Michael Kors Holdings Limited (NYSE:KORS) Releases Q2 Earnings Guidance
Michael Kors Holdings Limited (NYSE:KORS) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.80-0.84 for the period, compared to the Thomson Reuters consensus estimate of $0.79. The company issued revenue guidance of $1.035-1.055 million, compared to the consensus revenue estimate of $1.01 billion.Michael Kors Holdings Limited also updated its FY18 guidance to $3.62-3.72 EPS.
Several equities research analysts recently weighed in on the stock. Zacks Investment Research raised shares of Michael Kors Holdings Limited from a hold rating to a buy rating and set a $51.00 target price on the stock in a research note on Monday, August 14th. Deutsche Bank AG set a $46.00 price objective on shares of Michael Kors Holdings Limited and gave the company a hold rating in a research report on Thursday, August 10th. Credit Suisse Group reissued a hold rating and issued a $43.00 price objective on shares of Michael Kors Holdings Limited in a research report on Thursday, August 10th. MKM Partners reissued a sell rating on shares of Michael Kors Holdings Limited in a research report on Wednesday, August 9th. Finally, Cowen and Company reissued a market perform rating and issued a $45.00 price objective (up from $35.00) on shares of Michael Kors Holdings Limited in a research report on Thursday, August 10th. Three equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and five have given a buy rating to the company. Michael Kors Holdings Limited has an average rating of Hold and an average target price of $42.77.
Shares of Michael Kors Holdings Limited (NYSE:KORS) traded down 3.21% during trading on Friday, hitting $41.96. 2,814,985 shares of the stock were exchanged. The stock has a 50-day moving average of $37.75 and a 200 day moving average of $37.16. Michael Kors Holdings Limited has a 12-month low of $32.38 and a 12-month high of $52.67. The stock has a market cap of $6.36 billion, a P/E ratio of 12.87 and a beta of 0.10.
Michael Kors Holdings Limited (NYSE:KORS) last issued its earnings results on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.18. Michael Kors Holdings Limited had a return on equity of 40.26% and a net margin of 11.91%. The firm had revenue of $952.40 million for the quarter, compared to analysts’ expectations of $919.18 million. During the same quarter last year, the business earned $0.88 earnings per share. The company’s revenue was down 3.6% compared to the same quarter last year. Equities analysts predict that Michael Kors Holdings Limited will post $3.71 earnings per share for the current fiscal year.
Michael Kors Holdings Limited announced that its board has approved a share buyback program on Wednesday, May 31st that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the lifestyle brand to reacquire up to 18.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
Michael Kors Holdings Limited Company Profile
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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