Boston, MA 02/04/2014 (wallstreetpr) – Michael Kors Holdings Ltd (NYSE:KORS) has announced its results for third quarter’14 whereby the company has been able to report better numbers on almost all fronts ranging from revenue, earnings per share and comparable store sales.
While announcing the results, the company’s executives noted an inspiring trend in comparable store sales, helped by outstanding holiday spending and global brand awareness. As a result, the company realized an uptick of 28 percent in comparable store sales against the previous corresponding quarter. The company is making it clear to investors that the strong performance noted in Q3 would not have come without the business acumen displayed by every executive and staff in the company, together making a talented team. That being said, KORS is upbeat about the future because it has already got the winning formula.
Third Quarter Results
Michael Kors Holdings Ltd (NYSE:KORS) realized revenue increase of 59 percent leading to the attainment of $1 billion for the three months leading to December 28, 2013. During the same period in the prior year, revenue was $636.8 million. Net income for the quarter came in at $229.6 million, translating to $1.11 per diluted share of the stock. About 206 million shares were factored into this calculation. By comparison, KORS realized net income of $130 million or 64 cents per share over the same period in the prior year.
First three quarters of F2014
Michael Kors Holdings Ltd (NYSE:KORS) realized total revenue of $2.4 billion in the first nine months of F2014. This suggests 51 percent increase over the figure realized in the prior year for the same duration. Net income for the nine months duration was $500.4 million, suggesting $2.44 per diluted share, based on 205 million outstanding shares. By contrast, in the corresponding period a year earlier, the company realized net income of $296.5 million, translating to $1.48 per diluted share, based on 200.8 million shares.
Looking forward
Michael Kors Holdings Ltd (NYSE:KORS) is looking forward to achieving revenue in the range of $790 to $800 million in the fourth quarter. This means that comparable stores sales should see an increase of around 15 – 20 percent to attain this target. As for the EPS, The Company hopes to register between 63 and 65 cents per share. This earning estimate is based on the assumption that weighted shares will be 206.8 million and that tax rate for the quarter comes in at 33.5 percent.
