Michael Kors Holdings Limited (KORS) Releases FY18 Earnings Guidance

Michael Kors Holdings Limited (NYSE:KORS) updated its FY18 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $3.62-3.72 for the period, compared to the Thomson Reuters consensus 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.

A number of research firms have weighed in on KORS. Canaccord Genuity raised their target price on shares of Michael Kors Holdings Limited from $33.00 to $43.00 and gave the stock a hold rating in a research note on Wednesday, August 9th. BMO Capital Markets restated a market perform rating and set a $46.00 price target (up previously from $35.00) on shares of Michael Kors Holdings Limited in a report on Wednesday, August 9th. Cowen and Company restated a market perform rating and set a $45.00 price target (up previously from $35.00) on shares of Michael Kors Holdings Limited in a report on Thursday, August 10th. Telsey Advisory Group raised their price target on shares of Michael Kors Holdings Limited from $38.00 to $49.00 and gave the stock a market perform rating in a report on Wednesday, August 9th. Finally, MKM Partners restated a sell rating on shares of Michael Kors Holdings Limited in a report on Wednesday, August 9th. Three research analysts have rated the stock with a sell rating, twenty have given a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $42.77.

Michael Kors Holdings Limited (NYSE:KORS) traded down 3.21% during midday trading on Friday, hitting $41.96. 2,814,985 shares of the stock traded hands. The company’s 50-day moving average is $37.75 and its 200-day moving average is $37.16. The company has a market cap of $6.36 billion, a PE ratio of 12.87 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.

Michael Kors Holdings Limited (NYSE:KORS) last announced its quarterly earnings data on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.18. The company had revenue of $952.40 million during the quarter, compared to analyst estimates of $919.18 million. Michael Kors Holdings Limited had a net margin of 11.91% and a return on equity of 40.26%. The firm’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period last year, the business earned $0.88 EPS. Equities research analysts expect that Michael Kors Holdings Limited will post $3.71 EPS for the current fiscal year.

Michael Kors Holdings Limited declared that its Board of Directors has authorized a stock buyback program on Wednesday, May 31st that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the lifestyle brand to purchase up to 18.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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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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