Michael Kors raises forecast
The company, which went public in December after more than three decades as a private firm, said it expects earnings of 14 cents to 16 cents per share in the fourth quarter of fiscal 2012, up from a prior forecast of 10 cents to 12 cents per share. It now expects revenue of $350 million to $360 million, versus a prior forecast of $350 million to $355 million.
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Analysts on average were expecting earnings of 13 cents per share on revenue of $358.4 million, according to Thomson Reuters I/B/E/S.
For fiscal 2012, the company now expects earnings of 79 cents to 81 cents per share, compared to a prior forecast of 74 cents to 76 cents per share. It now expects full-year revenue of $1.27 billion to $1.28 billion.
Analysts were expecting 67 cents per share on revenue of $1.28 billion.
The forecasts exclude one-time items.
Still, the company, known for its clothing and accessories, also said the transition to a new distribution facility is resulting in shipping delays that could prevent the fashion company from meeting its revenue forecast.
The company plans to report results for its fourth quarter, which will end on March 31, on June 12.
But through March 17, quarterly comparable sales in its retail segment rose 35.8 percent.
Michael Kors shares were up 3 percent at $46.66 in after-hours trading. They closed on the New York Stock Exchange at $45.32. (Reporting By Martinne Geller in New York; Editing by Bernard Orr, Tim Dobbyn and Phil Berlowitz)
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