Michael Kors shares take off on earnings report

@CNNMoneyInvest February 14, 2012: 12:38 PM ET
Shares of the Michael Kors Holdings took off Tuesday after the Project Runway judge's newly-public firm posted stellar quarterly earnings.

Michael Kors is his company's chief creative officer and a judge on Project Runway.

NEW YORK (CNNMoney) -- Honey, those earnings are to die for.

That was the sentiment from investors Tuesday after Project Runway judge Michael Kors' newly-public firm posted stellar quarterly results, sending its stock up nearly 23%

Michael Kors Holdings (KORS) said its revenue for the quarter ended in December totaled $373.6 million, a 68% increase from the same quarter a year prior. Retail net sales increased 82.8% to $199.4 million, while net income was $53.6 million excluding certain charges.

The luxury retailer debuted on the New York Stock Exchange in December and priced its IPO at $20 a share. Its stock price has been on the rise ever since, closing at $33.61 Monday before shooting past $41 Tuesday following the earnings release.

"These results reflect the strong demand for the Michael Kors luxury brand, our exciting assortment of fashion merchandise and our exceptional jet-set in-store experience," Michael Kors CEO John Idol said in a statement.

How I made it to Fashion Week

The company opened 75 new stores in 2011, including 28 in the last three months of the year, the statement said. It projects revenue for the current quarter to come in between $350 million and $355 million.

It's been a strong year so far for luxury fashion stocks -- Ralph Lauren (RL, Fortune 500) shares are up nearly 26%, while Coach (COH) has climbed 24%. Those firms have market capitalization of $10.7 billion and $21.9 billion, respectively, while Michael Kors sits at $7.9 billion. To top of page

Index Last Change % Change
Dow 17,804.80 26.65 0.15%
Nasdaq 4,765.38 16.98 0.36%
S&P 500 2,070.65 9.42 0.46%
Treasuries 2.18 -0.03 -1.27%
Data as of 3:51pm ET
Company Price Change % Change
Bank of America Corp... 17.62 0.09 0.51%
Apple Inc 111.78 -0.87 -0.77%
General Electric Co 25.62 0.48 1.91%
Intel Corp 36.37 -0.65 -1.76%
Microsoft Corp 47.66 0.14 0.29%
Data as of Dec 19
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.01%4.03%
15 yr fixed3.12%2.97%
5/1 ARM3.11%2.99%
30 yr refi4.04%4.09%
15 yr refi3.15%3.05%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.