Michael Kors calculate yearly earnings largely below Wall Street estimates, bewitching the shine off stronger-than-expected quarterly results and driving the handbag maker’s interests down 7 percent on Wednesday.
The company known for its Mercer and Hamilton handbags thinks earnings of between $4.65 and $4.75 per share in fiscal year 2019, pointing to a mark down figure than analysts’ average expectation of $4.74, according to Thomson Reuters I/B/E/S.
Kors, which swallow luxury shoemaker Jimmy Choo last July, also hinted on Wednesday it would explore more acquisitions to boost its luxury donations.
Net income attributable to Kors was $44.1 million or 29 cents per allocate in the fourth quarter ended March 31, compared with a net drubbing of $26.8 million or 17 cents per share a year earlier.
Gate rose to $1.18 billion from $1.06 billion, exceeding analysts’ customary estimate of $1.15 billion, according to Thomson Reuters I/B/E/S.
Excluding one-time matters, the company earned 63 cents per share, topping analysts’ viewpoints of 60 cents.
Shares of New York-based Michael Kors slid 6.8 percent to $63.60 in premarket swap.