UPDATE: Michael Kors Posts Upbeat FQ1 Results, Lifts Forecast

Shares of Michael Kors Holdings KORS surged more than 3% in pre-market trading after the company reported better-than-expected fiscal first-quarter results and raised its outlook for the year. The Tsim Sha Tsui, Hong Kong-based company posted quarterly earnings of $187.7 million, or $0.91 per share, compared to $125 million, or $0.61 per share, in the year-ago period. Its net revenue climbed 44% to $887 million, while total revenue jumped 43% to $919.2 million. Michael Kors in May had expected earnings of $0.78 per share to $0.80 per share, on revenue of $840 million to $850 million. Analysts were projecting earnings of $0.81 per share on sales of $852.45 million. The company's retail net sales climbed 47.5% to $480.2 million, while wholesale net sales rose 40% to $406.8 million. Its same-store sales surged 24.2% in the quarter, while licensing revenue jumped 30.5% to $32.1 million. Revenue in North American jumped 30% to $718.9 million, while same-store sales climbed around 19%. Europe revenue jumped to $185.5 million, while same-store sales rose around 54%. At the end of the fiscal first quarter, there were 605 Michael Kors stores worldwide including licensed locations. John D. Idol, the Company's Chairman and Chief Executive Officer said, “Our Fiscal 2015 first quarter earnings results demonstrate the strong momentum in our brand across North America, Europe and Asia.” For the year, Michael Kors now projects earnings of $4 to $4.05 per share on revenue of $4.25 billion to $4.35 billion. The company had earlier expected earnings of $3.85 to $3.91 per share on revenue of $4 billion to $4.1 billion The company projects current-quarter earnings of $0.85 to $0.87 per share on revenue of $950 million to $960 million. Analysts projected earnings of $0.89 per share on revenue of $959.5 million. It also expects same-store sales to grow in the high teens. Michael Kors shares gained 3.37% to $84.59 in pre-market trading.