EmailMichael Kors (KORS $42.35 +4.08) reported fourth quarter earnings of $0.21 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.16 ($0.14-0.16 guidance), while revenues rose 60.2% year/year to $362.9 million versus the $360.93 mln consensus (guidance $350-360 mln). The company issued upside guidance for the first quarter with EPS of $0.18-0.20 versus the $0.16 consensus and revenues of $360-370 million versus the $322.90 million consensus. The company issued upside guidance for fiscal year 2013 with EPS of $1.08-1.12 versus the $1.00 consensus and revenues of $1.7-1.8 billion versus the $1.67 billion consensus.
"Our results for the quarter were driven by strong performance across each of our retail, wholesale and licensing segments. Our North American comparable store sales increase was 37.2%, reflecting the strong demand for the Michael Kors luxury brand, our exciting assortment of fashion merchandise and our exceptional jet-set in-store experience. We also delivered significant growth in our wholesale segment, reflecting the strength of our brand and the favorable results from our transition to shop-in-shops in department stores. In Europe, total revenue increased 122.6% for the quarter as a result of a 13.6% comparable store sales increase, in addition to strong performance in our wholesale operations. In Japan, we are cautiously encouraged by our results for this business, which is in the start-up phase. Total licensing revenue grew 26.9% in the quarter due to strong sales of our licensed products led by the Michael Kors watch and eyewear lines. We are uniquely positioned to continue to build the Michael Kors global luxury lifestyle brand, and are pleased that our momentum has continued into the first quarter of fiscal 2013."
