Fashion luxury group Michael Kors Holdings Ltd. on Aug. 8 raised its full-year fiscal 2019 EPS guidance as it reported first-quarter results that beat expectations due to stronger-than-expected performances from its namesake and Jimmy Choo labels.
The company said it now expects adjusted EPS to be between $4.90 and $5.00, up 25 cents from a prior guidance of $4.65 to $4.75. It also now expects total revenue for the whole year to be about $5.13 billion, including between $580 million and $590 million of incremental Jimmy Choo revenue, from a previous outlook of $5.10 billion.
For the first quarter ended June 30, Michael Kors' revenue rose 26.3% year over year to $1.20 billion, including a $172.7 million contribution from Jimmy Choo. Adjusted net income attributable to the company came in at $200.7 million, or $1.32 per diluted share, beating the first-quarter S&P Global Market Intelligence consensus estimate for normalized EPS of 95 cents.
"Our fashion leadership remains strong, which drove consumers to respond favorably to both new fashion introductions and core products. Our global fashion luxury group continues to see the benefits of our long-term growth strategy which is driven by both the Michael Kors and Jimmy Choo brands," Chairman and CEO John Idol said in a statement.
Michael Kors expects a total revenue to reach $1.26 billion in the second quarter, including between $110 and $115 million of incremental revenue from Jimmy Choo.