Michael Kors beats by $0.01, beats on revs; guides Q1 below consensus; guides FY17 EPS above consensus, revs below consensus; acquires greater China license; announces new $1 bln share buyback :
- Reports Q4 (Mar) earnings of $0.98 per share, $0.01 better than the Capital IQ Consensus of $0.97; revenues rose 10.9% year/year to $1.2 bln vs the $1.15 bln Capital IQ Consensus.
- Retail net sales increased 22.0% to $572.6 million, driven primarily by e-commerce sales from the Company's digital flagships and 142 net new store openings since the end of the fourth quarter of fiscal 2015.
- Comparable sales increased 0.3% vs. flat guidance. On a constant currency basis, retail net sales grew 23.4%, and comparable sales increased 1.5%. Wholesale net sales increased 3.5% to $590.5 million and on a constant currency basis, wholesale net sales grew 4.0%. Licensing revenue decreased 13.6% to $35.6 million. Total revenue in the Americas increased 4.6% to $879.1 million on a reported basis, and increased 5.1% on a constant currency basis. European revenue grew 15.6% to $254.1 million on a reported basis, and 18.1% on a constant currency basis. Revenue in Asia increased 216.4% to $65.5 million on a reported basis, and increased 212.1% on a constant currency basis.
- Co issues downside guidance for Q1, sees EPS of $0.70-0.74 vs. $0.93 Capital IQ Consensus Estimate; sees Q1 revs of $940-950 mln vs. $1.03 bln Capital IQ Consensus Estimate, which includes a planned reduction in wholesale shipments, and comparable sales to decrease in the mid-single digit range.
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