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TheStreet Open House

Michael Kors Holdings Limited Updates Second Quarter Fiscal 2013 Guidance

Michael Kors Holdings Limited (NYSE: KORS) (the “Company”) today announced that the Company updated its second quarter fiscal 2013 guidance.

For the second quarter of fiscal 2013, the Company now expects diluted earnings per share to be in the range of $0.38 to $0.40 as compared to its previous guidance of $0.33 to $0.35. The Company now expects total revenue to be in the range of $510 million to $520 million. The expected diluted earnings per share assume 201.0 million diluted weighted-average shares outstanding and a 38% effective tax rate.

For fiscal 2013, the Company now expects diluted earnings per share to be in the range of $1.39 to $1.41 as compared to its previous guidance of $1.32 to $1.34. The Company now expects total revenue to be in the range of $1.85 billion to $1.95 billion with comparable store sales of approximately 30%. The expected diluted earnings per share assume 201.2 million diluted weighted-average shares outstanding and a 38% effective tax rate. The Company’s updated projected results for the second quarter of fiscal 2013 and for fiscal 2013 are only estimates, and its actual results may differ.

John Idol, the Company’s Chairman and Chief Executive Officer, said, “Our updated guidance reflects our confidence in the strong momentum of the Michael Kors brand and the continued execution of our key growth strategies. Michael Kors’ luxury fashion designs are resonating globally with our customers and we are excited about the long term growth potential of our Company as we continue to build upon the success we achieved in establishing Michael Kors as a global luxury lifestyle brand.”

In its retail segment, the Company announced that quarter-to-date comparable store sales for the 11 weeks ended September 15, 2012 increased 45.1%. Quarter-to-date comparable store sales were strong across all regions, with increases of 45.1% in North America, 49.7% in Europe and 16.0% in Japan.

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