Michael Kors Holdings Ltd. (NYSE: KORS) reported its fiscal third-quarter financial results before the markets opened on Tuesday. This stock had been battered and bruised, and it disappointed on earnings numerous times. However, this time when the company beat earnings, the analysts who had cut their targets on the way down had to lift their targets up again.
The company had $1.59 in earnings per share (EPS) on $1.40 billion in revenue. That compared to Thomson Reuters consensus estimates of $1.46 in EPS on revenue of $1.36 billion. The same period from the previous year had EPS of $1.48 and $1.31 billion in revenue.
Retail net sales increased 11.1% to $766.2 million, driven primarily by e-commerce sales from the company’s digital flagships and 114 net new store openings since the end of the third quarter of fiscal 2015.
In terms of guidance, the company expects to have EPS in the range of $0.93 to $0.97 and revenues between $1.13 billion to $1.15 billion for the fiscal fourth quarter. The consensus estimates call for $1.00 in EPS on $1.16 billion in revenue.
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