EmailMichael Kors (KORS $47.50 +5.16) reported first quarter earnings of $0.34 per share, $0.14 better than the Capital IQ consensus of $0.20, while revenues rose 70.7% year/year to $414.9 million versus the $367.96 mln consensus. The company issued upside guidance for the second quarter with EPS of $0.33-0.35 versus the $0.27 consensus and revenues of $490-500 million versus the $422.23 million consensus. The company issued upside guidance for fiscal year 2013 with raised EPS to $1.32-1.34 from $1.08-1.12 versus $1.12 consensus and raised FY13 revenues to $1.8-1.9 billion from $1.7-1.8 billion versus the $1.78 billion consensus.
"During the first quarter we saw continued strength in each of our retail, wholesale and licensing segments and across geographies. In North America, our comparable store sales rose 38.4% reflecting the strong appeal of the Michael Kors brand, our consistent delivery of a compelling assortment of luxury products, and our exciting jet-set in-store experience. The 66% growth in our wholesale segment is the result of the continued conversions to shop-in-shops in department stores. Our strong revenue growth in Europe demonstrates the growing momentum of the Michael Kors brand which led to a 24.2% increase in comparable store sales and strong performance in our wholesale operations. The 61% growth in our licensing revenue was led by strong sales in the Michael Kors watch line."
