Michael Kors (KORS) Stock Rising After Earnings Beat

Michael Kors (KORS) stock is up after its fiscal 2016 second quarter earnings results beat expectations.
By Amanda Albright ,

NEW YORK (TheStreet) -- Michael Kors (KORS) stock is up by 4.65% to $41.15 in early-morning trading on Wednesday, after the company's fiscal 2016 second quarter earnings results beat expectations.

Before the market open today, the accessory company reported fiscal 2016 second quarter earnings of $1.01 per share on revenue of $1.13 billion.

Analysts surveyed by Zacks Investment Research were expecting the company to report earnings of 89 cents per share on revenue of $1.07 billion.

The company's same-store sales fell by 8.5% year-over-year.

"In our retail segment, our North American digital flagship sales continued to accelerate this quarter and we drove sequential improvement in our comp performance," Michael Kors CEO John Idol said in a statement. "Looking ahead, we believe we are well positioned for a positive holiday period with our exciting new product introductions and gifting assortments in addition to a captivating marketing campaign."

Michael Kors projected its 2016 earnings at $4.38 per share to $4.42 per share, compared to analyst expectations of $4.31 per share, The Wall Street Journal reports.

Separately, TheStreet Ratings team rates MICHAEL KORS HOLDINGS LTD as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

We rate MICHAEL KORS HOLDINGS LTD (KORS) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income and a generally disappointing performance in the stock itself.

You can view the full analysis from the report here: KORS

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