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[video] Quick Take: Michael Kors Proves It Has the Must-Have Handbag

NEW YORK (TheStreet) -- Shares of Michael Kors (KORS) are soaring after the company posted huge top- and bottom-line beats on Tuesday morning.

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.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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