Michael Kors (KORS) Tops Q2 EPS by 11c

Michael Kors (NYSE: KORS) reported Q2 EPS of $1.01, $0.11 better than the analyst estimate of $0.90. Revenue for the quarter came in at $1.13 billion versus the consensus estimate of $1.08 billion.

Buyback Program:

During the second quarter, the Company repurchased 9,424,385 of the Company's ordinary shares for approximately $400.0 million in open market transactions. As of September 26, 2015, the remaining availability under the Company’s share repurchase program was $258.1 million. The Company also announced today that the Board of Directors approved an amendment to its share repurchase program on November 3, 2015, authorizing the repurchase of up to an additional $500 million of the Company’s ordinary shares and extending the program through March 2018. This increases the initial repurchase authorization previously announced in November 2014 to $2.0 billion, of which approximately $758 million is available for future repurchases. Share repurchases may be made in open market or privately negotiated transactions, subject to market conditions, applicable legal requirements, trading restrictions under the Company’s insider trading policy, and other relevant factors. The program may be suspended or discontinued at any time.

Guidance:

Michael Kors sees Q3 2016 EPS of $1.44-$1.48, versus the consensus of $1.53. Michael Kors sees Q3 2016 revenue of $1.33-1.35 billion, versus the consensus of $1.40 billion.

Michael Kors sees FY2016 EPS of $4.38-$4.42, versus the consensus of $4.31. Michael Kors sees FY2016 revenue of $4.60-4.65 billion, versus the consensus of $4.65 billion.

For earnings history and earnings-related data on Michael Kors (KORS) click here.

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