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Ryan McQueeney

Michael Kors (KORS) Posts Earnings Beat, Stock Slumps on Weak Guidance

KORS

Trades from $3

Michael Kors (KORS - Free Report) just released its second-quarter 2017 earnings results, posting earnings of $0.95 per share and revenue of $1.088 billion.  

Currently, KORS has a Zacks Rank #3 (Hold), but it is subject to change following the release of the company’s latest earnings report. Here are 5 key statistics from this just announced report below.

Michael Kors:

Beat earnings estimates. The company posted earnings of $0.95 per share, beating our Zacks Consensus Estimate of $0.88 per share.

Beat revenue estimates. The company saw revenue figures of $1.088 billion, just edging out our estimate of $1.082 billion.   

Retail net sales increased 12.1% to $597.2 million driven primarily by 198 net new store openings since the end of the second quarter of fiscal 2016, including 137 stores associated with the company's recent acquisitions of Greater China and South Korea.

For fiscal 2017, the company now expects total revenue to be approximately $4.55 billion and for comparable sales to decrease in the mid-single digit range. The company previously guided for full-year revenue to hit $4.71 billion.

KORS was 4.35% to $49.51 as of 4:38 p.m. EST in after-hours trading shortly after its earnings report was released.

Here’s a graph that looks at Michael Kors’ latest earnings performance:

MICHAEL KORS Price, Consensus and EPS Surprise

MICHAEL KORS Price, Consensus and EPS Surprise | MICHAEL KORS Quote

Michael Kors is a global accessories, footwear and apparel company. They offer two primary collections: the Michael Kors luxury collection and the MICHAEL Michael Kors accessible luxury collection. They also offer select footwear and outerwear through their KORS Michael Kors accessible luxury collection. They operate their business in three segments-retail, wholesale and licensing-and have a global distribution network focused on company-operated retail stores, leading department stores, specialty stores and select licensing partners.

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