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Michael Kors to close 100-125 stores

31 May 2017

The company issued revenue guidance of 4.25 billion, compared to the consensus revenue estimate of $4.37 billion.Michael Kors Holdings also updated its Q1 guidance to 0.61-0.64 EPS. It has underperformed by 27.24% the S&P500.The move comes after 5 months negative chart setup for the $5.26B company. Its down 0.01, from 0.86 in 2016Q3. The institutional investor held 9.72M shares of the apparel company at the end of 2016Q4, valued at $417.67 million, up from 9.29 million at the end of the previous reported quarter. Cowen and Company reduced their price objective on shares of Michael Kors Holdings to $40.00 in a report on Wednesday, February 8th. Janney Montgomery Scott Limited Com holds 6,813 shares. Hotchkis Wiley Cap Mgmt Lc invested in 0.05% or 833,125 shares. Oregon Public Employees Retirement Fund accumulated 246,556 shares. Ally Fincl reported 0.36% stake. 10,405 are owned by Grp One Trading Limited Partnership. The Oklahoma-based Prescott Group Capital Management L.L.C. has invested 0.14% in the stock. 85,502 were reported by Pictet Asset Ltd. Ls Invest Advsrs Ltd Liability Corporation invested in 0.02% or 6,465 shares.

Guess' delivered an average positive earnings surprise of 33.3% in the preceding four quarters and has a long-term earnings growth rate of 17.5%. Revenue was reported as $4.49 billion. The firm earned "Hold" rating on Monday, May 15 by Deutsche Bank. The firm has "Neutral" rating by Citigroup given on Wednesday, February 3. The stock of Newmont Mining Corp (NYSE:NEM) has "Hold" rating given on Thursday, July 14 by Jefferies. The firm has "Peer Perform" rating by Wolfe Research given on Tuesday, August 18. The rating was upgraded by BB&T Capital to "Buy" on Friday, August 7. The stock has "Market Perform" rating by Wells Fargo on Thursday, October 22. BlackRock Inc. now owns 13,985,812 shares of the lifestyle brand's stock worth $532,997,000 after buying an additional 13,606,521 shares during the period. As per Tuesday, February 7, the company rating was maintained by Mizuho. 1,766,706 shares of the company traded hands. The insider Lawson Scott P sold 1,500 shares worth $53,745. KORS's profit will be $114.06 million for 13.13 P/E if the $0.70 EPS becomes a reality.

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Michael Kors, the once-popular retailer that has been trying to turn itself around, said it expected same-store sales to continue to fall in 2018, and that it would shut more than 100 full-price retail stores in the next two years. It also upped Amber Rd Inc (NYSE:AMBR) stake by 63,156 shares and now owns 92,934 shares. Smith & Wesson Hldg Corp (NASDAQ:SWHC) was raised too. Therefore 40% are positive.

Analysts await Michael Kors Holdings Ltd (NYSE:KORS) to report earnings on June, 7. The stock has "Underweight" rating by Piper Jaffray on Sunday, August 9. TD Securities maintained Toronto-Dominion Bank (TSE:TD) on Friday, March 3 with "Buy" rating. The company was initiated on Friday, September 30 by Guggenheim. The company was reinitiated on Thursday, October 22 by Bank of America. Oppenheimer has "Perform" rating and $46.0 target.

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Investors sentiment increased to 0.73 in Q4 2016. Its up 0.01, from 0.72 in 2016Q3. Finally, Zacks Investment Research lowered shares of Michael Kors Holdings from a "hold" rating to a "sell" rating in a report on Tuesday, April 11th. Cognios Capital Limited Liability has invested 0.34% of its portfolio in Michael Kors Holdings Ltd (NYSE:KORS). Cornercap Investment Counsel holds 0.94% or 126,650 shares. Shares are now down 24% so far in 2017. Advantus Mgmt Incorporated reported 16,448 shares stake.

Michael Kors Holdings (KORS) opened at 36.27 on Wednesday. Tradition Cap Management Ltd stated it has 10,000 shares. Citigroup owns 195,880 shares or 0.01% of their USA portfolio. Fruth Investment owns 16,476 shares or 0.51% of their U.S. portfolio. But wholesale net sales plummeted 23%, and the licensing unit suffered a 6% drop in revenue.

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Michael Kors to close 100-125 stores