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.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. Follow @BretKenwell
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts