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Last $43.17 USD
Change Today -0.11 / -0.25%
Volume 2.8M
KORS On Other Exchanges
Symbol
Exchange
New York
Berlin
As of 8:04 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

michael kors holdings ltd (KORS) Key Developments

Michael Kors Names Daisuke Yamazaki as President of Japan

Michael Kors announced that Daisuke Yamazaki has been named President of Japan, following the retirement of Toshi Tashiro. Mr. Yamazaki will report to Stephane Lafay, the company’s President of Asia. Mr. Yamazaki’s appointment is effective August 10, 2015, and Mr. Tashiro will stay on through the end of 2015 in order to ensure a smooth transition of responsibilities. Mr. Yamazaki most recently served as CEO of Roberto Cavalli Japan.

Cathy Marie Robinson Resigns as Senior Vice President, Global Operations of Michael Kors Holdings Ltd, Effective August 28, 2015

On August 5, 2015, Cathy Marie Robinson notified Michael Kors Holdings Ltd. that she is resigning from her position as Senior Vice President, Global Operations effective as of August 28, 2015.

Michael Kors Holdings Limited Plans to Open New Stores in 2015

Michael Kors Holdings Limited announced that it is increasing retail store openings from 85 to 100 locations in 2015, with the addition of 8 locations in North America, 5 in Europe and 2 in Japan. The company also excited about the expansion of men's in the retail channel and continue to believe there is a potential for as many as 500 men's locations worldwide. In addition, the company looks forward to driving growth in the Korean business as it transition these stores in-house by the end of the year.

Michael Kors Holdings Limited Announces Unaudited Consolidated Earnings Results for the First Quarter Ended June 27, 2015; Provides Financial Guidance for the Second Quarter and Full Year of Fiscal 2016

Michael Kors Holdings Limited announced unaudited consolidated earnings results for the first quarter ended June 27, 2015. Total revenue increased 7.3% to $986.0 million from $919.2 million in the first quarter of fiscal 2015. Income from operations was $248.6 million, or 25.2% as a percentage of total revenue. This compared to $276.8 million, or 30.1% as a percentage of total revenue, for the first quarter of fiscal 2015. Net income was $174.4 million, or $0.87 per diluted share, based on a 29.4% tax rate and 200.1 million weighted average diluted shares outstanding, which included an unfavorable impact related to foreign currency exchange rates of approximately $0.06 per share. Net income for the first quarter of fiscal 2015 was $187.7 million, or $0.91 per diluted share, based on a 32.0% tax rate and 207.2 million weighted average diluted shares outstanding. Income before provision for income taxes was $247.012 million against $276.002 million a year ago. For the second quarter of fiscal 2016, the company expects total revenue to be in the range of $1.06 billion to $1.08 billion. On a constant currency basis, total revenue is expected to increase in the high single digit range assuming a $60 million impact from the change in foreign currency rates. The Company expects a high single digit comparable store sales decrease on a reported basis and a low single digit decrease on a constant currency basis. Operating expense as a percentage of total revenue is expected to increase 440 to 490 basis points primarily due to global investments in digital flagship, corporate talent, new stores, shop-in-shops, infrastructure and distribution. Diluted earnings per share are expected to be in the range of $0.86 to $0.90 for the second quarter of fiscal 2016. This assumes 194 million weighted average diluted shares outstanding and a tax rate of approximately 29.5%. The Company expects foreign currency to impact net income by approximately $11 million and EPS by approximately $0.06. For fiscal 2016, the Company expects total revenue of approximately $4.7 billion to $4.8 billion. On a constant currency basis total revenue is expected to increase in the low double digit range assuming a $192 million impact from the change in foreign currency rates. The Company expects a low-single digit comparable store sales decrease on a reported basis, and flat comparable store sales on a constant currency basis. Operating expense as a percentage of total revenue is expected to increase 140 to 180 basis points due to the above mentioned investments with less deleverage assumed in the second half than in the first half of fiscal 2016. Diluted earnings per share are expected to be in the range of $4.40 to $4.50 for fiscal 2016. This assumes 195 million weighted average diluted shares outstanding and a tax rate of approximately 29%. The Company expects foreign currency to impact net income by approximately $41 million and EPS by approximately $0.21.

Michael Kors Holdings Limited to Report Q1, 2016 Results on Aug 06, 2015

Michael Kors Holdings Limited announced that they will report Q1, 2016 results at 8:00 AM, US Eastern Standard Time on Aug 06, 2015

 

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KORS

Industry Average

Valuation KORS Industry Range
Price/Earnings 10.2x
Price/Sales 1.9x
Price/Book 4.0x
Price/Cash Flow 8.2x
TEV/Sales 1.7x
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