and revenue surpassing expectation, shares of the company rose 7.6% in premarket trading on Wednesday after the announcement.
According clothing and accessories brand, revenue for the quarter increased from $1.35 billion in the same period last year to $1.44 billion, beating analysts’ estimates of $1.38 billion.
Additionally, net income dropped from $271.3 million, or $1.64 per share, for the third quarter last year, to $219.4 million, or $1.42 per share, for the quarter ended December 30, 2017. Adjusted earnings per share for the third quarter was $1.77, which also surpassing estimates of $1.29 per share.
“We are pleased with our third quarter performance, which delivered better than expected results and saw the successful integration of Jimmy Choo into our luxury group. The Michael Kors brand continued to make progress on Runway 2020 initiatives across product innovation, brand engagement and customer experience,” John D. Idol, the Chairman and Chief Executive Officer of the company, said in the press release on Wednesday.
“Our innovative fashion luxury product offerings for the holiday season created excitement among consumers. At Jimmy Choo, we continued to deliver glamorous luxury product and engaging brand communications, which helped drive revenue during the quarter,” he continued.
In the statement, the company provides outlook for the fourth quarter of fiscal 2018. The company expects revenue to be in the range of $1.11 billion to $1.13 billion for the next quarter. Comparable sales for the company are expected to drop in the low-single digits, according to the company.