Michael Kors Holdings Limited (KORS - Analyst Report), a global luxury lifestyle company, came out with fourth-quarter fiscal 2015 results, wherein earnings of 96 cents per share beat the Zacks Consensus Estimate of 90 cents, and surged from 78 cents in the prior-year quarter.
Management now projects first-quarter fiscal 2016 earnings in the range of 74 cents to 78 cents a share, which falls short of the current Zacks Consensus Estimate of $1.03 per share.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2015 has been portraying a downtrend in the last 30 days. In the trailing four quarters (including the quarter under review), the company outperformed the Zacks Consensus Estimate by an average of 10.8%.
Revenues: Michael Kors generated total revenue of $1,081 million that increased 17.8% year over year, and also came slightly ahead of the Zacks Consensus Estimate of $1,078.6 million.
Management now forecasts first-quarter fiscal 2016 total revenue in the range of $930 million to $950 million.
Key Events: Michael Kors repurchased 1,409,682 shares for approximately $92 million.
Zacks Rank: Currently, Michael Kors carries a Zacks Rank #4 (Sell) which is subject to change following the earnings announcement.
Stock Movement: Michael Kors’ shares are down nearly 12% during pre-market trading hours following the earnings release. Clearly, a negative sentiment is palpable among investors following the company’s weaker-than-expected first quarter fiscal 2016 outlook.
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