×
462
Fashion Jobs
MOLEDRO
Operation Manager
Permanent · NEW DELHI
MOLEDRO
HR &Admin
Permanent · NEW DELHI
MOLEDRO
Brand Manager
Permanent · NEW DELHI
MOLEDRO
sr Fashion Designer / Production Manager
Permanent · NEW DELHI
ADIDAS
Manager Information Security
Permanent · GURUGRAM
ADIDAS
sr. Manager Sales Excellence
Permanent · GURUGRAM
CL GUPTA RETAIL PRIVATE LIMITED
Production Manager Cum Quality Control Manager
Permanent · Noida
UGRAYA FOODS
Production Manager || Agartala (Tripura) || Poultry Feed Industry
Permanent · Agartala
GOVIND KRIPA INFRATECH PVT. LTD.
HR/Telecalling/Sales Manager/Sales Executives/Asst. Sales Manager
Permanent · Jaipur
JUMBO BAGS
Manager- Production (Fibc / Woven Polypropylene Industry)
Permanent · Chennai
ADIDAS
Manager, Masterdata And Product Launch (.Com & Digital Partners), Apac
Permanent · GURUGRAM
ADIDAS
Manager, Digital Backend Operations, Apac
Permanent · GURUGRAM
THE HOUSE OF DEEPTHI LIMITED
Production Manager
Permanent · MUMBAI
MANPOWERGROUP SERVICES INDIA PRIVATE LIMITED
Hiring-Field Sales Manager
Permanent · Chennai
YUTIKA NATURAL
Area Sales Manager (Guwahati)
Permanent · Katihar
LENSKART
Area Operations Manager
Permanent · Chennai
ELECTRONICA FINANCE
Area Sales Manager - Mumbai- Vasai
Permanent · Mumbai
ADIDAS
Manager Learning & Development & Knowledge Management (M/F/D)
Permanent · CHENNAI
D.LIGHT
Hiring For Area Sales Manager | Bihar | d.Light Energy
Permanent · Patna
CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED
Loan Against Securities - Area Sales Manager
Permanent · Chennai
ANAND RATHI GLOBAL FINANCE
Hiring For Area Sales Manager Sme- Lap
Permanent · Mumbai
CURLYFE BIOSCIENCES
Senior Area Sales Manager
Permanent · Ghaziabad
By
Reuters
Published
Aug 9, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Michael Kors lifts full-year revenue forecast, shares soar

By
Reuters
Published
Aug 9, 2017

Michael Kors Holdings Ltd reported better-than-expected profit for the first quarter as it cut down on promotions and sold more premium handbags, and lifted its full-year revenue forecast, sending the company's shares up as much as 22 percent.


Joan Smalls for Michael Kors Spring 2017 collection - Michael Kors


Once the hottest name in affordable luxury, Kors has been grappling with declining same-store sales as more people shop online. Over-distribution of its products and a reliance on promotions to boost sales also eroded some of Kors' brand value and its appeal.

To reverse an eight-quarter slump in same-store sales, Kors is pursuing a multi-brand strategy for growth and diversifying into new products. Last month, the maker of the popular Mercer and Hamilton handbags announced a deal to buy high-end shoemaker Jimmy Choo.

Kors is also adding more menswear and dresses to its shelves, shrinking the number of stores it owns and yanking a chunk of its products from department stores such as Macy's Inc, where steep discounts have been the norm to attract customers amid a broader retail slowdown.

Kors said on Tuesday the efforts yielded a higher average selling price per unit, implying the company sold more goods at full price.

A $1,000 satchel, called The Bancroft, and customisable leather goods were a hit in North America, Chief Executive John Idol said on a conference call.

That helped operating margins at Kors stores increase for the first time in more than eight quarters, according to brokerage Jefferies. While profit dropped 15 percent to $125.5 million, or 80 cents per share, in the quarter ended July 1, it handily beat Wall Street's expectations of 62 cents, according to Thomson Reuters I/B/E/S.

Kors also for the first time quantified Jimmy Choo's impact on revenue. The company said it expects the deal to add about $275 million to sales in the second half of the year ending March 2018, assuming the deal closes by the third quarter.

Excluding sales from Jimmy Choo, Kors expects fiscal 2018 revenue of about $4.28 billion, slightly higher than its earlier forecast of $4.25 billion.

The company's same-store sales fell 5.9 percent in the quarter, less than the 8.9 percent decline analysts polled by Consensus Metrix had expected.

Total revenue dropped 3.6 percent to $952.4 million, but beat the average estimate of $918.6 million.

Kors shares were up 21.7 percent at $45.30 at midday, close to their session high of $45.39, their highest since December 2016.
 

© Thomson Reuters 2022 All rights reserved.