Michael Kors stock was hit hard on Wednesday after releasing its earnings report for its fiscal second quarter of 2019.
During its fiscal second quarter of 2019, Michael Kors (NYSE:KORS) reported revenue of $1.25 billion. This is an increase over the company’s revenue of $1.15 billion reported in the same period of the year prior. However, it is bad news for Michael Kors stock by coming in below Wall Street’s revenue estimate of $1.26 billion for the quarter.
Earnings per share reported by Michael Kors for its fiscal second quarter of 2019 came in at $1.27. This is a drop from the company’s earnings per share of $1.33 from its fiscal second quarter of 2018. However, it did still beat out analysts’ earnings per share estimate of $1.10 for the quarter, but couldn’t keep Michael Kors stock from falling today.
Michael Kors’ earnings report for its fiscal second quarter of 2019 also includes net income of $137.60 million. The fashion retailer reported net income of $202.90 million during the same time last year.
Operating income reported by Michael Kors in its fiscal second quarter of 2019 was $189.40 million. This is down from the operating income of $199.10 million that was reported in its fiscal second quarter of the previous year.
Michael Kors also took time in its most recent earnings report to update its outlook for its fiscal full year of 2019. The company is now expecting earnings per share for the period to range from $4.95 to $5.05. Wall Street is looking for earnings per share of $5.03 for the fiscal year.
KORS stock was down 13% as of noon Wednesday and is down 10% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.