NEW YORK, United States — Fashion house Michael Kors Holdings Ltd topped Wall Street forecasts for first-quarter profit and revenue on Wednesday and raised its full-year earnings forecast, benefiting from strong demand for Jimmy Choo shoes.
Sales at the Jimmy Choo brand came in at $172.7 million, beating analysts’ average estimate of $143.65 million, gaining from a shift in timing of certain wholesale shipments from the second quarter to the first.
The company has spent heavily in the past year to update the image of the brand, which has been associated more with rich older women.
The company raised its full-year earnings forecast to $4.90 to $5.00 per share from its prior guidance of $4.65 to $4.75.
Net income attributable to Kors rose to $186.4 million, or $1.22 per share, in the quarter ended June 30, from $125.5 million, or 80 cents per share, a year earlier.
Excluding certain items, the company earned $1.32 per share, beating the average estimate of 95 cents per share.
Total revenue rose 26.3 percent to $1.20 billion, beating the average analyst estimate of $1.14 billion, according to Thomson Reuters I/B/E/S.
Shares of the New York-based company rose 3 percent to $37.6 before the bell on Monday.
By Uday Sampath; editor: Saumyadeb Chakrabarty.