On August 14, Michael Kors announced fiscal 2013 first-quarter earnings per share of 34 cents, beating the Zacks Consensus Estimate by 14 cents and growing 161.5% year over year.
Total revenue jumped 71% year over year to $414.9 million and surpassed the Zacks Consensus Estimate of $368 million. Solid sales growth in each of the company’s business segments and across all geographies drove the upside. Sales at the retail segment grew 76% on the back of a 37.3% rise in comparable store sales and the opening of 76 new stores during the quarter.
Net sales at the wholesale and licensing segments advanced 66% and 61%, respectively. Gross profit was up 83% to $251.0 million, while gross margin expanded 420 basis points to 60.5%. Operating income in the quarter totaled $111.9 million, up 149% year over year, with operating margin growing 850 basis points to 27.0%.