Michael Kors Soars 15% After Q3 Print

Shares of Michael Kors Holdings Ltd (NYSE: KORS) were trading higher by more than 15 percent early Tuesday morning after the company reported its third quarter results.

Michael Kors earned $1.59 per share in the third quarter on revenue of $1.4 billion. Wall Street analysts were expecting the company to earn $1.46 per share on revenue of $1.4 billion.

Same-store sales for the quarter fell 0.9 percent, but gross profit rose 4.0 percent to $832.0 million.

Net income dipped to $294.6 million, or $1.59 per share compared to $303.7 million, or $1.48 per share a year ago. The company noted its third quarter net income included a $0.06 per share unfavorable impact due to foreign exchange fluctuations.

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John D. Idol, the Company's Chairman and Chief Executive Officer said, "We are pleased with our third quarter results, as we delivered revenue, comparable store sales and earnings growth ahead of our expectations. Our performance was driven primarily by strong consumer response to our luxury fashion product offering, particularly in our accessories and footwear categories, the continued momentum in our digital flagship business and outstanding growth in our international markets."

Looking forward to the fourth quarter, Michael Kors expects to earn $0.93 to $0.97 per share on revenue of $1.13 billion to $1.15 billion. The company is also expecting to $4.38 to $4.42 per share for the full fiscal year on revenue of $4.65 billion.

Wall Street analysts were already projecting the company to earn $1.00 per share on revenue of $1.16 billion in the fourth quarter and $4.33 per share on revenue of $4.63 billion for the full fiscal year.