NEW YORK (TheStreet) - Shares of Michael Kors were jumping 3% to $98.64 in pre-market trading after the accessories and lifestyle retailer reported fourth-quarter earnings and revenue that were above Wall Street's expectations. Hong Kong-based Michael Kors reported fourth quarter net income of $161 million, or 78 cents a share, compared to $101.1 million, or 50 cents a share, in the year-earlier quarter. Analysts, on average, were expecting the company to post quarterly earnings of 68 cents a share, according to Thomson Reuters. Michael Kors' revenue rose 53.6% to $917.5 million, above expectations of $816 million. The company said that retail net sales increased 49.7% to $408.4 million, with comparable store sales up 26.2% in the quarter. Analysts were calling for same-store sales of 21.4%, according to Consensus Metrix. Gross profit, as a percentage of total revenue, increased to 59.9% compared to 59.7% in the fourth quarter of fiscal 2013, the company said. "We believe that our expanding global brand awareness is driving continued strong demand for our luxury product and fueling our growth as a global luxury lifestyle brand. In addition, Michael Kors and our talented design team continue to deliver exceptional products while the distinctive jet-set in-store experience that we offer in both our retail stores and our shop-in-shops continues to resonate well with our consumers," John D. Idol, the company's chairman and CEO said in an earnings statement. "Overall, we have great momentum as we head into fiscal 2015 and remain very excited about our growth prospects for next year and beyond." As of the end of the quarter, the company operated 405 retail stores, including concessions. Including licensed locations, there were 555 Michael Kors stores worldwide at the end of the fourth quarter of fiscal 2014. Michael Kors will host a conference call at 8 a.m. ET to discuss earnings. --Written by Laurie Kulikowski in New York. Follow @LKulikowski // 0;if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src="//platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); // ]]> >>Read More: Looking for an Investment? Here are 8 of the Best Franchises in America Why Best Buy Is Pointing Fingers at Apple and Samsung How PizzaRev Plans To Be the 'Chipotle of Pizza'
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