NEW YORK (TheStreet) -- Michael Kors (KORS)  shares are spiking 6.27% to $45.40 in Wednesday's pre-market trading session immediately after the luxury goods maker posted robust fiscal 2016 fourth quarter results today, overshadowing a downbeat forecast for the current quarter.

For the period ended April 2, earnings came in at 98 cents a share, topping Wall Street's estimates by 2 cents and higher than 90 cents a share it earned the year prior. 

Revenue increased to $1.2 billion from $1.08 billion year-over-year and also topped projections of $1.15 billion. 

Same-store sales rose 0.3% in the recent period, higher than what analysts were looking for, which was for an increase of 0.2%. 

Despite the challenging retail backdrop, Michael Kors said it was pleased with its recent performance.

"We elevated our product offerings and refreshed our marketing campaigns, both of which were met with positive response from our customers," CEO John D. Idol stated. "We also continued to make strategic investments in our business that will pay meaningful dividends for years to come."

As the company continues to spend money on global investments in digital flagships, new stores, infrastructure and distribution, it expects earnings for the current fiscal first quarter to be between 70 cents to 74 cents a share on revenue of $940 million to $950 million. This is lower than Wall Street's estimates of 94 cents a share on revenue of $1.03 billion. 

Shortly after reporting earnings, the company announced that it has completed its acquisition of Michael Kors Ltd., the exclusive licensee of products in China and other jurisdictions in Asia, for $500 million in cash.

Separately, TheStreet Ratings currently has a "Hold" rating on the stock with a letter grade of C+.

The company's strengths can be seen in multiple areas, such as its growth in earnings per share, revenue growth and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and deteriorating net income.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

You can view the full analysis from the report here: KORS