Michael Kors Holding Ltd (NYSE: KORS) shares jumped more than 13 percent on Monday after the company announced fiscal second quarter revenue and earnings that beat analysts’ estimates. The company also raises its full-year earnings guidance.
The handbag retailer said total sales rose 5.4 percent to $1.15 billion in the quarter ended September 30, compared with $1.09 billion a year earlier. Analysts polled by Thomson Reuters had projected revenue of $1.05 billion.
Excluding certain items, the company earned $1.33 per share, beating analysts’ estimate of 83 cents per share.
John D. Idol, the Company’s Chairman and Chief Executive Officer, said, “This is a transformative time for Michael Kors Holdings Limited as we established our global fashion luxury group with the recently completed acquisition of Jimmy Choo. We believe that bringing together these two iconic brands further strengthens our growth opportunities, increases our product and geographic diversification, and importantly, creates a platform for future acquisitions. We look forward to capitalizing on the great opportunities that lay ahead for our brands and believe that we are well positioned to drive long term growth as we expand our global fashion luxury group.”
Michael Kors share rose as much as 14.3 percent to $54.49 in the early trading on Monday.
The company also raised its full-year revenue guidance for fiscal 2018 to $4.59 billion. Full-year earnings are expected to be between $3.85 to $3.95 per share.