Michael Kors Sales Hurt By Dismal Store Traffic

Feb 08, 2017, 00:32
Michael Kors Sales Hurt By Dismal Store Traffic

The stock price have dropped -17.47% in the past 12 Weeks but analyzing the 6 month chart of the stock, the price of the stock has managed to drop negative and it has dropped down to -18.09%. The average true range of the stock is observed at 1.11 and the relative strength index of the stock is recorded at 39.43. Michael Kors Holdings Limited had a net margin of 16.94% and a return on equity of 42.50%.

Meanwhile, revenue in Asia increased 89.1 percent, or 84 percent constant-currency, to $112.3 million, largely driven by the company's acquisitions of the Greater China and South Korea operations.

David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now. and Michael Kors Holdings wasn't one of them!

The company said weakness in the two regions, which together account for almost all of Michael Kors' sales, would continue through spring, partly due to lower traffic in shopping malls and a cutback in promotions in North America. The stocks are negative as compared to the S&P 500 for the past week with a loss of 1.35%. Michael Kors Holdings Limited's revenue for the quarter was down 3.7% compared to the same quarter a year ago. Sales growth past 5 years was measured at 42.50%.

On Monday, shares of upscale retailer Michael Kors Holdings Limited KORS are plummeting, down around 13% in mid-morning trading after reporting third quarter fiscal 2017 financial results. The difference between Actual EPS and Estimated EPS was 0.07 Percent. Analyst had a consensus of $0.88.

The company reported that its Q3 revenues slipped 3.2 percent, to $1.35 billion, missing analysts' forecasts for revenues totaling $1.36 billion.

For the fourth quarter, Michael Kors forecast total revenue between $1.035 billion and $1.055 billion and expects comparable sales to decline in the low-teens range. Michael Kors Holdings Ltd was Downgraded by Morgan Stanley to Equal-Weight on Nov 14, 2016.

The number of Michael Kors Holdings Ltd shares in issue is 164,013,000 which have a current share price of 36.65 bringing Michael Kors Holdings Ltd's market capitalisation to 6.01B Dollars. The stock opened for trading at $40.85 and hit $41.55 on the upside, eventually ending the session at $41.02, with a gain of 0.32% or 0.13 points. As of Dec 31, 2016, the company still had $250 million remaining under its share buyback program.

Michael Kors said average selling prices in the third quarter were hurt by a highly promotional environment as well as the continued popularity of cheaper cross-body bags and small leather goods in the third quarter.

Michael Kors is a global accessories, footwear and apparel company.

Kate Spade now trades at 11.4 times enterprise value to Ebitda and Michael Kors trades at 5.6 times EV/Ebitda, according to FactSet data.

YOU MIGHT ALSO LIKE
  • Israel strikes Hamas sites following rocket attacks

    Israel strikes Hamas sites following rocket attacks

    Missiles and rockets are occasionally fired at Israel but are often blamed on other Islamist groups inside impoverished Gaza. The Hamas rocket attack occurred the first of the month and the last came in mid-January.
    Heavy snow claims over 54 lives in Afghanistan

    Heavy snow claims over 54 lives in Afghanistan

    Neighbouring Pakistan was also hit by severe weather, with at least 13 people killed in the northwest by avalanches or heavy rain. The power supply was also interrupted in some areas of the capital.

    Starbucks unveils chatbot app for ordering

    Sure, you could already place orders for pickup using the mobile Starbucks app, but now you don't even need to open your phone. Late previous year , Starbucks previewed the voice ordering service at the company's investor day presentation.
  • Shares in oil giant BP fall as it posts $999m annual loss

    Shares in oil giant BP fall as it posts $999m annual loss

    Dudley added: "With our Deepwater Horizon financial liabilities now substantially behind us, BP is fully focused on the future". Everything we have done during the year has made us a more resilient and competitive company.
    Gov. to sign bill making Missouri 28th right-to-work state

    Gov. to sign bill making Missouri 28th right-to-work state

    However, if they work for a unionized business, they still benefit from the union contract - federal law requires it . He says you find weaker unions where there are right-to-work laws - but it's not clear which leads to which.
    2016 saw bump in Colorado human trafficking cases reported to national hotline

    2016 saw bump in Colorado human trafficking cases reported to national hotline

    The number of human trafficking cases reported in IN has jumped in the previous year , according to new data released this week.
  • Brady, beer and chicken wings it's Super Bowl time

    Brady, beer and chicken wings it's Super Bowl time

    Usually, the Patriots suss out their opponent and strike in the second quarter, but the Falcons can keep them off the field. Last year, the Broncos had Von Miller, who terrorized Brady and then terrorized Cam Newton en route to a Super Bowl MVP.
    Romania's president seeks to annul graft law amid protests

    Romania's president seeks to annul graft law amid protests

    The president said he would challenge the government's decree in court, while the business minister has resigned over the measure. The law will decriminalise several crimes and will mean that only offences involving more than $48,000 will punishable by jail.

    Lowry and the Raptors beat the Pelicans

    Winning in Boston on a back-to-back is no gimme, but Toronto proved on December 9th that they're capable of just that. The Raptors scored the first eight points of the third quarter, including 3-pointers by Patrick Patterson and Lowry.
  • Snapchat Owner Seeks $3B In IPO

    Snapchat Owner Seeks $3B In IPO

    As is the nature of these kinds of filings, Snap has to admit that it "may never achieve or maintain profitability." Hmm. The company's chief executive is 26-year-old Evan Spiegel, and its chief technology officer is 28-year-old Bobby Murphy.
    Small group protests Bank of America's funding of Dakota Access Pipeline

    Small group protests Bank of America's funding of Dakota Access Pipeline

    The main protest camp has dwindled to several hundred after the Standing Rock tribe asked activists to leave when the U.S. The Canadian-owned Keystone XL pipeline was also approved by the executive order.
    Going home: Former President George HW Bush released from hospital

    Going home: Former President George HW Bush released from hospital

    This news story is related to Latest/182812-Elder-Bush-released-from-Texas-hospital/ - breaking news, latest news, pakistan ne. Bush's wife, former First Lady Barbara Bush, 91, was admitted to the same hospital on January 18 as a "precaution".
popular