Michael Kors Holdings Ltd (KORS) reported quarterly earnings results on Wednesday, Jun-1-2016. The company said it had a profit of $0.98 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $0.97. The company posted revenue of $1199.00 million in the period, compared to analysts expectations of $1148.26 million. The company’s revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.90 EPS.
Many Wall Street Analysts have commented on Michael Kors Holdings Ltd. Shares were Reiterated by Canaccord Genuity on May 12, 2016 to “Hold” and Lowered the Price Target to $ 45 from a previous price target of $48 .Michael Kors Holdings Ltd was Upgraded by Piper Jaffray to ” Overweight” on Apr 27, 2016. Company shares were Reiterated by Mizuho on Apr 22, 2016 to “Neutral”, Firm has raised the Price Target to $ 50 from a previous price target of $45 .
Michael Kors Holdings Ltd closed down -0.03 points or -0.07% at $41.79 with 29,44,578 shares getting traded on Friday. Post opening the session at $41.94, the shares hit an intraday low of $41.55 and an intraday high of $42.08 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.
Michael Kors Holdings Limited is a global accessories footwear and apparel company. The Company operates its business in three segments: retail wholesale and licensing. It offers two primary collections: the Michael Kors luxury collection and the MICHAEL Michael Kors accessible luxury collection. In the Michael Kors collection it offers accessories including handbags and small leather goods many of which are made from leathers and other exotic skins footwear and apparel including ready-to-wear women swear and menswear. Its MICHAEL Michael Kors collection offers accessories primarily handbags and small leather goods such as clutches wallets wristlets and cosmetic cases; footwear primarily in women’s styles; and women swear including dresses tops jeans pants skirts shorts and outerwear. Through its licensing segment it enters into agreements that license to third parties use of its brand name and trademarks certain production and sales and distribution rights.