UPDATE: Michael Kors Posts Rise In FQ1 Profit, Lifts Outlook

Michael Kors Holdings KORS reported an 82% rise in its fiscal first-quarter profit and lifted its forecast for the year. Michael Kors now projects full-year earnings of $2.67 to $2.69 per share on revenue of $2.8 billion to $2.9 billion. The company had earlier expected earnings of $2.43 to $2.47 per share on revenue of $2.65 billion to $2.75 billion. Michael Kors's quarterly profit surged to $125 million, or $0.61 per share, from $68.6 million, or $0.34 per share, in the year-ago period. Its revenue surged 55% to $640.9 million. Michael Kors expected earnings of $0.46 to $0.48 per share on revenue of $555 million to $565 million. Its retail net sales climbed 52% to $325.7 million, while wholesale net sales jumped 59% to $290.6 million. Michael Kors shares gained 6.08% to $72.01 in pre-market trading.