Zacks: Brokerages Anticipate Michael Kors Holdings Limited (KORS) Will Announce Quarterly Sales of $1.37 Billion

Brokerages expect Michael Kors Holdings Limited (NYSE:KORS) to post $1.37 billion in sales for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for Michael Kors Holdings Limited’s earnings. The highest sales estimate is $1.38 billion and the lowest is $1.36 billion. Michael Kors Holdings Limited reported sales of $1.35 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 1.5%. The company is expected to report its next earnings results on Tuesday, February 6th.

According to Zacks, analysts expect that Michael Kors Holdings Limited will report full-year sales of $1.37 billion for the current fiscal year, with estimates ranging from $4.59 billion to $4.61 billion. For the next financial year, analysts forecast that the firm will post sales of $4.81 billion per share, with estimates ranging from $4.72 billion to $4.91 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Michael Kors Holdings Limited.

Michael Kors Holdings Limited (NYSE:KORS) last issued its quarterly earnings data on Monday, November 6th. The lifestyle brand reported $1.33 EPS for the quarter, beating the consensus estimate of $0.83 by $0.50. Michael Kors Holdings Limited had a return on equity of 42.09% and a net margin of 12.68%. The company had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.05 billion. During the same period last year, the company earned $0.95 earnings per share. Michael Kors Holdings Limited’s quarterly revenue was up 5.4% compared to the same quarter last year.

KORS has been the topic of several research analyst reports. TheStreet raised Michael Kors Holdings Limited from a “c+” rating to a “b” rating in a report on Monday, November 6th. Nomura raised their price objective on Michael Kors Holdings Limited from $41.00 to $51.00 and gave the company a “buy” rating in a report on Wednesday, August 9th. Zacks Investment Research raised Michael Kors Holdings Limited from a “hold” rating to a “buy” rating and set a $51.00 price objective on the stock in a report on Monday, August 14th. Jefferies Group LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Michael Kors Holdings Limited in a report on Thursday, September 14th. Finally, Canaccord Genuity raised Michael Kors Holdings Limited from a “hold” rating to a “buy” rating and raised their price objective for the company from $43.00 to $58.00 in a report on Wednesday, September 27th. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $49.84.

Shares of Michael Kors Holdings Limited (NYSE KORS) opened at $54.09 on Tuesday. Michael Kors Holdings Limited has a 1-year low of $32.38 and a 1-year high of $55.25. The company has a market capitalization of $8,319.57, a P/E ratio of 12.16, a price-to-earnings-growth ratio of 1.84 and a beta of 0.05.

In other news, Director M William Benedetto sold 2,000 shares of Michael Kors Holdings Limited stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $53.60, for a total value of $107,200.00. Following the completion of the sale, the director now directly owns 18,662 shares of the company’s stock, valued at $1,000,283.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO John D. Idol sold 500 shares of Michael Kors Holdings Limited stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $55.12, for a total value of $27,560.00. Following the completion of the sale, the chief executive officer now directly owns 1,688,046 shares of the company’s stock, valued at $93,045,095.52. The disclosure for this sale can be found here. Insiders own 6.00% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Michael Kors Holdings Limited by 2.1% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 53,165 shares of the lifestyle brand’s stock valued at $2,555,000 after buying an additional 1,100 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Michael Kors Holdings Limited by 224.5% in the third quarter. Envestnet Asset Management Inc. now owns 8,531 shares of the lifestyle brand’s stock valued at $408,000 after buying an additional 5,902 shares in the last quarter. Invictus RG grew its stake in shares of Michael Kors Holdings Limited by 547.3% in the third quarter. Invictus RG now owns 5,832 shares of the lifestyle brand’s stock valued at $279,000 after buying an additional 4,931 shares in the last quarter. Mackenzie Financial Corp acquired a new stake in shares of Michael Kors Holdings Limited in the third quarter valued at $268,000. Finally, Stifel Financial Corp grew its stake in shares of Michael Kors Holdings Limited by 7.4% in the third quarter. Stifel Financial Corp now owns 107,448 shares of the lifestyle brand’s stock valued at $5,109,000 after buying an additional 7,402 shares in the last quarter. 85.21% of the stock is owned by institutional investors and hedge funds.

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Michael Kors Holdings Limited Company Profile

Michael Kors Holdings Limited is a designer, marketer, distributor and retailer of branded women’s apparel and accessories and men’s apparel bearing the Michael Kors tradename and related trademarks MICHAEL KORS, MICHAEL MICHAEL KORS, and various other related trademarks and logos. The Company operates through three segments: retail, wholesale and licensing.

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