Strong demand for its products coupled with new store openings have helped luxury clothing business Michael Kors Holdings Limited more than double its second quarter profit.
The company, which went public in December last year, today (13 November) said net income surged to $97.8m, or $0.49 per share, in the three months to 29 September. Stripping out charges related to its public offering, net income was $47.5m, or $0.25 per share – and compares with $40.6m, or $0.22 per share, a year ago.
The retailer, which operates 269 stores, including concessions, said revenue rose 74% to $532.9m from $305.5m in the quarter.
Retail sales increased 82% to $242.3m driven by a 45.1% hike in comparable store sales and 66 new store openings. Wholesale revenues surged 75% to $270.8m and licensing revenue increased 13% to $19.9m.
The company expects third-quarter diluted earnings per share to be in the range of $0.37 to $0.39, while revenue is forecast to be between $525m to $535m.
Full-year diluted earnings per share are estimated to range from $1.48 to $1.50, while revenue is forecast to be between $1.86bn to $1.96bn.
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