The company reported a 50% year-over-year increase in net income to $187.7 million, or 91 cents a share, which surpassed the consensus estimate of 81 cents a share. Revenue rose 43.4% year-over-year to $919.2 million, well ahead of analysts' estimate of $851.66 million.
Comparable-store sales increased 24.2% and the brand opened 115 net new stores in the quarter. The company hauled in $32.1 million in licensing revenue and received a 128% boost in European revenue growth.
Despite these numbers, the stock was down 7.37% to $75.80 at 10:39 a.m. More than 10.5 million shares had changed hands, compared to the average volume of 3,291,510.
Separately, 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 multiple 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, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."