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 Shares of the company, founded by fashion designer Michael Kors,
were up 3.4 percent premarket on Monday after the company also
raised its full-year revenue and profit outlook.
The company has overtaken closest rival Coach Inc in market share as
its core customers - women between the age of 20 and 35 - snap up
its trendy clutches, watches and snakeskin handbags.
The company's handbags sell for $200 to $3,000, while watches are
priced between $150 and $550. Michael Kors has posted sales growth
of 40 percent or more in almost every quarter since going public in
December 2011.
The company said it expects full-year earnings of $4.00-$4.05 per
share on revenue of $4.25 billion to $4.35 billion.
It had previously forecast full-year earnings of $3.85 to $3.91 per
share on revenue of $4 billion to $4.1 billion.
Revenue from North America, its biggest market, rose 30 percent to
$718.9 million in the first quarter ended June 28.
Total revenue rose 43 percent to $919.2 million.
Same store sales increased 24.2 percent, with a growth of 18.7
percent in North America.
Net income rose to $187.7 million, or 91 cents per share, from
$124.9 million, or 61 cents per share, a year earlier.
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Analysts on average had expected earnings of 81 cents per share on
revenue of $851.7 million, according to Thomson Reuters I/B/E/S.
The company sells through its own stores as well as through
retailers such as Macy's Inc <M.N>, Saks Fifth Avenue and
Bloomingdale's.
Michael Kors' shares were trading at $91.68. They closed at $81.83
on Friday.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Saumyadeb
Chakrabarty)
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