Michael Kors Holdings Limited (KORS - Free Report) , a global luxury lifestyle company, came out with third-quarter fiscal 2018 results, wherein adjusted earnings of $1.77 per share beat the Zacks Consensus Estimate of $1.29, and increased 7.9% from the prior-year quarter.
Management now projects earnings in the range of 50-55 cents a share for the fourth quarter and between $4.40 and $4.45 for fiscal 2018. The current Zacks Consensus Estimate for the final quarter and fiscal year stand at 59 cents and $3.99, respectively.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2018 has increased by a penny in the past 7 days. In the trailing four quarters (excluding the quarter under review), the company outperformed the Zacks Consensus Estimate by an average of 23.7%.
Revenues: Michael Kors generated total revenue of $1,440.1 million that increased 6.5% year over year, and also came ahead of the Zacks Consensus Estimate of $1,375 million. On a constant currency basis, total revenue grew 4.6%.
Management now forecasts fourth-quarter total revenue in the range of $1.11-$1.13 billion. For fiscal 2018, management anticipates total revenue to be $4.66 billion.
Zacks Rank: Currently, Michael Kors carries a Zacks Rank #2 (Buy), which is subject to change following the earnings announcement. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stock Movement: Michael Kors’ shares are up 7% during pre-market trading hours following the company’s quarterly results.
Check back later for our full write up on Michael Kors’ earnings report!
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