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Nov. 4, 2015, 7:00 AM
- Michael Kors Holdings (NYSE:KORS): FQ2 EPS of $1.01 beats by $0.12.
- Revenue of $1.13B (+6.6% Y/Y) beats by $50M.
Nov. 3, 2015, 5:30 PM
- AFAM, AGN, AMRN, ARCC, ARCO, ARQL, ARRY, AVA, AVP, AXAS, BDX, BIOS, BSFT, CBB, CDW, CECO, CHK, CLH, CRK, CRL, CRTO, CRZO, CST, CSTE, CTSH, DAVE, DDD, EE, EMES, FOR, FOXA, GDP, HAE, HEP, HMC, HSIC, HSNI, INXN, KELYA, KORS, LINC, LL, MEMP, MFA, MNTA, MSI, MWE, NAVB, NCT, NEWP, NRG, NYLD, REGN, SBGI, SCMP, SE, SHOP, SNH, SODA, SSYS, STNG, TESO, TMHC, TWX, USAK, VG, VOYA, VRTU, VSI, WCG, WD, WEC, WEN, WILN, WIX, WMC
Oct. 27, 2015, 9:43 AM
- Coach (NYSE:COH) is up 8.3% after the company issued a Q3 report showing some improvement in key regions. The comp in North America was -9.5% vs. -19% in the last quarter.
- Peers Michael Kors (NYSE:KORS) and Kate Spade (NYSE:KATE) are also higher in opening trades, up 2.5% and 1.0% respectively, amid a down market day.
- Previously: Coach maintains earnings guidance (Oct. 27 2015)
Oct. 21, 2015, 4:51 PM
Oct. 8, 2015, 10:20 AM
- The apparel sector is out-gaining market averages as sentiment swings positive. There's been some analysis suggesting that apparel sellers will benefit from the Trans-Pacific Partnership on the cost side. Lower cotton and oil prices are also working in the favor of apparel companies, although hedging against the strong U.S. dollar is an ongoing risk.
- On the manufacturing side: G-III Apparel (NASDAQ:GIII) +2.6%, Columbia Sportswear (NASDAQ:COLM) +2.1%, Michael Kors (NYSE:KORS) +1.8%, PVH Corp. (NYSE:PVH) +1.6%, Ralph Lauren (NYSE:RL) +1.4%.
- On the chain store side: Cato (NYSE:CATO) +5.1%, Ascena Retail (NASDAQ:ASNA) +3.4%, American Eagle Outfitters (NYSE:AEO) +3.4%, Abercrombie & Fitch (NYSE:ANF) +3.1%, Francesca's Holdings (NASDAQ:FRAN) +2.6%, L Brands (NYSE:LB) +2.1%.
Oct. 7, 2015, 2:48 PM
- Michael Kors (KORS -2.1%) and J.C. Penney (JCP -4.4%) both trade lower after the two stocks ended up on the bottom of Citigroup's list of favorites in the specialty retail and department store sectors.
- Michael Kors was initiated with a Sell rating and $38 price target (~11% downside).
- Citi coverage on J.C. Penney started off with a Sell rating and $7 price target (~25% downside).
Sep. 1, 2015, 6:44 PM
- Cathy Marie Robinson, Michael Kors' (NYSE:KORS) SVP of global operations since May 2014, has withdrawn her resignation (first disclosed on Aug. 11). She has been "re-appointed as an executive officer of the Company with the new title of 'Senior Vice President of Corporate Strategy and Chief Operations Officer'. (8-K filing)
- To go with her promotion, Robinson will receive $1.5M worth of restricted stock units.
Aug. 27, 2015, 10:37 AM
- Retail all-stars are firing back up the momentum engine as sentiment improves on global and U.S. growth.
- Michael Kors (KORS +4.5%), Lululemon (LULU +4.1%), and Under Armour (UA +4%) are all well in front of market averages. The trio has shown above-average volatility over the last two weeks as concerns on consumer spending trends in the U.S. and demand in Asia have cropped up.
Aug. 21, 2015, 10:06 AM
- Apparel stocks trade weaker than broad market averages as investors reset expectations on some sector favorites.
- Nike (NKE -1.5%) and Under Armour (UA -1.7%) are both lower despite positive comments by the Foot Locker CEO during a post-earnings conference call on demand trends for the athletic shoe brands.
- Skechers (NYSE:SKX) is down 3.4% after announcing a stock split, while Lululemon (LULU -1.6%), Kate Spade (KATE -0.4%), Michael Kors (KORS -1.9%) and Sequential Brands Group (SQBG -1.1%) are all extending yesterday's losses.
Aug. 19, 2015, 12:39 PM
- The handbag sector has had a rough time this year due to developments in the China luxury market, although analysts are quick to note that other factors are also in play.
- Surging demand for athletic and designer shoes has taken a toll on handbag sales, notes B. Riley's Jeff Van Sinderen.
- Other industry watchers blame heavy product distribution and excessive promotion for making some brands too "ubiquitous" with buyers.
- Within the sector, Kate Spade (NYSE:KATE) has reported stronger sales growth this year than Coach (NYSE:COH), Michael Kors (NYSE:KORS), Gucci (OTC:PPRUF, OTCPK:PPRUY), and Louis Vuitton (OTCPK:LVMUY).
Aug. 14, 2015, 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.
Aug. 13, 2015, 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.
Aug. 12, 2015, 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)
Aug. 11, 2015, 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%).
Aug. 6, 2015, 9:15 AM
Aug. 6, 2015, 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.
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