Fri, Aug. 14, 6:11 PM
- David Einhorn's Greenlight Capital took a 5.4M-share position in Hertz (NYSE:HTZ) in Q2, per Greenlight's latest 13F. Einhorn also took a 4.3M-share position in Owens-Illinois (NYSE:OI), a 3.6M-share position in Michael Kors (NYSE:KORS), and a 5M-share position in UIL Holdings (NYSE:UIL).
- Einhorn upped his GM position by over 50% to 14.6M shares - Greenlight bought back into GM in Q1 - and hiked his stake in Micron by over 10% to 37.9M. A 4.5M-share position in Agilent spinoff Keysight Technologies (NYSE:KEYS) was liquidated.
- OI +1.6% AH.
Thu, Aug. 13, 9:01 AM
- Michael Kors (NYSE:KORS) names Daisuke Yamazaki to be its top exec in Japan.
- Yamazaki was hired away from Roberto Cavalli Japan where he was the CEO.
- Last week, the company reported Q2 sales in Japan increased 33% Y/Y to $19.592M (+57% constant currency).
- Michael Kors has 53 stores in Japan and 72K square feet of space.
Wed, Aug. 12, 10:16 AM
- Luxury retail stocks are off to a poor start again after Fossil (FOSL -2.1%) reported last night and with increased concerns over China.
- Analysts note it's not just sales in China which are at risk of lower F/X conversion rates, but European luxury sales could dip to due to the reliance of heavy buying (high average transaction prices) from Asian tourists.
- Luxury slumpers today include Movado (MOV -2.7%), Coach (COH -4.8%), Kate Spade (KATE -4.1%), Tiffany (TIF -4.3%), Luxottica (LUX -3.6%), Ralph Lauren (RL -2.2%), Michael Kors (KORS -4.1%), and Guess (GES -2.9%).
- Previously: Fossil beats by $0.30, misses on revenue (Aug. 11 2015)
- Previously: Mixed results for Fossil in Q2, shares -4% AH (Aug. 11 2015)
Tue, Aug. 11, 10:00 AM
- The currency devaluation fired off in China is hitting select consumer goods and services stocks.
- China Southern Airlines (ZNH -18.2%) and China Eastern Airlines (CEA -17.4%) are feeling the sharpest impact.
- Macau gaming stocks trade weaker with Melco Crown (MPEL -2.7%), Las Vegas Sands (LVS -2%), Wynn Resorts (WYNN -3.1%), and MGM Resorts (MGM -0.8%) all lower.
- Luxury retailers are also feeling a pinch due to the F/X headache. Decliners include Tiffany (TIF -2.1%), Ralph Lauren (RL -1.3%), Gucci (OTC:PPRUF, OTCPK:PPRUY), Prada (OTCPK:PRDSF), Hermes (OTCPK:HESAF), Fossil (FOSL -1.5%), Michael Kors (KORS -0.6%), Coach (COH -1.7%), Movado (MOV -1.8%), Kering (OTC:PPRUF), Burberry (OTCPK:BURBY), and Swatch (OTCPK:SWGAY -5.4%).
Thu, Aug. 6, 9:15 AM
Thu, Aug. 6, 7:19 AM
- Michael Kors (NYSE:KORS) reports sales were up 13.4% on a constant currency basis in FQ1.
- Retail net sales were up 9% to $523M (+16% constant currency).
- Wholesale sales rose 4.2% to $424M (+9.7% constant currency).
- Licensing revenue +20.5% to $38.7M.
- Sales in Europe were up 17% to $217M (+42% constant currency).
- Gross profit rate -100 bps to 61.2% as F/X swings played in.
- Operating margin fell 490 bps to 25.2%, driven lower by the retail segment.
- Guidance: Michael Kors sees FQ2 revenue of $1.06B-$1.08B vs. $1.11B consensus.
- Previously: Michael Kors Holdings beats by $0.12, beats on revenue
- KORS +6.61% premarket to $42.10.
Thu, Aug. 6, 7:05 AM
Wed, Aug. 5, 5:30 PM
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Mon, Aug. 3, 2:29 PM
- Confidence in Michael Kors (KORS -8.1%) is eroding in front of the company's earnings report set to be released later this week.
- Piper Jaffray lowered its price target on the stock to $38 after surmising that lower Internet search activity could lead to sluggish sales.
- The investment firm lowers its Q1 EPS estimate to $0.72 vs. $0.75 consensus and a longer-view FY17 EPS estimate of $3.50 is well-below the Street average of $4.55.
Tue, Jul. 28, 11:23 AM
- Retail stocks are in-line with market averages despite a soft read on consumer confidence and more stock market losses in China.
- The S&P Retail ETF (NYSEARCA:XRT) is up 0.26%, while Wal-Mart (NYSE:WMT) is 0.48% higher.
- Some high-end retail stocks are putting in surprising gains including PVH Corp (PVH +1.7%), Michael Kors (KORS +1%), Ralph Lauren (RL +1%), Lululemon (LULU +2.4%), Luxottica (LUX +2.2%), Kate Spade (KATE +1.3%), Burberry (OTCPK:BURBY +2.1%).
Mon, Jul. 20, 1:38 PM
- A bold forecast from Cowen Research on Amazon has some deep implications for the broad retail sector if it proves accurate.
- Cowen sees Amazon nabbing 14% of the U.S. apparel and accessories market by 2020, up from ~5% this year.
- The Amazon Effect impacts retail companies differently depending on if they sell their brands on the Amazon website and at what prices. Chains that could see an impact from a higher level of apparel buying through Amazon include Macy's (NYSE:M), Dillard's (NYSE:DDS), J.C. Penney (NYSE:JCP), Aeropostale (NYSE:ARO), Abercrombie & Fitch (NYSE:ANF), L Brands (NYSE:LB), Kohl's (NYSE:KSS), Pacific Sunwear (NASDAQ:PSUN), and Zumiez (NASDAQ:ZUMZ). The trend also puts high-end sellers such as Kate Spade (NYSE:KATE) and Michael Kors (NYSE:KORS) in a tighter box on how to sell through Amazon.
- A disturbing trend for Wal-Mart (NYSE:WMT) and Target (NYSE:TGT) is that a higher percentage of their customers also bought apparel through Amazon in the first half of 2015.
Thu, Jul. 16, 10:12 AM
- Some popular momentum-driven retail stocks are starting off the day in reverse with Michael Kors (KORS -2.7%), Coach (COH -0.2%), Pacific Sunwear (PSUN -1.9%), Vera Bradley (VRA -3.3%), Fossil (FOSL -0.6%), Lululemon (LULU -0.6%), Kate Spade (KATE -0.4%) and Under Armour (UA -3.5%) all lower.
- While OTR Global is with a fresh note on UA and KORS in which expectations are reeled in, pricing trends and China are also looming over the sector.
Tue, Jun. 30, 11:21 AM
- The luxury handbag trade is having a down day as concerns on F/X and pricing pressure in North America impact sentiment.
- Kate Spade (KATE -2.7%), Coach (COH -1.5%), Michael Kors (KORS -2.9%), and Vera Bradley (VRA -0.8%) are all lower.
- Cowen Research is out with a detailed report on the handbag market in which it warns the increase of consumer spending on athleisure could be chipping away at handbag demand.
Fri, Jun. 26, 3:00 PM
- Tiburon Research has an interesting breakdown of how retail store sales fared on a wider "two-year stack" at comparable stores.
- Q1 2-year comps that impressed were from Michael Kors (NYSE:KORS) +20.4%, Ulta Salon (NASDAQ:ULTA) +20.1%, and GameStop (NYSE:GME) +14.4%. J.C. Penney (NYSE:JCP) was +10.8% off an easy 2-year compare.
- The story is different at Coach (NYSE:COH) -44%, Vera Bradley (NASDAQ:VRA) -24.7%, Aeropostale (NYSE:ARO) -24.0%, Cabela's (NYSE:CAB) -23%, and Staples (NASDAQ:SPLS) -7%.
- TIburon Research comparable-store sales table
Fri, Jun. 12, 9:32 AM
- Luxury retailers continue to struggle in China as consumers in the nation adjust to pricing disparities derived from currency fluctuations.
- Last year, luxury sales in China fell 11% while overseas purchases by Chinese tourists rose 9%.
- The tally for overseas purchases included the "grey market" where items are bought overseas then resold inside China.
- The trend has continued this year, despite efforts by companies to reset pricing.
- China luxury sellers: Gucci (OTC:PPRUF, OTCPK:PPRUY), Prada, Louis Vuitton (OTCPK:LVMUY), Coach (NYSE:COH), Ralph Lauren (NYSE:RL), Michael Kors (NYSE:KORS), Swatch (OTCPK:SWGAY), Burberry (OTCPK:BURBY), Tiffany (NYSE:TIF).
Wed, May 27, 12:47 PM
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