Michael Kors (KORS) Releases FY19 Earnings Guidance

Michael Kors (NYSE:KORS) updated its FY19 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $4.95-5.05 for the period, compared to the Thomson Reuters consensus estimate of $5.02. The company issued revenue guidance of ~$5.125 billion, compared to the consensus revenue estimate of $5.14 billion.Michael Kors also updated its Q3 guidance to $1.52-1.57 EPS.

A number of research firms have recently issued reports on KORS. Credit Suisse Group restated a neutral rating on shares of Michael Kors in a research note on Friday. Robert W. Baird cut their target price on shares of Michael Kors from $70.00 to $65.00 and set a neutral rating for the company in a research note on Thursday. Needham & Company LLC cut their target price on shares of Michael Kors from $75.00 to $67.00 and set a buy rating for the company in a research note on Thursday. They noted that the move was a valuation call. Piper Jaffray Companies set a $68.00 price objective on shares of Michael Kors and gave the stock a buy rating in a research note on Thursday. Finally, Canaccord Genuity set a $80.00 price objective on shares of Michael Kors and gave the stock a buy rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $74.37.

Shares of NYSE:KORS traded down $1.90 during midday trading on Friday, hitting $48.19. The stock had a trading volume of 2,464,027 shares, compared to its average volume of 2,846,655. The stock has a market capitalization of $8.58 billion, a PE ratio of 10.66, a PEG ratio of 1.81 and a beta of 0.39. The company has a current ratio of 1.37, a quick ratio of 0.63 and a debt-to-equity ratio of 0.27. Michael Kors has a fifty-two week low of $47.47 and a fifty-two week high of $75.96.

Michael Kors (NYSE:KORS) last issued its earnings results on Wednesday, November 7th. The lifestyle brand reported $1.27 EPS for the quarter, beating the consensus estimate of $1.09 by $0.18. The company had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Michael Kors had a net margin of 13.14% and a return on equity of 39.01%. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.33 EPS. On average, research analysts predict that Michael Kors will post 5 EPS for the current fiscal year.

In other news, CEO John D. Idol sold 6,676 shares of the business’s stock in a transaction that occurred on Wednesday, October 10th. The shares were sold at an average price of $65.26, for a total value of $435,675.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael David Kors sold 179,920 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $71.35, for a total transaction of $12,837,292.00. The disclosure for this sale can be found here. Insiders sold a total of 846,436 shares of company stock valued at $60,640,959 over the last 90 days. Corporate insiders own 6.00% of the company’s stock.

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About Michael Kors

Michael Kors Holdings Limited design, markets, distributes, and retails branded women's and men's apparel and accessories. It operates in four segments: MK Retail, MK Wholesale, MK Licensing, and Jimmy Choo. The MK Retail segment sells women's apparel; handbags and small leather goods; men's apparel; footwear; and licensed products comprising watches, jewelry, fragrances, and beauty and eyewear.

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Earnings History and Estimates for Michael Kors (NYSE:KORS)

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