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Michael Kors (KORS) Q3 Earnings Beat, Revenues in Line

Michael Kors Holdings LimitedKORS , a global luxury lifestyle company, came out with third-quarter fiscal 2017 results, wherein adjusted earnings of $1.64 a share beat the Zacks Consensus Estimate of $1.62, and also increased 3.1% from the prior-year quarter.

Management now projects diluted earnings per share in the range of 68-72 cents for the fourth quarter and between $4.15 and $4.19 for fiscal 2017. Earlier, the company had projected fiscal 2017 diluted earnings in the band of $4.37-$4.43. The Zacks Consensus Estimate for the fourth quarter and fiscal year stand at 93 cents and $4.36, respectively.

Michael Kors Holdings Limited Price, Consensus and EPS Surprise

Michael Kors Holdings Limited Price, Consensus and EPS Surprise | Michael Kors Holdings Limited Quote

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has declined in the past 7 days. In the trailing four quarters (excluding the quarter under review), the company outperformed the Zacks Consensus Estimate by an average of 9.5%.

Revenues: Michael Kors generated total revenue of $1,352.8 million that declined 3.2% year over year, but came in line with the Zacks Consensus Estimate. On a constant currency basis, total revenue fell 2.6%.

Management now forecasts fourth-quarter fiscal 2017 total revenue in the range of $1.035-$1.055 billion. For fiscal 2017, management anticipates total revenue to be nearly $4.48 billion, down from $4.55 billion guided earlier. Analysts polled by Zacks expect 2017 total revenue to be approximately $4.53 billion.

Key Events: In the third quarter, Michael Kors repurchased 2,069,706 shares for roughly $100 million. As of Dec 31, 2016, the company still had $250 million remaining under its share buyback program.

Zacks Rank: Currently, Michael Kors carries a Zacks Rank #3 (Hold) which is subject to change following the just released earnings results.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

Stock Movement: Michael Kors' shares are down nearly 7.2% during pre-market trading hours following the bleak outlook for fiscal 2017.

Check back later for our full write up on Michael Kors' earnings report!

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Michael Kors Holdings Limited (KORS): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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