) raised its earnings forecast for its fiscal third quarter (ending March 29). The luxury accessories maker sees earnings per share of 29 cents in the third quarter and 25 cents in the fourth quarter.
Thomas Weisel raisesd its earnings estimates on the news. Analyst Anne-Marie Peterson says the higher guidance is due to better than expected sales in all channels -- including the U.S., Japan retail, and U.S. wholesale. She notes the company's new micro-C style has a broader appeal than its previous signature lines. She believes Japan and U.S. wholesale sales growth are double-digit positive.
Peterson says the strong guidance incorporates potentially significant slowing in March. She says the firm sales are impressive given choppy consumer spending.
She raised her 25 cents third-quarter EPS estimate to 31 cents, and 8% U.S. comparable-store sales growth estimate to 12%. She sees EPS of 25 cents in the fourth quarter. She also set a $40.75 price target on the stock, and kept a buy rating.