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KORS

Michael Kors

$37.23

0.43 (1.17%)

07:10
08/08/17
08/08
07:10
08/08/17
07:10

Michael Kors sees FY18 EPS $3.62-$3.72, consensus $3.54

Sees FY18 revenue $4.275B, consensus $4.19B, SSS to decrease in the mid-single digits range. Operating margin is expected to be approximately 16.0% .The Company's outlook does not include any expectations related to Jimmy Choo as the transaction has not yet been completed. Based on the Company's internal forecasts for Jimmy Choo and assuming a close early in the Company's third fiscal quarter, incremental revenue is expected to be approximately $275 million for the second half of fiscal 2018. For fiscal 2019, the Company expects incremental revenues of $570 million to $580 million. The Company expects this acquisition to be immediately accretive on a cash basis. The Company believes the acquisition will be dilutive to EPS in the low single digit percentage range in both Fiscal 2018 and 2019 and accretive in the low single digits in Fiscal 2020, excluding one-time transaction and transition costs related to the acquisition. Transaction costs related to the acquisition are expected to be between $40 million and $50 million, and transition costs to be between $20 million to $30 million over the next two years. In addition, to mitigate foreign exchange risk related to the British pound purchase price, the Company has entered into a foreign exchange hedge. This type of position is not expected to receive hedge accounting treatment, and the Company expects to record mark-to-market gains and losses through its income statement until the completion of the transaction. With respect to financing, the acquisition is ultimately expected to be financed through a combination of a term loan and a longer term bond. The Company anticipates a weighted average interest rate of 4.25% to 4.75%.

  • 08

    Aug

KORS Michael Kors
$37.23

0.43 (1.17%)

06/01/17
UBSW
06/01/17
NO CHANGE
Target $55
UBSW
Buy
Michael Kors store closures positive for Coach, says UBS
UBS analyst Michael Binetti noted Michael Kors (KORS) announced plans to start closing stores and it is assumed they will be skewed to North America. The analyst believes Michael Kors has been the number one competitive pressure for Coach (COH) over the past five years so its decision to close stores now relieves the company of its number one headwind. He now believes Coach is well positioned as a market share gainer. Binetti reiterated his Buy rating and $55 price target on Coach shares.
06/01/17
ADAM
06/01/17
NO CHANGE
Target $33
ADAM
Hold
Michael Kors guidance underscores broader challenges ahead, says Canaccord
Canaccord analyst Camilo Lyon noted Michael Kors beat Q4 estimates but said its weaker guidance underscores the broader challenges ahead for the company. Lyon said the company is finally taking aggressive course-correcting action to enhance the brand's position along with cost-savings. The analyst said the macro challenges in the U.S. and Europe remain and there is significant execution risk at hand. Lyon maintained his Hold rating and lowered his price target to $33 from $38 on Michael Kors shares.
07/10/17
MKMP
07/10/17
INITIATION
Target $26
MKMP
Sell
Michael Kors initiated with a Sell at MKM Partners
MKM Partners initiated Michael Kors with a Sell and a $26 price target.
07/31/17
07/31/17
DOWNGRADE
Target $45

Hold
Coach downgraded to Hold from Buy at Jefferies
Jefferies analyst Randal Konik downgraded Coach (COH) to Hold citing valuation. The company's recovery is playing out, "but everyone knows it," Konik tells investors in a research note. The analyst lowered his price target for Coach shares to $45 from $53 and recommends buying shares of Michael Kors (KORS), where he feels the valuation and expectations are lower.

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