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

Brokerages forecast that Michael Kors Holdings Ltd (NYSE:KORS) will announce $1.37 billion in sales for the current quarter, according to Zacks Investment Research. Six analysts have provided estimates for Michael Kors’ earnings. The highest sales estimate is $1.38 billion and the lowest is $1.36 billion. Michael Kors reported sales of $1.35 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 1.5%. The business is scheduled to issue its next earnings report 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 financial year, analysts expect that the company will report sales of $4.80 billion per share, with estimates ranging from $4.72 billion to $4.91 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Michael Kors.

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

KORS has been the subject of a number of recent research reports. Citigroup initiated coverage on shares of Michael Kors in a research report on Thursday, November 2nd. They set a “positive” rating and a $62.00 price target for the company. Susquehanna Bancshares initiated coverage on shares of Michael Kors in a research report on Thursday, November 2nd. They set a “positive” rating and a $62.00 price target for the company. CIBC raised shares of Michael Kors from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $44.00 to $55.00 in a research report on Tuesday, September 19th. Jefferies Group reissued a “buy” rating and set a $60.00 price target on shares of Michael Kors in a research report on Thursday, September 14th. Finally, Zacks Investment Research lowered shares of Michael Kors from a “buy” rating to a “hold” rating in a research report on Tuesday, October 17th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. Michael Kors currently has an average rating of “Hold” and an average target price of $52.81.

Michael Kors (NYSE KORS) traded down $0.16 on Friday, reaching $63.92. 1,459,814 shares of the company’s stock were exchanged, compared to its average volume of 2,100,000. Michael Kors has a 12 month low of $32.38 and a 12 month high of $64.36. The stock has a market cap of $9,720.00, a price-to-earnings ratio of 17.81, a PEG ratio of 2.15 and a beta of 0.12.

In related news, CEO John D. Idol sold 500 shares of the business’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $55.12, for a total value of $27,560.00. Following the completion of the sale, the chief executive officer now owns 1,688,046 shares of the company’s stock, valued at approximately $93,045,095.52. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Pascale Meyran sold 6,835 shares of the business’s stock in a transaction on Thursday, December 7th. The stock was sold at an average price of $60.01, for a total transaction of $410,168.35. Following the completion of the sale, the senior vice president now directly owns 10,081 shares of the company’s stock, valued at approximately $604,960.81. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,835 shares of company stock valued at $964,403. Insiders own 6.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sandy Spring Bank increased its holdings in Michael Kors by 0.9% in the 2nd quarter. Sandy Spring Bank now owns 4,350 shares of the lifestyle brand’s stock worth $158,000 after acquiring an additional 40 shares in the last quarter. First Allied Advisory Services Inc. increased its holdings in Michael Kors by 5.3% in the 2nd quarter. First Allied Advisory Services Inc. now owns 6,752 shares of the lifestyle brand’s stock worth $251,000 after acquiring an additional 337 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in Michael Kors by 2.1% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 53,165 shares of the lifestyle brand’s stock worth $2,555,000 after acquiring an additional 1,100 shares in the last quarter. Balasa Dinverno & Foltz LLC increased its holdings in Michael Kors by 19.3% in the 3rd quarter. Balasa Dinverno & Foltz LLC now owns 8,677 shares of the lifestyle brand’s stock worth $415,000 after acquiring an additional 1,404 shares in the last quarter. Finally, Edmond DE Rothschild Holding S.A. increased its holdings in Michael Kors by 0.6% in the 2nd quarter. Edmond DE Rothschild Holding S.A. now owns 245,300 shares of the lifestyle brand’s stock worth $8,892,000 after acquiring an additional 1,550 shares in the last quarter. 86.32% of the stock is owned by institutional investors.

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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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