Boston, MA 02/05/2014 (wallstreetpr) – Michael Kors Holdings Ltd (NYSE:KORS) stock soared in the market to a high of $90.44 an increase of 18% triggered by strong quarter earnings report. Revenue surpassed consensus estimates increasing by 59% marking a 31st consecutive quarter that the company has experienced such growth. This shows that things can only get better in the coming quarters something showed by earnings per share increasing by 73.4% to $1.11 per share. This shuttered consensus estimates of $0.86 with net sales hitting the $461.4 million mark a rise of 68.2%.
Factors behind KORS soaring stock
Consumers have in the recent past been shifting to online shopping something that has greatly affected traditional stores. This has forced many retailers to close their stores but not KORS which has doubled its stores to a total of 400. The increase in the number of stores has had a positive effect on net sales which have since been on a soaring stream. The retailer also had one of the best peak seasons during the holiday peak season that is usually marred by massive spending by customers. Michael Kors Holdings Ltd (NYSE:KORS) CEO was quick to point out that the third quarter profits soared by 77% impacted by the holiday season festivities
Quarter earnings summary
The retailers’ profit stood at $229.6 million or $1.11 a share beating previous similar quarter profits of $130 million or 64 cents a share. The company’s revenue rose to a high of $1.01 billion an increase of 59% exceeding consensus estimates of $859.9 million with same store selling increasing by 27.8%. European markets performed extremely well during the quarter skyrocketing by 144% with North American markets increasing by 51%. Global brand awareness drove the company’s earnings to a high according the company’s CEO John idol. Michael Kors Holdings Ltd (NYSE:KORS) sees full year earnings per share of the between $3.07 and $3.09% for total revenues of between $3.18 and $3.19 billion.
Tuesday proved to be one of the best trading sessions with Michael Kors Holdings Ltd (NYSE:KORS) shares soaring up by 17.27% to close the day at a high of $89.91.
