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Michael Kors Holdings (KORS)

  • Tue, Apr. 7, 2:47 PM
    • Global clothing stocks are outperforming broad market averages on the day.
    • There was some positive commentary out early from Credit Agricole which may have set up the sector for some bids.
    • Demand has been improved of late in some Asian markets, while F/X challenges continue to be a large drag for some sellers.
    • On the expense side, cotton prices are 28% below the level of a year ago.
    • Gainers: Lululemon (LULU +4.2%), Sequential Brands Group (SQBG +6.8%), PVH Corp. (PVH +1.6%), Iconix Brand Group (ICON +1.2%), Ralph Lauren (RL +1.3%), G-III Apparel (GIII +2.1%), Michael Kors (KORS +2%).
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  • Wed, Apr. 1, 9:21 AM
    • Piper Jaffray downgrades Michael Kors (NYSE:KORS) to Neutral from Overweight.
    • Concerns on the retailer's North American comparable-store sales growth are voiced.
    • The investment firm takes its price target on MK down to $70 from $89.
    • KORS -2.28% premarket.
  • Mon, Mar. 9, 9:41 AM
    • Michael Kors (KORS -2%) come out of the gate slow as concerns on global luxury demand and foreign currency translation remain in the backdrop.
    • A lowered price target ($72 from $76) on the company from Sterne Agee may also be factoring in.
    • Shares set a 52-week low of $64.01 in opening trades.
  • Fri, Feb. 13, 12:03 PM
    • Select luxury stocks are out-performing market averages.
    • A couple of analyst upgrades this week and some volume gains for global sellers against F/X headwinds have helped to lift sentiment.
    • Gainers: Michael Kors (NYSE:KORS) +2.2%, Coach (NYSE:COH) +1.1%, Estee Lauder (NYSE:EL) +1.5%, Tumi Holdings (NYSE:TUMI) +1.8%, Avond Products (NYSE:AVP) +3.7%, Revlon (NYSE:REV) +1.1%,
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  • Thu, Feb. 5, 2:50 PM
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  • Thu, Feb. 5, 9:12 AM
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  • Thu, Feb. 5, 7:22 AM
    • Michael Kors (NYSE:KORS) announces comparable-store sales increased by 8.6% in FQ3.
    • Retail sales +37% to $689.4M during the quarter on new store growth.
    • Wholesale sales +24.4% to $573.8M.
    • Licensing revenue +8.6% to $51.5M.
    • Gross profit rate -30 bps to 60.9%.
    • Retail store count +114 Y/Y to 509. Licensed locations 194.
    • A notable pullout from the report was the 73% jump in sales from the U.S. e-commerce site (self-hosted) over the retailer's previous outsourced site. If the U.S. e-commerce tally was included in the comp total, Michael Kors would have put up a +10% comp.
    • Guidance: FY15 revenue of $1.05B-$1.08B expected vs. $1.15B consensus. EPS of $0.80-$0.92 seen vs. $0.94 consensus.
    • Previously: Michael Kors Holdings beats by $0.15, beats on revenue
    • KORS -8.6% premarket.
  • Fri, Jan. 9, 11:04 AM
    • Another tough day for luxury retail stocks as more concerns on pricing trends build up.
    • Consulting firm Bain isn't helping sentiment, noting the luxury sector in China showed negative growth (-1%) for the first time in 2014. An ongoing crackdown by Beijing on corruption is in the background.
    • Michael Kors (KORS -1.7%), Ralph Lauren (RL -2%), Kate Spade (KATE -3.2%), Fossil (FOSL -1%), Vera Bradley (VRA -2%), and Coach (COH -2.2%) are all under-performing market averages.
    • Related ETFs: PEJ.
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  • Tue, Jan. 6, 9:40 AM
    • Shares of Michael Kors (KORS -6.6%) turn lower after Oppenheimer downgrades the stock to Neutral from Outperform.
    • The investment firm slashed the price target on shares to $79 from $103.
    • The dour outlook on Michael Kors is based on a channel check which showed a high level of promotional activity for MK handbags over the last month.
    • Sector news: Coach nabs Stuart Weitzman.
  • Nov. 12, 2014, 10:37 AM
    • Select high-end retailers are in rally mode after Fossil (FOSL +7.3%) cruises past Q3 estimates.
    • The strong demand that Fossil saw for higher-priced items bodes well for the sector, say analysts.
    • Advancers: Movado (NYSE:MOV) +1.1%, Michael Kors (NYSE:KORS) +1.6%, Coach (NYSE:COH) +1.6%, Vera Bradley (NASDAQ:VRA) +1.1%.
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  • Nov. 5, 2014, 12:22 PM
    • Shares of Michael Kors (KORS +2.4%) have bounced back a bit after yesterday's post-earnings swoon.
    • Some analysts think the North America same-store sales miss (11% vs. 15% expected) is due to a warmer start to the fall selling season, while others see mall traffic in a downward spiral which impacts even red-hot sellers like MK.
    • An interesting note nearly lost amid yesterday's earnings information gush is that the company plans to relocate its corporate HQ to Hong Kong from London.
    • Previously: Michael Kors beats by $0.11, beats on revenue, Investors not buying Kors beat as holiday guidance is sluggish
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  • Nov. 4, 2014, 9:15 AM
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  • Nov. 4, 2014, 8:38 AM
    • FQ2 net income of $207M or $1 per share vs. $145.8M and $0.71 one year ago.
    • Comp store sales up 16.4% Y/Y. Retail net sales of $495.6M up 39.4% amid 121 net new store openings over the last year.
    • North America revenue of $802.2M up 29.8% Y/Y with 10.8% increase in comp sales; Europe up 108.6% to $237.9M with 41.1% increase in comp sales; Japan up 106.3% to $16.5M with 52.9% increase in comp sales.
    • Gross profit of $645M up 43.4%; as a percentage of revenue, gross profit of 61% up 20 bps Y/Y.
    • $1B share repurchase program over two years is authorized.
    • Guidance: FQ3 revenue of $1.27B-$1.3B, assumes low double-digit comp store sales. EPS of $1.31-$1.34. The Street is at $1.3B and $1.34.
    • Full-year fiscal 2015 revenue of $4.3B-$4.4B assumes comp sales growth in the mid-teens. EPS expected at $4.13-$4.18.
    • Previously: Michael Kors beats by $0.11, beats on revenue
    • Conference call is underway live on Seeking Alpha
    • KORS -9.1% premarket
  • Sep. 5, 2014, 8:25 AM
    • Sportswear is one of the principal founding shareholders of KORS and the P-E firm's Lawrence Stroll and Silas Chou will resign from the Kors board.
    • The pair are selling 11.6M shares vs. Kors' current float of 79.5M
    • The stock is lower by 5% premarket.
    • Press release
  • Aug. 4, 2014, 10:38 AM
    • Shares of Coach (COH +0.9%) are higher following the FQ1 report from Michael Kors (KORS -7.4%).
    • Sales were strong at MK, although the company's rapid increase in inventory and slight margin compression are drawing some notice from investors.
    • Coach will have at its turn at the earnings plate tomorrow as it attempts to break a streak of EPS misses.
  • Aug. 4, 2014, 7:22 AM
    • Michael Kors (NYSE:KORS) expects FQ2 revenue of $950M-$960 vs. $956M consensus.
    • Comp sales are expected to rise at a high teens percentage rate.
    • KORS +12.5% premarket to $92
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Company Description
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.
Sector: Services
Industry: Apparel Stores
Country: Hong Kong