Michael Kors Holdings Limited , a global luxury lifestyle company, came out with first-quarter fiscal 2017 results, wherein adjusted earnings of 88 cents a share beat the Zacks Consensus Estimate of 74 cents, and increased by a penny from the prior-year quarter.
Management now projects earnings in the range of 84 cents to 88 cents a share for the second quarter and between $4.56 and $4.64 for fiscal 2017. The current Zacks Consensus Estimate for the second quarter and fiscal year stand at $1.06 and $4.59, respectively.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has been stable over the past 7 days. In the trailing four quarters (excluding the quarter under review), the company outperformed the Zacks Consensus Estimate by an average of 10.1%.
Revenues: Michael Kors generated total revenue of $987.9 million that increased 0.2% year over year, and also came ahead of the Zacks Consensus Estimate of $952.4 million. On a constant currency basis, total revenue was flat.
Management now forecasts second-quarter fiscal 2017 total revenue in the range of $1.07 billion to $1.085 billion. For fiscal 2017, management anticipates total revenue to be flat compared with the prior year. Analysts polled by Zacks expect second quarter revenue to be $1.12 billion.
Key Events: During the quarter under review, Michael Kors repurchased 8,025,749 shares for approximately $400 million. As of Jul 2, 2016, the company still had $600 million remaining under its share buyback program.
Zacks Rank: Currently, Michael Kors carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.
Stock Movement: Michael Kors’ shares are down 4.2% during pre-market trading hours following the company’s subdued second quarter outlook.
Check back later for our full write up on Michael Kors’ earnings report!
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Michael Kors (KORS) Q1 Earnings Beat, Outlook Subdued
Michael Kors Holdings Limited , a global luxury lifestyle company, came out with first-quarter fiscal 2017 results, wherein adjusted earnings of 88 cents a share beat the Zacks Consensus Estimate of 74 cents, and increased by a penny from the prior-year quarter.
Management now projects earnings in the range of 84 cents to 88 cents a share for the second quarter and between $4.56 and $4.64 for fiscal 2017. The current Zacks Consensus Estimate for the second quarter and fiscal year stand at $1.06 and $4.59, respectively.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has been stable over the past 7 days. In the trailing four quarters (excluding the quarter under review), the company outperformed the Zacks Consensus Estimate by an average of 10.1%.
MICHAEL KORS Price, Consensus and EPS Surprise
MICHAEL KORS Price, Consensus and EPS Surprise | MICHAEL KORS Quote
Revenues: Michael Kors generated total revenue of $987.9 million that increased 0.2% year over year, and also came ahead of the Zacks Consensus Estimate of $952.4 million. On a constant currency basis, total revenue was flat.
Management now forecasts second-quarter fiscal 2017 total revenue in the range of $1.07 billion to $1.085 billion. For fiscal 2017, management anticipates total revenue to be flat compared with the prior year. Analysts polled by Zacks expect second quarter revenue to be $1.12 billion.
Key Events: During the quarter under review, Michael Kors repurchased 8,025,749 shares for approximately $400 million. As of Jul 2, 2016, the company still had $600 million remaining under its share buyback program.
Zacks Rank: Currently, Michael Kors carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.
Stock Movement: Michael Kors’ shares are down 4.2% during pre-market trading hours following the company’s subdued second quarter outlook.
Check back later for our full write up on Michael Kors’ earnings report!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>