NEW YORK (TheStreet) -- Michael Kors (KORS) shares are up 0.9% to $96.91 on Wednesday following the release of the company's fourth quarter earnings results.
The luxury clothes and handbags maker reported a 53.6% year over year quarterly revenue increase to $915.5 million, beating Wall Street's consensus estimate of $822.7 million.
The company reported net income of $161 million, a 59.4% year over year increase, or 78 cents per diluted share, 10 cents better than analysts had estimated.
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TheStreet Ratings team rates MICHAEL KORS HOLDINGS LTD as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MICHAEL KORS HOLDINGS LTD (KORS) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and good cash flow from operations. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."
Highlights from the analysis by TheStreet Ratings Team goes as follows: