Michael Kors says to discontinue share repurchase activity through balance of FY
Michael Kors CEO John Idol said on the company's Q1 earnings conference call that he believes Jimmy Choo can reach $1B in revenue over time. Idol said that while it will take time for initiatives to bear fruit and meaningfully benefit financial results, Michael Kors has seen early signs that its efforts are resonating with customers. Idol said Access smartwatches remain a growing category, will introduce two new Access styles this fall. The CEO expects Access smartwatches to account for 25% of overall watch sales by year-end. Sees FY18 as a "transition year." The company plans to discontinue share repurchase activity through balance of FY, sees debt repayment as primary use of free cash flow. Comments taken from the Q1 earnings conference call. Shares of Michael Kors are up over 15% in premarket trading.