Michael Kors Holdings Ltd. (NYSE: KORS) reported its fiscal second-quarter financial results before the markets opened on Monday. The retailer said that it had $1.33 in earnings per share (EPS) and $1.15 billion in revenue, which compares with consensus estimates from Thomson Reuters of $0.83 in EPS on revenue of $1.04 billion. The same period of last year reportedly had EPS of $0.96 and $1.09 billion in revenue.

During this past quarter, retail net sales increased 8.0% to $645.0 million, driven in large part by 56 net new store openings since the end of the second quarter of fiscal 2017, as well as the increase in e-commerce sales in Europe and Asia. Comparable sales decreased 1.8%.

On a constant currency basis, retail net sales increased 7.2%, and comparable sales decreased 2.5%. Wholesale net sales increased 2.5% to $463.6 million, and on a constant currency basis wholesale net sales increased 1.2%. Licensing revenue decreased 2.1% to $38.0 million.

In terms of the outlook for the fiscal third quarter, the company expects to see EPS in the range of $1.22 to $1.27 and revenues between $1.355 billion and $1.385 billion. The consensus estimates are $1.50 in EPS and $1.29 billion in revenue for the current quarter.

On the books, Michael Kors cash and cash equivalents totaled $178.2 million at the end of the quarter, down from $186.4 million in the same period from last year.

John D. Idol, board chair and chief executive, commented:

This is a transformative time for Michael Kors Holdings Limited as we established our global fashion luxury group with the recently completed acquisition of Jimmy Choo. We believe that bringing together these two iconic brands further strengthens our growth opportunities, increases our product and geographic diversification, and importantly, creates a platform for future acquisitions. We look forward to capitalizing on the great opportunities that lay ahead for our brands and believe that we are well positioned to drive long term growth as we expand our global fashion luxury group.

Shares of Michael Kors closed Friday at $47.62, with a consensus analyst price target of $47.05 and a 52-week range of $32.38 to $52.33. Following the announcement, the stock was up almost 6% at $50.40 in early trading indications Monday.

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