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Nov 6, 2017

Michael Kors lifts revenue forecast amid Jimmy Choo acquisition

Michael Kors

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Fashion accessories maker Michael Kors Holdings Ltd (KORS.N) lifted its annual revenue forecast on Monday, predicting its recent acquisition of upscale shoemaker Jimmy Choo (JYMHF.PK) will begin to pay off before the end of the fiscal year.

Kors also reported profit and revenue for its second fiscal quarter ahead of analysts' estimates, as it opened 56 new stores since the same period a year ago.

Shares of New York-based Michael Kors rose 1.2 per cent to US$48.18 in premarket trading.

Sales in Kors' stores open for at least a year fell 1.8 per cent in the second quarter ended Sept. 30. Analysts on average had forecast a 4.6-per-cent decline, according to Consensus Metrix.

Kors, known for its "affordable luxury" line of handbags, said it now expects revenue of US$4.59 billion for the year ending April 2018. The forecast includes US$215 million to US$225 million of additional revenue from Jimmy Choo.

Kors had earlier forecast full-year revenue of US$4.28 billion.

Its revenue in the second quarter rose 5.4 per cent to US$1.15 billion, marking the first increase in more than a year and coming ahead of the US$1.05 billion expected by analysts, according to Thomson Reuters I/B/E/S.

Net income attributable to the company rose to US$202.9 million or US$1.32 per share, from US$160.9 million, or 95 cents US per share, a year earlier.

Excluding one-time items, Kors earned US$1.33 per share, compared with analysts' average forecast of 83 cents US per share.