Michael Kors Holdings Limited (KORS) Issues FY18 Earnings Guidance
Michael Kors Holdings Limited (NYSE:KORS) issued an update on its FY18 earnings guidance on Tuesday morning. 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.
Shares of Michael Kors Holdings Limited (NYSE:KORS) opened at 37.23 on Tuesday. The company has a 50-day moving average price of $35.18 and a 200-day moving average price of $37.09. Michael Kors Holdings Limited has a 12 month low of $32.38 and a 12 month high of $52.67. The firm has a market cap of $5.79 billion, a price-to-earnings ratio of 11.32 and a beta of 0.10.
Michael Kors Holdings Limited (NYSE:KORS) last announced its quarterly earnings results on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.18. The business had revenue of $952.40 million for the quarter, compared to analyst estimates of $919.18 million. Michael Kors Holdings Limited had a return on equity of 41.00% and a net margin of 12.38%. The company’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 earnings per share. Analysts forecast 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 of Directors has initiated a stock repurchase program on Wednesday, May 31st that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the lifestyle brand to buy up to 18.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
KORS has been the topic of several recent research reports. Jefferies Group LLC reiterated a buy rating and issued a $60.00 price target on shares of Michael Kors Holdings Limited in a report on Thursday, June 1st. Deutsche Bank AG cut their price target on Michael Kors Holdings Limited from $50.00 to $47.00 and set a buy rating on the stock in a report on Tuesday, April 25th. Morgan Stanley reiterated an equal weight rating and issued a $36.00 price target (down previously from $43.00) on shares of Michael Kors Holdings Limited in a report on Thursday, June 1st. BMO Capital Markets set a $38.00 price target on Michael Kors Holdings Limited and gave the stock a hold rating in a report on Tuesday, April 18th. Finally, Canaccord Genuity set a $38.00 price target on Michael Kors Holdings Limited and gave the stock a hold rating in a report on Friday, May 26th. Four equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $39.64.
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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