Michael Kors HoldingsNYSE
Michael Kors: Growth Concerns Overblown - 40% Upside
Jeffrey To • 16 Comments
Jeffrey To • 16 Comments
Mon, Nov. 28, 8:33 AM
- Black Friday weekend channel checks from investment firms are still pouring in. A few tidbits are posted below.
- Wells Fargo: Lululemon (NASDAQ:LULU) was a traffic outperformer, while Calvin Klein (NYSE:PVH) and Carter's (NYSE:CRI) held the line on pricing amid a promotional atmosphere.
- Wedbush: High-profile video games were discounted more than last year. Keep an eye out on GameStop (NYSE:GME), Activision Blizzard (NASDAQ:ATVI), Take-Two (NASDAQ:TTWO) and Electronic Arts (NASDAQ:EA).
- Fung Global Retail & Technology: Shoes (FL, FINL) were identified as a hot seller, while jewelry (NYSE:SIG) sales were down.
- Jefferies: Unexpected strength for the UGG brand (NASDAQ:DECK) and Gap was observed. Demand for Michael Kors (NYSE:KORS) and Coach (NYSE:COH) handbags appeared soft.
- Previously: Black Friday wrap: Records fall, retail winners and losers (Nov. 25)
- Source: Bloomberg.
Fri, Nov. 25, 9:07 AM
- Channel checks from Piper Jaffray indicate most of the consumer action last night was focused on toys, electronics and beauty. The first two categories are business as usual for the shopping event, but strong traffic at beauty stores could be an extra boost for Ulta Salon (NASDAQ:ULTA), Sally Beauty Holdings (NYSE:SBH) and e.l.f. Beauty (NYSE:ELF).
- The investment firm also cited solid demand for smartwatches at Fossil (NASDAQ:FOSL) and Michael Kors (NYSE:KORS) stores, while also calling footwear traffic (NKE, UA, FL, FINL, DECK) and conversion rates encouraging.
- Source: Bloomberg
Fri, Nov. 11, 12:08 PM
Fri, Nov. 11, 9:25 AM
Thu, Nov. 10, 5:36 PM
Thu, Nov. 10, 4:18 PM
- Michael Kors Holdings (NYSE:KORS): FQ2 EPS of $0.95 beats by $0.07.
- Revenue of $1.09B (-3.5% Y/Y) in-line.
- CEO John Idol: "Our results continued to be impacted by the declines in mall traffic and tourism in certain major cities, as well as our strategic decision to reduce sell-in of inventory to the U.S. wholesale channel."
- Full-year fiscal 2017 revenue guidance of $4.55B vs. consensus of $4.64B; adjusted EPS of $4.37-$4.43 vs. consensus of $4.58.
- 5M shares bought back in FQ2 for $250M.
- Shares -5.33%.
- Press Release
Wed, Nov. 9, 5:35 PM
Fri, Nov. 4, 7:07 AM
- Michael Kors (NYSE:KORS) announces the appointment of Robin Freestone to the company's board of directors, effective immediately.
- Freestone is the former CFO at Pearson Plc.
- The appointment of Freestone brings the board membership to nine, with seven members being independent directors.
- Source: Press Release
Mon, Oct. 31, 2:54 PM
- The Betaville website is out with a new M&A tip that has traders scrambling.
- Ben Harrington says PVH Corp (NYSE:PVH) is considering making a run at Michael Kors (NYSE:KORS). It wouldn't be the easiest of deals considering that KORS actually has a slightly higher market cap (PVH has the higher enterprise value).
- Shares of Michael Kors are 8% higher over the last three weeks amid some lingering M&A intrigue.
Wed, Oct. 19, 11:54 AM
- Shares of Michael Kors (NYSE:KORS) are up 5.05% and were above $50 briefly after Intereconomia (Spanish language site) reports on a possible takeover offer at $55.50 per share.
- It's not the first time Michael Kors has been the subject of M&A rumors. Several times in the past, mid-day takeover pops have deflated before the final bell.
Fri, Oct. 14, 2:54 PM
- Piper Jaffray is out with the results of its annual Taking Stock With Teens Survey. The top brands listed by the 10K teens included in the survey are posted below.
- Top clothing brands: Nike (NYSE:NKE) 29%, American Eagle Outfitters (NYSE:AEO) 9%, Forever 21 5%, Ralph Lauren (NYSE:RL) 4%, Urban Outfitters (NASDAQ:URBN) 3%.
- Top handbag brands: Michael Kors (NYSE:KORS) 34%, Kate Spade (NYSE:KATE) 19%, Coach (NYSE:COH) 10%, Louis Vuitton (OTCPK:LVMHF) 5%, Longchamp Vera Bradley (NASDAQ:VRA) 3%.
- Top footwear brands: Nike 51%, Vans (NYSE:VFC) 9%, Converse 7%, Adidas (OTCQX:ADDYY) 6%, Steven Madden (NASDAQ:SHOO) 2%.
- Top restaurant chains: Starbucks (NASDAQ:SBUX) 14%, Chipotle (NYSE:CMG) 11%, Chick-fil-A 10%, Taco Bell (NYSE:YUM) 3%, Panera Bread (NASDAQ:PNRA) 3%, McDonald's (NYSE:MCD) 3%, Olive Garden (NYSE:DRI) 3%.
- Nothing earth-shattering in the tech results, dominating teen mindspace are Snapchat (Private:CHAT), YouTube, Instagram and Netflix (NASDAQ:NFLX).
Thu, Sep. 29, 10:17 AM
- CLSA issues new ratings updates up and down the retail sector.
- Coach (COH +2%) earns a Buy rating due to sales momentum.
- Tiffany (TIF +0.8%) looks appealing with expectations set low.
- Ralph Lauren (RL +1.7%) lands at Buy with it seen as being in the early stages of a turnaround.
- Catching Outperform ratings are Signet (SIG +0.1%), Oxford Industries (OXM +0.9%), Kate Spade (KATE +1.2%), and G-III Apparel Group (GIII +1.2%).
- A lack of drivers at Michael Kors (KORS -0.6%) brings a Sell rating down from CLSA.
- The investment firm starts off coverage on Carter's (CRI -1.7%) with an Underperform rating and sets a price target of $95 on the retailer.
Wed, Sep. 14, 1:43 PM| Wed, Sep. 14, 1:43 PM
Wed, Aug. 10, 7:14 AM
- Retail sales increased 8% for Michael Kors (NYSE:KORS) in FQ1, while wholesale sales fell 7%.
- Comparable sales fell 7% during the quarter.
- Gross profit as a percentage of sales was down 130 bps to 59.9%. The company's operating margin rate decreased 630 bps to 18.9%.
- Looking ahead, Michael Kors sees FQ2 revenue of $1.07B to $1.085B. EPS of $0.84 to $0.88 is seen.
- Previously: Michael Kors Holdings beats by $0.14, beats on revenue (Aug. 10)
- KORS -2.22% premarket to $49.00.
Wed, Aug. 10, 6:57 AM
Tue, Aug. 9, 5:30 PM