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- Although KORS beat the analysts' estimates in its fiscal Q2 by a wide margin, the stock has declined 12% since the report.
- As the company has exhibited excellent performance, the pronounced decline of its stock this year is due to a great reduction of the P/E ratio the market assigns to it.
- The article analyzes the reasons for the great reduction in the P/E of the stock.
- Michael Kors reported fiscal Q2 2015 earnings and revenue ahead of estimates.
- Comparable sales growth in North America was disappointing as well as the fiscal Q3 and full-year guidance for comp growth is lower than expected.
- Ramped-up investment cycle is causing a contraction in operating margins.
- High growth, continued expansion, international growth opportunities and the announced buyback should bring balance and may lead to a sustainable bottom in the next couple of weeks.
- I am upgrading Kors back to buy.
Let's Put Michael Kors' 'Disappointing' Quarter In Perspective
- A realistic analysis of KORS Q3 without Wall Street expectations.
- KORS valuation multiple is now cheaper than inferior companies like COH and RL.
- The reason that KORS stock has fallen, and its multiple has fallen.
Update: Michael Kors Fiscal Q2 Earnings Solid But Investors Concerned
- KORS beat consensus on the top and bottom lines.
- We felt that KORS would continue to see weakness as the markdowns appeared to continue to rise.
- We are still bearish on KORS and prefer COH.
Coach Or Michael Kors: Which Luxury Retailer Posted Stronger Quarterly Results?
- Coach reported Q1 earnings on October 28.
- Michael Kors reported Q2 earnings on November 4.
- Both companies exceeded analysts' expectations.
- Both stocks have reacted by making moves to the downside.
- The market overreacted to slowing same store sales and lower guidance.
- The company posted phenomenal results in its latest report and is still a growth story.
- Michael Kors also announced a $1 billion stock repurchase.
- After an 8% drop, the company compares favorably to its peers using multiple metrics.
- Shares are on sale. I believe the stock reaches $80 by year end and $100 by year-end 2016.
- Michael Kors delivered Q2 2015 revenues of $1.056 billion and earnings of $1.00 per share, well above guidance and analyst estimates.
- I had pointed out that Michael Kors's guidance was historically quite conservative and expected it to do much better than its guidance. The results were still better than my expectations.
- Q3 2015 guidance is being portrayed as light. However, that guidance probably is conservative on revenues by 7% to 8% given past history.
- North American retail sales growth is slowing down, but wholesale sales and international sales are more than compensating for that so far.
Michael Kors: Aspirational Brand Commands More Pedestrian Valuation
- Kors More Affordable, But Less Compelling.
- Insider Selling Validated, in Our View.
- We Prefer Coach.
Update: Michael Kors Reports Q2 2015 Results, Beats Estimates
- Michael Kors reported revenue growth of 43% yoy (comps growth of 16.4% yoy).
- The company's revenues grew by double digits in all regions, relative growth has been strongest in its International markets.
- In my original article I had forecasted ongoing growth and came to the conclusion that Michael Kors was undervalued.
- This quarter made me reiterate my original conclusion: Michael Kors' great growth outlook justifies a much higher price.
- Michael Kors beat earnings and revenue estimates in Q2 FY15, but shares have fallen more than 7% today.
- Michael Kors offered poor Q3 guidance in relation to same store sales, and this poor guidance is a primary driver for the sell-off today.
- We originally set a price target for KORS of $120, and given our forecasts are in line with management outlook, we still affirm this $120 price target.
- Considering the contradiction of recent weakness and strong earnings results, we recommend KORS as a must-buy today.
Update: Michael Kors Shares Tank On Earnings Announcement As Expected
- The company has grown too fast and is becoming a victim to the discounting and tough environment affecting other retailers.
- The company’s comparable store sales rose less than expected and margins are declining.
- Extensive insider sales of KORS shares since their initial public offering by company founders and top executives are a strong warning sign.
- The company's announced billion dollar buyback will prove ineffective in propping up the company's share price in the intermediate term.
Michael Kors Exceeds Q2 Expectations And Announces $1 Billion Repurchase Authorization, Shares Fall
- Q2 earnings were released before the market opened on November 4.
- Earnings per share and revenue came in above expectations.
- The stock has reacted by falling more than 8%.
- The stock now sits more than 25% below its 52-week high.
Will Record Q2 Results Help Push Michael Kors Back Towards Its Highs?
- The company has exceeded EPS and revenue expectations for 11 consecutive quarters.
- Q2 earnings will be released on November 4.
- Analysts currently anticipate growth of more than 20%.
- The stock is down over 7% year-to-date.
- Michael Kors is one of the hottest brands in specialty retail right now, posting double-digit growth in topline each quarter in the past two fiscal years.
- Quick social media perusing reveals Michael Kors is a very valued and in-demand brand.
- Expecting continued growth in revenue heading into FY 16, we set a price target of $120.
- Michael Kors has shown astonishing growth over 5 year period.
- It continues to beat competitors in its field.
- The sell-off led by insiders has dropped share price to attractive levels.
For The First Time, I Bought A Stock That Doesn't Pay A Dividend - Here's Why
- As a devoted income investor, a dividend has always been mandatory for me to consider purchasing a stock.
- However, there is one stock that doesn't pay a dividend, but is too tantalizing an opportunity to pass up.
- This stock will grow EPS by 24% this year and trades for just 18 times current fiscal year EPS estimates, and just 16 times forward EPS.
- Coach is a classic luxury brand built around the timeless concepts of quality, beauty, elegance, and sophistication.
- Michael Kors is basically a "flavor of the month" trend-chasing copycat, built around a reality show star.
- COH is the better choice for long-term investors.
- The sale of shares from the largest shareholder has resulted in the price fall over the last few weeks.
- The growth in the revenues and earnings remains strong for the company and Asia, Europe and North America are recording solid growth.
- Growth prospects from the emerging markets are extremely attractive as the spending on luxury goods is increasing in these markets.
- Margins of the company are extremely attractive and future growth prospects should allow it to maintain its margins.
- The recent weakness in the stock price has created an opportunity for the long-term shareholders to add to their positions.
- Michael Kors is still growing at a fast pace.
- Michael Kors' valuation and fundamentals indicate that the company can deliver more upside.
- Michael Kors is expanding its base across the world with different store concepts.
- Michael Kors is improving its product mix to attract more customers.
Michael Kors: Anxiety Is Premature - The Company Is At A Critical Stage
- Industry trends favor Michael Kors' success in Europe and Asia.
- Michael Kors has the best talent for becoming a global diversified company.
- The product line expansion will open up an opportunity to sustain high growth while reducing the risks of brand dilution.
- A 30% upside from the current price is achievable even under conservative growth rates and profit margin contraction.
Mon, Aug. 4, 7:01 AM| 4 Comments
Sun, Aug. 3, 5:30 PM
Wed, Jul. 30, 7:36 AM
Fri, Jul. 18, 10:15 AM| 1 Comment
Tue, Jul. 15, 9:20 AM
- Shares of Michael Kors (KORS -3.5%) are lower in early action after Sterne Agee chips away at the bull case on the red-hot retailer.
- Analyst Ike Boruchow thinks margins are close to maxing out at Michael Kors due to a reduced impact of the low return rates from the wholesale channel and notes promotional activity has picked up.
- Sterne peels back its FY15 EPS estimate on MK to $3.95 from $4.00.
- KORS -3.1% premarket
Wed, Jul. 9, 11:53 AM
- Michael Kors (KORS +1.1%) plans to increase its focus on men's clothing.
- Earlier today, the company announced that it hired Mark Brashear for the new role of President of Mens.
- Brashear, a former exec with Hugo Boss, says enormous potential exists for MK in the category.
- An upcoming Michael Kors store in SoHo will be the first to feature a full offering of mens offerings.
Tue, Jul. 1, 8:26 AM
- Piper Jaffray reiterates its bullish view on Michael Kors (KORS) after meeting with management and factoring in channel checks.
- The investment firm thinks MK comp sales growth is tracking above 20% globally and sees the beat-and-raise pattern still in play.
- Piper has a $115 price target on the stock.
- KORS +0.5% premarket to $89.11.
Wed, Jun. 25, 10:25 AM
- "Highly socially engaged brands tend to deliver sustained and superior financial returns as content co-creation provides improved ad spend leverage," says Piper's Stephanie Wissink, following her team's Instagram analysis.
- Best-positioned from an engagement-rank perspective according to Piper: Michael Kors (KORS +1.1%), Abercrombie & Fitch (ANF +0.1%), Urban Outfitters (URBN -0.7%), and L Brands (LB -0.1%).
Wed, Jun. 18, 10:34 AM| 8 Comments
Wed, May. 28, 1:55 PM
- Execs with Michael Kors (KORS +0.9%) took a victory lap after the firm's FQ4 earnings blowout.
- Gross margin for Michael Kors was consistent with last year's level, while operating margin fell due to "taking rents" for stores before their opening - not due to a need to push the promotional lever.
- Stand-alone stores will be a focus in FY15. Management thinks it can grab even more market share.
- The company says global brand awareness is at a high. 89% of consumers in North America know Michael Kors, while there's more upside in Europe where awareness is at 49%.
- Earnings call webcast
Wed, May. 28, 7:50 AM| Comment!
Wed, May. 28, 7:12 AM
- Michael Kors (KORS) blasts past analyst estimates with its FQ4 report as both sales and gross profit gained over 50% for the period from a year ago.
- The retailer showed a sizzling 26.2% increase in comparable-store sales during the quarter vs. 20%-22% expected.
- The company's gross profit rate improved 20 bps to 59.9%.
- Licensing revenue +79% Y/Y to $35.4M.
- KORS +0.8% premarket
Wed, May. 28, 7:01 AM| 4 Comments
Tue, May. 27, 5:30 PM
Tue, May. 27, 12:56 PM
- This could be the quarter that Michael Kors (KORS +0.1%) sees a reality check, warns Barclays.
- Amid a new rush of analyst upgrades and glowing commentary, the investment firm thinks the luxury brand is bumping up against a point of maturity due its red-hot growth track.
- Aside from Barclays, the consensus on the Street is chiefly for another Michael Kors earnings blow-out. The company has dazzled with its last few reports and Tiffany's showed last week that luxury demand is still vibrant.
- Analysts expect Michael Kors to report EPS of $0.68 and revenue of $815.3M. The crowd at Estimize is at $0.76 and $857M.
Mon, May. 5, 3:33 PM
- The crowds at casinos (MPEL, MGM, WYNN, LVS, GXYEF, SJMHF) in Macau during Golden Week continue to impress, according to analysts.
- The May Day period is a national holiday in China.
- The positive read for May traffic at casinos follows up on a 10.6% gain in gaming revenue in the region for April.
- Early channel checks for the luxury sector haven't been quite as rosy. Mainland shoppers' demand for luxury goods is seen as lighter than a year ago.
- China luxury sellers: Gucci (GUCG), Prada, Louis Vuitton (LVMUY), Coach (COH), Ralph Lauren (RL), Michael Kors (KORS), Swatch (SWGAY), Burberry (BURBY), Tiffany (TIF).
KORS vs. ETF Alternatives
Michael Kors Holdings Ltd Michael Kors Holdings Ltd is a designer, marketer, distributor and retailer of women's apparel and accessories and men's apparel. The Company's business consists of retail, wholesale and licensing segments.
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