Michael Kors Holdings Limited (KORS - Free Report) a global luxury lifestyle company, came out with fourth-quarter fiscal 2018 results, wherein adjusted earnings of 63 cents per share beat the Zacks Consensus Estimate of 60 cents. However bottom-line declined 13.7% from the prior-year quarter.
Further, management projects earnings in the range of 90-95 cents per share for first-quarter fiscal 2019, and between $4.65 to $4.75 for fiscal 2019. The current Zacks Consensus Estimate for the first quarter and fiscal 2019 stand at 89 cents and $4.78, respectively.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2019 has increased by a penny in the past 30 days. In the trailing four quarters (excluding the quarter under review), the company outperformed the Zacks Consensus Estimate by an average of 32.7%.
Price, Consensus and EPS Surprise
Revenues: Michael Kors generated total revenue of $1,179.5 million that increased 10.8% year over year, and also came ahead of the Zacks Consensus Estimate of $1,144 million. On a constant currency basis, total revenue grew 7.2%.
Management now forecasts first-quarter fiscal 2019 revenue to be $1,135 million. For fiscal 2019, management anticipates total revenue to be $5.1 billion.
Zacks Rank: Currently, Michael Kors carries a Zacks Rank #2 (Buy), which is subject to change following the earnings announcement. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stock Movement: Michael Kors’ shares were down roughly 4% during pre-market trading hours following the company’s quarterly results.
Check back later for our full write up on Michael Kors’ earnings report!
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