Michael Kors Holdings Ltd (KORS) Expected to Post Quarterly Sales of $1.37 Billion

Analysts expect that Michael Kors Holdings Ltd (NYSE:KORS) will report $1.37 billion in sales for the current quarter, according to Zacks Investment Research. Six analysts have issued estimates for Michael Kors’ earnings. The lowest sales estimate is $1.36 billion and the highest is $1.38 billion. Michael Kors posted sales of $1.35 billion during the same quarter last year, which would indicate a positive year over year growth rate of 1.5%. The firm is scheduled to issue its next earnings results on Tuesday, February 6th.

On average, analysts expect that Michael Kors will report full-year sales of $1.37 billion for the current fiscal year, with estimates ranging from $4.58 billion to $4.61 billion. For the next fiscal year, analysts expect that the firm will post sales of $4.80 billion per share, with estimates ranging from $4.72 billion to $4.91 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Michael Kors.

Michael Kors (NYSE:KORS) last announced its quarterly earnings results on Monday, November 6th. The lifestyle brand reported $1.33 EPS for the quarter, topping the consensus estimate of $0.83 by $0.50. The business had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.05 billion. Michael Kors had a net margin of 12.68% and a return on equity of 42.09%. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.95 EPS.

KORS has been the topic of several research analyst reports. TheStreet upgraded shares of Michael Kors from a “c+” rating to a “b” rating in a research note on Monday, November 6th. Nomura boosted their price target on shares of Michael Kors from $41.00 to $51.00 and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Zacks Investment Research upgraded shares of Michael Kors from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a research note on Monday, August 14th. Jefferies Group reiterated a “buy” rating and issued a $60.00 price target on shares of Michael Kors in a research note on Thursday, September 14th. Finally, Canaccord Genuity upgraded shares of Michael Kors from a “hold” rating to a “buy” rating and upped their target price for the company from $43.00 to $58.00 in a research report on Wednesday, September 27th. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $49.84.

Shares of Michael Kors (NYSE KORS) opened at $57.98 on Friday. The company has a market cap of $8,816.84, a price-to-earnings ratio of 12.88, a price-to-earnings-growth ratio of 1.95 and a beta of 0.11. Michael Kors has a one year low of $32.38 and a one year high of $59.27.

In related news, Director M William Benedetto sold 2,000 shares of the company’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $53.60, for a total transaction of $107,200.00. Following the transaction, the director now directly owns 18,662 shares in the company, valued at approximately $1,000,283.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John D. Idol sold 500 shares of the company’s stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $55.12, for a total transaction of $27,560.00. Following the transaction, the chief executive officer now owns 1,688,046 shares in the company, valued at $93,045,095.52. The disclosure for this sale can be found here. Insiders have sold a total of 10,000 shares of company stock worth $554,235 over the last quarter. 6.00% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of KORS. BlackRock Inc. grew its stake in Michael Kors by 9.3% in the 2nd quarter. BlackRock Inc. now owns 15,287,608 shares of the lifestyle brand’s stock worth $554,176,000 after acquiring an additional 1,301,796 shares in the last quarter. APG Asset Management N.V. grew its stake in Michael Kors by 0.5% in the 3rd quarter. APG Asset Management N.V. now owns 4,454,174 shares of the lifestyle brand’s stock worth $213,132,000 after acquiring an additional 23,200 shares in the last quarter. FMR LLC grew its stake in Michael Kors by 33.9% in the 2nd quarter. FMR LLC now owns 4,378,144 shares of the lifestyle brand’s stock worth $158,708,000 after acquiring an additional 1,107,385 shares in the last quarter. Thompson Siegel & Walmsley LLC grew its stake in Michael Kors by 24.5% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 2,572,603 shares of the lifestyle brand’s stock worth $93,256,000 after acquiring an additional 506,071 shares in the last quarter. Finally, Schroder Investment Management Group grew its stake in Michael Kors by 0.8% in the 3rd quarter. Schroder Investment Management Group now owns 2,429,162 shares of the lifestyle brand’s stock worth $115,895,000 after acquiring an additional 19,006 shares in the last quarter. Institutional investors own 86.50% of the company’s stock.

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Michael Kors 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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