Michael Kors (KORS) Misses Q4 EPS by 1c, Issues Light FY16 Outlook

Michael Kors (NYSE: KORS) reported Q4 EPS of $0.90, $0.01 worse than the analyst estimate of $0.91. Revenue for the quarter came in at $1.1 billion versus the consensus estimate of $1.09 billion.

Retail net sales increased 14.9% to $469.4 million driven by 121 net new store openings since the end of the fourth quarter of fiscal 2014 and e-commerce sales from the recently launched U.S. e-commerce site, partially offset by a 5.8% decrease in comparable store sales. On a constant currency basis, retail net sales grew 21.1%, and comparable store sales decreased 1.7%. Wholesale net sales increased 20.4% to $570.4 million and on a constant currency basis, wholesale net sales grew 25.8%. Licensing revenue increased 16.5% to $41.3 million.

Total revenue in North America increased 13.7% to $840.5 million, with a 6.7% decrease in comparable store sales. On a constant currency basis, revenue in North America grew 14.3%, with a 5.8% decrease in comparable store sales.

Michael Kors sees Q1 EPS of $0.74 - $0.78, versus the consensus of $1.03. Michael Kors sees Q1 revenue of $930 - $950 million, versus the consensus of $1.09 billion. The Company expects a low double digit comparable store sales decrease on a reported basis and a mid-single digit decrease on a constant currency basis.

Michael Kors sees FY2016 EPS of $4.40 - $4.50, versus the consensus of $4.70. Michael Kors sees FY2016 revenue of $4.7 - $4.8 billion, versus the consensus of $5.05 billion. The Company expects flat comparable store sales on a reported basis, and a low single digit comparable store sales increase on a constant currency basis.

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

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