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.
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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.