Actionable news
0
All posts from Actionable news
Actionable news in KORS: MICHAEL KORS HOLDINGS LIMITED,

Michael Kors Trumps Q2 Earnings, But Guidance Falls Short

Michael Kors Holdings Ltd KORS 3.15% beat earnings estimates after releasing its Q2 report. However, shares are down more than 4 percent in after-hours trading amid poor guidance.

  • Michael Kors reports Q2 EPS $0.95, beats by $0.07
  • Revenues came inline at $1.09 billion
  • Comps fell 5.6 percent
  • The company is expecting Q3 of $1.61-1.65 vs estimates of $1.79 per share, Q3 sales guidance is in the range of $1.365-$1.38 Billion
  • Michael Kors is expecting FY EPS in the $4.37-4.43 range with estimated sales around $4.55 billion

“Our second quarter revenue and earnings results were above our expectations, as we continued to deliver innovative luxury fashion product and further expand our footprint worldwide. That said, our results continued to be impacted by the declines in mall traffic and tourism in certain major cities, as well as our strategic decision to reduce sell-in of inventory to the U.S. wholesale channel. Despite these near term challenges, we remain confident in our ability to drive long term growth and increase shareholder value," said Kors Chairman and CEO John D. Idol.

© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.