Michael Kors Holdings Limited (NYSE:KORS) Issues FY18 Earnings Guidance
Michael Kors Holdings Limited (NYSE:KORS) updated its FY18 earnings guidance on Tuesday. The company provided EPS guidance of $3.62-3.72 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.54. The company issued revenue guidance of $4.275 billion, compared to the consensus revenue estimate of $4.19 billion.Michael Kors Holdings Limited also updated its Q2 guidance to $0.80-0.84 EPS.
Several research firms have recently commented on KORS. BidaskClub upgraded shares of Michael Kors Holdings Limited from a sell rating to a hold rating in a research report on Monday, July 31st. Credit Suisse Group set a $36.00 price target on shares of Michael Kors Holdings Limited and gave the stock a hold rating in a research report on Tuesday, July 25th. Canaccord Genuity set a $33.00 price target on shares of Michael Kors Holdings Limited and gave the stock a hold rating in a research report on Tuesday, July 25th. Cowen and Company restated a market perform rating and set a $35.00 price target on shares of Michael Kors Holdings Limited in a research report on Wednesday, July 26th. Finally, MKM Partners began coverage on shares of Michael Kors Holdings Limited in a research report on Monday, July 10th. They set a sell rating and a $26.00 price target for the company. Four equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and four have given a buy rating to the company. Michael Kors Holdings Limited presently has an average rating of Hold and a consensus price target of $39.64.
Shares of Michael Kors Holdings Limited (NYSE KORS) opened at 37.23 on Tuesday. The firm has a market capitalization of $5.79 billion, a P/E ratio of 11.32 and a beta of 0.10. Michael Kors Holdings Limited has a one year low of $32.38 and a one year high of $52.67. The firm has a 50-day moving average of $35.18 and a 200-day moving average of $37.09.
Michael Kors Holdings Limited (NYSE:KORS) last posted its quarterly earnings results on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.18. The business had revenue of $952.40 million for the quarter, compared to analysts’ expectations of $919.18 million. Michael Kors Holdings Limited had a return on equity of 41.00% and a net margin of 12.38%. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.88 earnings per share. On average, equities analysts predict that Michael Kors Holdings Limited will post $3.54 earnings per share for the current fiscal year.
Michael Kors Holdings Limited declared that its board has initiated a stock repurchase plan on Wednesday, May 31st that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the lifestyle brand to reacquire up to 18.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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About Michael Kors Holdings Limited
Michael Kors Holdings Limited is a designer, marketer, distributor and retailer of branded women’s apparel and accessories and men’s apparel bearing the Michael Kors tradename and related trademarks MICHAEL KORS, MICHAEL MICHAEL KORS, and various other related trademarks and logos. The Company operates through three segments: retail, wholesale and licensing.
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