Shares of Michael Kors are under pressure Thursday as the retail brand saw better-than-expected results but issued a disappointing outlook for the upcoming quarter. The retail environment has been a tricky one to navigate in the last year, and promotions have been driving sales. The holidays were actually good to Michael Kors, but there are growing concerns that the brand’s handbags and accessories have become overexposed and will need discounting in order to move inventory. Last quarter, Kors earned 1.48 a share, up from $1.11 a year ago. Revenue grew, despite foreign exchange and currency issues. For the current quarter, Kors projects earnings between 89 cents to 92 a share. Analysts polled by Thomson Reuters were looking for 94 cents a share. On the other hand, Kors also raised its earnings outlook for the year ending March, saying it now expects to post per-share earnings of $4.27 to $4.30, up from its previous guidance of $4.13 to $4.18.
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