[ad_1]
Shares of Michael Kors Holdings Ltd.
KORS, -1.46%
plunged 11% to a one – year low in pre – commercial trade on Wednesday after the luxury fashion group reported second – quarter financial results exceeding expectations but missing sales. Net income decreased to $ 137.6 million, or 91 cents per share, from $ 202.9 million, or $ 1.32 per share, in the same period last year. Excluding non-recurring items, adjusted earnings per share amounted to $ 1.27, higher than the FactSet consensus of $ 1.10. Revenues increased from $ 1.15 billion to $ 1.25 billion, but did not reach the consensus of $ 1.26 billion set by FactSet. Comparable store sales decreased in the "one-digit low" percentage range, compared to the FactSet consensus that a 0.9% decline was noted. Michael Kors' retail revenues were about the same as last year, reaching $ 643.9 million. The FactSet consensus of $ 659.3 million was surpassed, while Jimmy Choo's $ 116.7 million revenue exceeded expectations by $ 114.8 million. The company raised its adjusted EPS outlook for the full year from $ 4.90 to $ 5.95 to $ 5.05. For the third quarter, the company expects EPS of between $ 1.52 and $ 1.57, against a FactSet consensus for net EPS of $ 1.79 and Adjusted EPS of $ 1.82. The stock has fallen 12% in the last three months until Tuesday, while the S & P 500
SPX, + 0.63%
lost 3.6%.
Have the latest news sent to your inbox. Subscribe to free e-mails from the MarketWatch newsletter. Register here.
Source link
