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KORS

Use CPRI

$66.71

-5.96 (-8.20%)

, CPRI

Capri Holdings

$0.00

(0.00%)

09:05
09/25/18
09/25
09:05
09/25/18
09:05

Michael Kors expects Versace to achieve $1.2B in revenue in FY22

Michael Kors (KORS) management said on its conference call discussing the acquisition of Versace that it plans to increase Versace's global retail footprint to 300 stores from approximately 200 stores now. Kors plans to accelerate ecommerce and omnichannel development in Versace and will expand men's and women's accessories and footwear from 35% to 60% of revenues. The company said the Versace acquisition positions the new Capri Holdings (CPRI) to achieve multiple years of revenue and earnings growth. Kors says the deal, which is expected to close in 4Q19, will be "rapidly" accretive to non-GAAP EPS. For its other brands, Kors expects to grow accessories at Jimmy Choo to 50% of revenues and plans to expand the brand's retail footprint. In the Michael Kors brand, the company plans to grow its Asia business to $1B and accelerate the menswear business. Kors expects Versace to achieve double digit revenue growth in 2018. Expects Versace to achieve $1.2B in revenue, EBITDA margins in mid-teens in FY22. Ahead of the market open, shares of Michael Kors are up 2.2%.

KORS

Use CPRI

$66.71

-5.96 (-8.20%)

CPRI

Capri Holdings

$0.00

(0.00%)

  • 25

    Sep

KORS Use CPRI
$66.71

-5.96 (-8.20%)

08/09/18
ADAM
08/09/18
NO CHANGE
Target $90
ADAM
Buy
Michael Kors price target raised to $90 from $84 at Canaccord
Canaccord analyst Camilo Lyon raised his price target on Michael Kors to $90 from $84 following solid Q1 results. The analyst said the beat was due to broad based sales, gross margins, expense leverage, and a positive tax rate. He said the key elements of his Buy thesis are in place and trending upwards, strong free cash flow is being deployed for buybacks, and the shares are at an attractive valuation. Lyon reiterated his Buy rating on Michael Kors shares.
08/09/18
NOMU
08/09/18
NO CHANGE
Target $85
NOMU
Buy
Michael Kors price target raised to $85 from $80 at Nomura Instinet
Nomura Instinet analyst Simeon Siegel raised his price target for Michael Kors to $85 saying yesterday's Q1 results showed top-line strength and meaningful margin expansion. Kors has been "showing remarkable strides as one of the best Shrink to Grow stories," but its multiple is lagging meaningfully behind peers, the analyst adds. He reiterates a Buy rating on the shares.
08/17/18
PIPR
08/17/18
NO CHANGE
Target $71
PIPR
Neutral
Michael Kors price target raised to $71 from $66 at Piper Jaffray
Piper Jaffray analyst Erinn Murphy raised her price target for Michael Kors to $71 from $66 but maintained a Neutral rating following the company's Q1 results, telling investors in a research note that she continues to maintain her sidelined stance. Though she raised her estimates for Q2 and FY19/FY20 based on an improved Q1, she would like to see more evidence of a sustained improvement at retail.
09/24/18
WELS
09/24/18
NO CHANGE
WELS
Market Perform
Versace not seen by many as ideal M&A target for Michael Kors, says Wells Fargo
Wells Fargo analyst Ike Boruchow said many investors seem puzzled by the negative reaction today in shares of Michael Kors to reports that the company may be near a deal to acquire Italian fashion company Versace for $2.35B. He believes the weakness is due to the speed with which such a deal would be made following the purchase of Jimmy Choo just 11 months ago and the fact that on the surface the reported deal would appear to be fairly dilutive. Versace "doesn't make for an ideal M&A target in the eyes of many shareholders," the analyst added. Boruchow thinks an acquisition at the terms reported could be 30c-40c dilutive to EPS in year one, not inclusive of dilution should the company halt their current buyback program, representing a 7-9% impact to EPS in year one, which he notes is a similar percentage impact as what the stock is seeing today. Boruchow keeps a Market Perform rating on Michael Kors shares, which are down 7.7% to $67.12 in afternoon trading.
CPRI Capri Holdings
$0.00

(0.00%)

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