Michael Kors (KORS) Boosts Q4, FY12 Guidance, Warns of Possible Shipping Delays
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Michael Kors (Nasdaq: KORS) raised its Q4 EPS guidance from 10-12 cents to 14-16 cents, which compares to the Street estimate of 13 cents. Sales will be around $350-$360 million, with gross margin in the range of 55.5-56.5%.
Now expecting FY12 EPS of 79-81 cents, up from 74-76 cents previously and compared to the Street estimate of 67 cents. Sales will be around $1.27-$1.28 billion, vs. the consensus estimate of $1.28 billion.
"During the quarter, the Company has experienced certain operational difficulties transitioning to its new distribution facility, which has impacted deliveries to its wholesale customers and retail stores. The Company may experience additional shipping delays until it has fully completed its transition to its new distribution facility, which could affect the Company’s ability to achieve its revenue guidance. The Company anticipates this transition to be completed by the end of April 2012."
Now expecting FY12 EPS of 79-81 cents, up from 74-76 cents previously and compared to the Street estimate of 67 cents. Sales will be around $1.27-$1.28 billion, vs. the consensus estimate of $1.28 billion.
"During the quarter, the Company has experienced certain operational difficulties transitioning to its new distribution facility, which has impacted deliveries to its wholesale customers and retail stores. The Company may experience additional shipping delays until it has fully completed its transition to its new distribution facility, which could affect the Company’s ability to achieve its revenue guidance. The Company anticipates this transition to be completed by the end of April 2012."
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