Michael Kors Holdings Limited announced that the Company updated its second quarter fiscal 2013 guidance.
For the second quarter of fiscal 2013, the Company now expects diluted earnings per share to be in the range of $0.38 to $0.40 as compared to its previous guidance of $0.33 to $0.35. The Company now expects total revenue to be in the range of $510 million to $520 million. The expected diluted earnings per share assume 201.0 million diluted weighted-average shares outstanding and a 38% effective tax rate.
For fiscal 2013, the Company now expects diluted earnings per share to be in the range of $1.39 to $1.41 as compared to its previous guidance of $1.32 to $1.34. The Company now expects total revenue to be in the range of $1.85 billion to $1.95 billion with comparable store sales of approximately 30%.
The expected diluted earnings per share assume 201.2 million diluted weighted-average shares outstanding and a 38% effective tax rate. The Company’s updated projected results for the second quarter of fiscal 2013 and for fiscal 2013 are only estimates, and its actual results may differ.
John Idol, the Company’s Chairman and Chief Executive Officer, said, “Our updated guidance reflects our confidence in the strong momentum of the Michael Kors brand and the continued execution of our key growth strategies. Michael Kors’ luxury fashion designs are resonating globally with our customers and we are excited about the long term growth potential of our Company as we continue to build upon the success we achieved in establishing Michael Kors as a global luxury lifestyle brand.”
In its retail segment, the Company announced that quarter-to-date comparable store sales for the 11 weeks ended September 15, 2012 increased 45.1%. Quarter-to-date comparable store sales were strong across all regions, with increases of 45.1% in North America, 49.7% in Europe and 16.0% in Japan.
The Company has not begun its normal quarter-end closing and review procedures and the final results for the 13-week period ended September 29, 2012 may differ from the results for this 11-week period. The results for this 11-week period are not for an entire fiscal period, will be subject to quarter-end closing procedures and/or adjustments and should not be viewed as a substitute for quarterly financial statements prepared in accordance with generally accepted accounting principles in the United States.
Michael Kors is a world-renowned, award-winning designer of luxury accessories and ready to wear. His namesake company, established in 1981, currently produces a range of products through his Michael Kors, KORS Michael Kors and MICHAEL Michael Kors labels, including accessories, footwear, watches, jewelry, men’s and women’s ready to wear, and a full line of fragrance products.
