During the same quarter in the prior year, the company posted $1.07 earnings per share.
The company forecast current-quarter revenue of $1.04 billion-$1.06 billion, missing estimates of $1.11 billion.
Several sell side analysts reviewed their recommendations on Michael Kors Holdings Limited (NYSE:KORS) where 1 analyst have rated the stock as Strong Buy, 4 analysts said it's a Buy, 22 rated the stock as Hold, 0 analysts reported Underperform and 1 analysts gave their recommendations as Sell. Analysts had a consensus estimate of $1.64.
For the third quarter of fiscal 2017, ended December 31, Michael Kors' total revenue was $1.35 billion, down from $1.4 billion the previous year.
To turn its business around, Kors is expanding into dresses and menswear, investing in its online business, and reducing supplies to department stores, which have been discounting heavily to bring back shoppers. In the first nine months, revenue is down 2.4 percent and profits are 2.8 percent lower than the previous year.
Michael Kors Holdings Limited is a designer, marketer, distributor and retailer of branded women's apparel and accessories and men's apparel bearing the Michael Kors tradename and related trademarks MICHAEL KORS, MICHAEL MICHAEL KORS, and various other related trademarks and logos.
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Michael Kors' outlook for fiscal 2017 is now much lower than what investors had originally forecasted. Still, Chief Executive Officer John Idol said that challenges - including falling customer traffic, currency fluctuations, and political uncertainty in some European countries - will remain through the spring season.
Geographically, revenue was hurt by a 7.4% decline in the Americas and 7% decline in Europe.
Michael Kors said that Retail net sales gained 9.2% in the latest period, helped mainly by 193 net new store openings. The lifestyle brand reported $1.64 EPS for the quarter, topping the consensus estimate of $1.63 by $0.01. The Market Cap of the company stands at 6.76 Billion.
Earlier, management had projected fiscal 2017 revenue to be about $4.55 billion and earnings in the range of $4.37-$4.43 per share, on a non-GAAP basis. Company shares have received an average consensus rating of Hold for the current week The stock has recorded a 20-day Moving Average of 2.92% and the 50-Day Moving Average is 8.27%.The 200 Day SMA reached 13.64%. The growth estimate for the next five years is 3.68 percent (per annum). This also marks the company's seventh-consecutive quarter of a positive earnings surprise.
Michael Kors Holdings Ltd opened for trading at $40.85 and hit $41.55 on the upside on Friday, eventually ending the session at $41.02, with a gain of 0.32% or 0.13 points. It offers two primary collections: the Michael Kors luxury collection and the MICHAEL Michael Kors accessible luxury collection.