Michael Kors (KORS) Tops Q1 EPS by 14c; Asia Revenue Rose ~68%; Guides Q3 Below Views
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Michael Kors (NYSE: KORS) reported Q1 EPS of $0.88, $0.14 better than the analyst estimate of $0.74. Revenue for the quarter came in at $987.9 million versus the consensus estimate of $953.04 million.
- Retail net sales increased 7.6% to $562.9 million driven primarily by 221 net new store openings since the end of the first quarter of fiscal 2016, including 145 stores associated with the Company's recent acquisitions of Greater China and South Korea and the consolidation of the Latin American operations. Comparable sales decreased 7.4%. On a constant currency basis, retail net sales grew 7.4%, and comparable sales decreased 7.6%. Wholesale net sales decreased 7.0% to $394.4 million and on a constant currency basis, wholesale net sales decreased 7.2%. Licensing revenue decreased 20.9% to $30.6 million.
- Total revenue in the Americas decreased 5.0% to $690.8 million on a reported basis and decreased 4.8% on a constant currency basis. European revenue grew 3.3% to $224.0 million on a reported basis, and grew 2.9% on a constant currency basis. Revenue in Asia increased 74.5% to $73.1 million on a reported basis, and increased 67.7% on a constant currency basis.
Michael Kors sees Q2 2017 EPS of $0.84-$0.88, versus the consensus of $1.03. Michael Kors sees Q2 2017 revenue of $1.07-1.085 billion, versus the consensus of $1.11 billion.
Michael Kors sees FY2017 EPS of $4.56-$4.64, versus the consensus of $4.60.
For earnings history and earnings-related data on Michael Kors (KORS) click here.
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