Michael Kors (KORS) Reverses Losses, Goes Green Post Q2
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Michael Kors Holdings Ltd. (NYSE: KORS) has now retaken pre-open losses seen following Q2 results and guidance following upbeat comments from the call. After trading down as much as 9 percent pre-open, the stock is now up 1.5 percent.
Michael Kors reported Q2 EPS of $0.49, $0.09 better than the analyst estimate of $0.40. Revenue for the quarter rose 74% to $532.9 million versus the consensus estimate of $519.31 million.
They sees Q3 2013 EPS of $0.37-0.39, versus the consensus of $0.39. Sees revenues of $525-$535 million, versus the consensus of $523.55 million. They see FY2013 EPS of $1.48-1.50, versus prior guidance of $1.39-1.41 and the consensus of $1.45. Sees revenues of $1.86-$1.96 billion, versus the consensus of $1.98 billion.
John D. Idol, the Companys Chairman and Chief Executive Officer, said, "Michael Kors delivered another outstanding quarter with exceptional sales growth across our business segments and geographies. Our North America comparable store sales growth of 45.1% demonstrates the strong demand for Michael Kors products as we continue to offer a compelling assortment of luxury merchandise and exceptional service in a jet set store environment. The net sales growth of 76% in our North America wholesale segment reflects the continued successful conversion to shop-in-shops in department stores as well as exceptional comparable store sales. We continue to gain brand acceptance in Europe as evidenced by the 97% sales growth we achieved in this region. Finally, in our licensing segment, we achieved 13% growth, which was driven primarily by ongoing strength in watches. We remain very excited about the long term growth prospects for our company as a global luxury lifestyle brand."
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Michael Kors reported Q2 EPS of $0.49, $0.09 better than the analyst estimate of $0.40. Revenue for the quarter rose 74% to $532.9 million versus the consensus estimate of $519.31 million.
They sees Q3 2013 EPS of $0.37-0.39, versus the consensus of $0.39. Sees revenues of $525-$535 million, versus the consensus of $523.55 million. They see FY2013 EPS of $1.48-1.50, versus prior guidance of $1.39-1.41 and the consensus of $1.45. Sees revenues of $1.86-$1.96 billion, versus the consensus of $1.98 billion.
John D. Idol, the Companys Chairman and Chief Executive Officer, said, "Michael Kors delivered another outstanding quarter with exceptional sales growth across our business segments and geographies. Our North America comparable store sales growth of 45.1% demonstrates the strong demand for Michael Kors products as we continue to offer a compelling assortment of luxury merchandise and exceptional service in a jet set store environment. The net sales growth of 76% in our North America wholesale segment reflects the continued successful conversion to shop-in-shops in department stores as well as exceptional comparable store sales. We continue to gain brand acceptance in Europe as evidenced by the 97% sales growth we achieved in this region. Finally, in our licensing segment, we achieved 13% growth, which was driven primarily by ongoing strength in watches. We remain very excited about the long term growth prospects for our company as a global luxury lifestyle brand."
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