Michael Kors fiscal 2Q net income triples

Associated Press

NEW YORK (AP) — Michael Kors Holdings Ltd. said Tuesday that its fiscal second-quarter net income more than tripled, helped by new stores and ongoing strong demand for luxury clothing and accessories.

For the quarter ended Sept. 29, the Hong Kong-based retailer earned $97.8 million, or 49 cents per share, up from $31.6 million, or 22 cents per share, in the same quarter last year.

Revenue jumped 74 percent to $532.9 million from $305.5 million.

Analysts, on average, expected 40 cents per share on $519.9 million in revenue.

The company said retail net sales surged 82 percent to $242.3 million, boosted by a 45.1 percent jump in sales at stores open at least a year, along with the openings of 66 new stores. Revenue at stores open at least a year is a key metric of a retailer's health, because it excludes revenue from stores that recently opened or closed.

Revenue from wholesale sales grew 75 percent to $270.8 million and licensing revenue increased 13 percent to $19.9 million.

But the company offered guidance for the current quarter, which covers the critical holiday shopping season, projecting fiscal third-quarter earnings of 37 to 39 cents per share on $525 million to $535 million in revenue.

Analysts expect 38 cents per share on $523.1 million in revenue.

For the full fiscal year 2013, the company expects to post a profit of of $1.48 to $1.50 per share on $1.86 to $1.96 billion in revenue. Analysts expect $1.45 per share on $1.99 billion in revenue.

Michael Kors shares rose $1.99, or 3.9 percent, to $52.57 in morning trading.