Michael Kors Earnings Boost Stock to New High

Investing Markets
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One of the premier luxury apparel companies in the world continues to be one of the best performing stocks on the market.

Michael Kors (NYSE: KORS) continued its torrid run today, popping another 8.8% after a stellar quarterly earnings report. The earnings bump boosted the stock to a new all-time high of $62 a share. KORS shares are now up 135% since the stock went public in December 2011.

The company’s third-quarter results more than tripled last year’s output. Net income for the October-through-December quarter came in at $205 million, compared to $64.6 million in the same quarter a year ago. Its earnings of 64 cents per share blew Wall Street estimates of 41 cents per share out of the water.

Michael Kors’ outlook for the fiscal year was equally stellar. Expected earnings per share of $1.80 outpaced analysts’ previous forecasts of $1.56 per share.

Year-to-date, KORS shares have now risen 20%.

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