Michael Kors had a phenomenal holiday season.
The luxe retailer said its fiscal third-quarter profit soared 77 percent as it benefited from a strong holiday shopping season, and revenue crushed market expectations.
Michael Kors once again raised its outlook for the year. It expects per-share earnings of $3.07 to $3.09 on revenue of $3.18 billion to $3.19 billion. The company had previously raised its guidance in November, expecting per-share earnings of $2.77 to $2.81 on revenue of $2.9 billion to $3 billion.
For the current quarter, the handbag maker and retailer expects per-share earnings of 63 cents to 65 cents on revenue of $790 million to $800 million. Analysts polled by Thomson Reuters had been calling for earnings of 65 cents and $790 million in revenue. Michael Kors is also assuming a same-store sales increase of 15% to 20%.
Shares surged nearly 10 percent at the open on the better-than-expected results and outlook.
The fashion retailer, which has reported robust bottom-line growth recently as demand in its retail and wholesale merchandise grows, replaced NYSE Euronext in the S&P 500 index in November.
For the quarter ended Dec. 28, Michael Kors reported earnings of $229.6 million, or $1.11 a share, up from $130 million, or 64 cents a share, in the prior year. Revenue rose 59% to $1.01 billion. The company had forecast per-share earnings of 83 cents to 85 cents on revenue of $845 million to $855 million.
This article originally appeared on MarketWatch.com.