Michael Kors Holdings Limited (KORS – Analyst Report), a global luxury lifestyle company, came out with third-quarter fiscal 2016 results, wherein earnings of $1.59 per share beat the Zacks Consensus Estimate of $1.46, and surged 7.4% from $1.48 in the prior-year quarter.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2016 has been portraying an uptrend in the last 7 days. In the trailing four quarters (including the quarter under review), the company outperformed the Zacks Consensus Estimate by an average of 9.6%.

Revenues: Michael Kors generated net sales of $1,341.7 million that increased 6.2% year over year. Including licensing revenues, total revenue came in at $1,397.5 million, up 6.3% year over year. The Zacks Consensus Estimate stands at $1,350 million.

Outlook: Management projects fourth-quarter fiscal 2016 earnings in the range of 93 cents to 97 cents a share. Further, the company anticipates total revenue in the fourth quarter to be in the range of $1.13 billion to $1.15 billion.

For fiscal 2016, Michael Kors expects earnings in the range of $4.38 to $4.42 a share. Moreover, fiscal 2016 revenue is expected to be nearly $4.65 billion.

Key Events: Michael Kors repurchased 4,682,121 shares for approximately $200 million.

Zacks Rank: Currently, Michael Kors carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.

Stock Movement: Michael Kors’ shares are up nearly 11.3% during pre-market trading hours following the earnings release. Clearly, a positive sentiment is palpable among investors following the company’s better-than-expected fourth-quarter fiscal 2016 results.