$1.26 Billion in Sales Expected for Michael Kors Holdings Ltd (KORS) This Quarter

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Wall Street analysts expect that Michael Kors Holdings Ltd (NYSE:KORS) will announce sales of $1.26 billion for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have made estimates for Michael Kors’ earnings, with estimates ranging from $1.25 billion to $1.27 billion. Michael Kors posted sales of $1.15 billion in the same quarter last year, which suggests a positive year over year growth rate of 9.6%. The firm is scheduled to issue its next quarterly earnings report before the market opens on Wednesday, November 7th.

According to Zacks, analysts expect that Michael Kors will report full year sales of $5.14 billion for the current financial year, with estimates ranging from $5.12 billion to $5.18 billion. For the next fiscal year, analysts expect that the firm will post sales of $5.50 billion, with estimates ranging from $5.17 billion to $6.29 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Michael Kors.

Michael Kors (NYSE:KORS) last announced its earnings results on Wednesday, August 8th. The lifestyle brand reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.37. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.14 billion. Michael Kors had a net margin of 13.14% and a return on equity of 39.01%. The firm’s quarterly revenue was up 26.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.80 earnings per share.

Several equities analysts have weighed in on KORS shares. Citigroup lifted their price target on shares of Michael Kors from $69.00 to $79.00 and gave the company a “neutral” rating in a report on Thursday, August 9th. Buckingham Research lifted their price target on shares of Michael Kors from $84.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, August 16th. Nomura lifted their price target on shares of Michael Kors from $80.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, August 9th. MKM Partners set a $74.00 target price on shares of Michael Kors and gave the stock a “hold” rating in a report on Thursday, August 9th. Finally, Credit Suisse Group boosted their target price on shares of Michael Kors from $72.00 to $75.00 and gave the stock an “outperform” rating in a report on Thursday, August 9th. Eighteen analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $75.52.

Shares of NYSE:KORS opened at $55.05 on Thursday. The company has a current ratio of 1.37, a quick ratio of 0.63 and a debt-to-equity ratio of 0.27. Michael Kors has a 1-year low of $47.49 and a 1-year high of $75.96. The company has a market cap of $8.31 billion, a price-to-earnings ratio of 11.02, a PEG ratio of 1.75 and a beta of 0.12.

In other Michael Kors news, CEO John D. Idol sold 150,000 shares of the stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $73.24, for a total transaction of $10,986,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael David Kors sold 179,920 shares of the stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $71.35, for a total transaction of $12,837,292.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 846,436 shares of company stock valued at $60,640,959. Insiders own 6.00% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the business. Signet Financial Management LLC purchased a new position in shares of Michael Kors in the 2nd quarter valued at approximately $140,000. Cerebellum GP LLC purchased a new position in shares of Michael Kors in the 3rd quarter valued at approximately $169,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Michael Kors in the 2nd quarter valued at approximately $200,000. Conning Inc. purchased a new position in shares of Michael Kors in the 2nd quarter valued at approximately $204,000. Finally, Zweig DiMenna Associates LLC purchased a new position in shares of Michael Kors in the 3rd quarter valued at approximately $233,000. 86.41% of the stock is owned by institutional investors and hedge funds.

About Michael Kors

Michael Kors Holdings Limited design, markets, distributes, and retails branded women's and men's apparel and accessories. It operates in four segments: MK Retail, MK Wholesale, MK Licensing, and Jimmy Choo. The MK Retail segment sells women's apparel; handbags and small leather goods; men's apparel; footwear; and licensed products comprising watches, jewelry, fragrances, and beauty and eyewear.

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