Michael Kors Holdings Limited (NYSE: KORS) (the “Company”) today announced that the Company updated its fourth quarter fiscal 2012 guidance.
For the fourth quarter of fiscal 2012, the Company now expects diluted earnings per share to be in the range of $0.14 to $0.16 as compared to its previous guidance of $0.10 to $0.12. This excludes the effect of the one-time gain in the fourth quarter, which impacted diluted earnings per share by $0.01. The Company now expects total revenue to be in the range of $350 million to $360 million, with the gross margin to be in the range of 55.5% to 56.5%. During the quarter, the Company has experienced certain operational difficulties transitioning to its new distribution facility, which has impacted deliveries to its wholesale customers and retail stores. The Company may experience additional shipping delays until it has fully completed its transition to its new distribution facility, which could affect the Company’s ability to achieve its revenue guidance. The Company anticipates this transition to be completed by the end of April 2012. The expected diluted earnings per share assume 197.0 million diluted weighted-average shares outstanding and a 40% tax rate.
For fiscal 2012, the Company now expects diluted earnings per share to be in the range of $0.79 to $0.81 compared to its previous guidance of $0.74 to $0.76. This excludes the effect of the one-time charges as reported in the Company’s third quarter earnings press release issued February 14, 2012, which impacted diluted earnings per share by $0.09, partially offset by the aforementioned one-time gain in the fourth quarter, which is expected to impact diluted earnings per share by $0.01. The Company now expects total revenue to be in the range of $1.27 billion to $1.28 billion, with the gross margin to be in the range of 56.5% to 57.5%. The expected diluted earnings per share assume 190.0 million diluted weighted-average shares outstanding and a 39% tax rate. The Company’s updated projected results for the fourth quarter of fiscal 2012 and for fiscal 2012 are only estimates, and its actual results may differ.
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