Tuesday, November 13, 2012

Reuters: Global Markets: Kors holiday quarter profit view misses, shares fall

Reuters: Global Markets
Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com
Kors holiday quarter profit view misses, shares fall
Nov 13th 2012, 13:27

Tue Nov 13, 2012 8:27am EST

(Reuters) - Fashion company Michael Kors Holdings Ltd (KORS.N) gave a holiday quarter profit forecast that missed Wall Street's high expectations despite its projections for another quarter of strong revenue growth.

Its shares fell 5.1 percent to $47.99 in premarket trading.

Michael Kors, whose founder is a judge on the long-running television fashion show "Project Runway," said sales at its own stores, open a year, could rise by a "mid-20 percent" in the holiday quarter.

But the company expects a profit of 37 to 39 cents for the quarter that will end in late December, below the 39 cents Wall Street is expecting, according to Thomson Reuters I/B/E/S.

Kors, known for its watches and handbags, reported a higher-than-expected second-quarter profit, helped by rising sales at its own stores and the roll-out of its boutiques at department and stores, and raised its full-year profit forecast.

Total revenue in the second quarter soared 74.4 percent to $532.9 million, while sales at stores open at least a year rose 45.2 percent. In Europe, where Kors still has a small presence, sales surged 97 percent.

Net income more than tripled to $97.8 million, or 49 cents per share for the quarter that ended September 29, from $31.6 million, or 22 cents per share, a year earlier. That beat Wall Street estimated by 9 cents, according to Thomson Reuters I/B/E/

Michael Kors, which has challenged Coach Inc (COH.N), raised its full-year profit forecast 16 cents to a range of $1.48 to $1.50 per share, above the $1.46 estimated by analysts. (Reporting by Phil Wahba in New York; Editing by Maureen Bavdek)

  • Link this
  • Share this
  • Digg this
  • Email
  • Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com.

If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions

0 comments:

Post a Comment

 
Great HTML Templates from easytemplates.com.