TheStreet's Debra Borchardt said the company reported $1.11 in earnings per share, beating analysts' expectations by 25 cents. The company's quarterly profit of $229.6 million is a huge increase from year-ago figures, where Michael Kors earned 60 cents per share or $130 million.
Borchardt added that management raised earnings per share guidance to $3.07 to $3.09, from $2.77 to $2.81.
It's not just handbags driving sales. There was strength across the board including watches, accessories, footwear and eyewear, she said. Revenue increased 59% year over year to $1 billion, beating analysts' estimates by $140 million.
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Borchardt added that revenue in the U.S. were up 51%, while surging 144% in Europe. As a result, the stock is up 18% on Tuesday and up 65% over the past year. In comparison, competitor Coach (COH) is down nearly 20% in 2014 and down 6% in the past 12 months.
-- Written by Bret Kenwell in Petoskey, Mich.