Michael Kors Holdings Limited (NYSE: KORS) today released its financial results for the fourth quarter of fiscal 2018.
“Fiscal 2018 was an exciting year for our Company as we established a foundation to support long term growth. We created a global fashion luxury group with the acquisition of Jimmy Choo and completed the first year of our Runway 2020 strategic plan for the Michael Kors brand, ending the year significantly ahead of our expectations,” John D. Idol, the Chairman and Chief Executive Officer of the company, said in the statement on Wednesday.
Revenue for the fourth quarter increased from $1.06 billion to $1.18 billion, beating analysts’ estimates of $1.15 billion.
According to the company, net income for the quarter improved from a loss of $26.8 million, or 17 cents per share, for the fourth quarter of last year, to $44.1 million, or 29 cents per share. Adjusted earnings per share was reported to be 63 cents, also beating analysts’ estimates of 60 cents.
In the statement, the company also provided guidance for the first quarter of fiscal 2019. For the first quarter, the company expected its revenue to be around $1.14 billion. Earnings per share was expected to be in the range of 90 cents to 95 cents.
“Looking to fiscal 2019, we have a number of initiatives planned to drive growth in both of our luxury brands,” said Mr. Idol. “We will continue to explore acquisitions to complement our existing luxury portfolio. Overall, we are well-positioned to deliver long-term growth and enhance shareholder value by executing on the strategies in place for both Michael Kors and Jimmy Choo.”