Sozzi: Attention ALL Ladies, Kate Spade Is Bursting Onto the Scene
<img src="http://mkoutletstores.com/images/detailed/0/Michael_Kors_Bags_OUMK3224.jpg" width="200px" style="float:left;padding:5px" michael kors handbags /> Even worse, the company’s earnings per diluted share declined approximately 14% in the quarter. Meanwhile, Michael Kors delivered nothing short of staggering growth in its most recently reported quarter. The company grew total revenue 59% on a year-over-year basis in the quarter which ended on Dec. 28. However, the company reported an even more impressive earnings per diluted share performance as this figure grew 73% in the quarter. The reason behind the terrible results for Coach and the great results for Michael Kors comes down to brand popularity. Quite simply, consumers currently view Coach as a stale brand, while they view Michael Kors as a brand in extremely high demand. The social media michael kors outlet test I typically like to perform on retailers confirms as much. For instance, on Facebook, Coach has only 5 million fans while Michael Kors has 12.4 million. Twittershows largely the same results, as Coach has 536,000 followers versus Michael Kors’ 1.8 million. Source: Company Facebook The turnaround?
Michael Kors: California dreaming
The luxury goods maker sold $1.01 billion worth of handbags, high-end clothing, and accessories during the last quarter. The flamboyant retailer not only managed to handily beat the consensus revenue estimate of $859 million but also saw its top line expand an astounding 59%, snapping a four-quarter run of slowing growth. Its gross margin also expanded 100 basis points to hit 61.2%. Its luxury goods peer Coach (NYSE: COH ) had a less illustrious quarter. Although there are investor concerns that Michael Kors shares are pricey, trading at a 12-month trailing P/E ratio cheap michael kors handbags of around 33, which is almost double Coach’s 12 month-trailing P/E ratio of 17,and far above peers Fossil Group (NASDAQ: FOSL ) (with 12-month trailing P/E ratio of 20) and Jones Group (NYSE: JNY ) (with a P/E of 19.) Investors should not forget that specialty sportswear maker Under Armour (NYSE: UA ) trades at a 12-month trailing P/E ratio of around 60, double that of its close peer Lululemon, which is trading at a 12-month trailing P/E ratio of around 30. Under Armour’s CAGR of 27.4% between 2010- 2012 is considerably less than Lululemon’s CAGR of 38.7%. Under Armour is expected to grow its topline and bottom-line at 21.9% and 23.6%, respectively, in fiscal 2014. That growth is comparable to Michael Kors’, which is expected to grow its revenue and earnings at 25% and 23%, respectively, in fiscal 2015 (which begins in April 2014.) These two sectors are not radically different, and therefore Michael Kors shares might still have considerable upside. This may be as much as 30% that can be realized in the next 12 months. Healthy future growth profile Michael Kors has the best growth prospects in the luxury goods sector, certainly far better than peers. Coach is the oldest company of the four, and its growth has been slowing down considerably in the recent quarters.
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In non-corporate jargon, the comment was Leavitt’s way of saying Kate Spade could become the next Polo Ralph Lauren, a global powerhouse brand that sells merchandise that is seemingly in demand year round. I chuckled at this bravado, not because Kate and Jack Spade are no longer working at the company, whereas Ralph Lauren is still actively involved in the company he founded and could be spotted on quarterly earnings press releases, but this is a brand that isn’t exactly new to the retail scene. How could an already well-known brand from outlet centers be transformed into one that steals the show from the on-fire Michael Kors ( KORS ) at Macy’s ( M ), while at the same time stomping on the face of Coach ( COH ) as it attempts to pick itself upoff the ground after years of stale assortments? Well, it’s actually happening, as I detected in a fact finding mission at various upper tier department stores. For the record, Kate Spade is now its own publicly traded entity, has a stock price that is up 98% in the last year, and a forward price-to-earnings multiple (58x) that would make Ben Bernanke and Janet Yellen cringe. Here are a few of the things I like and don’t like about the new Kate Spade. Likes It’s taking floor space in department stores with more eye-catching shops (aka concessions in SEC filings) than Michael Kors and Coach. It’s taking prime counter space in the watch section at department stores. The brand has begun to show consumers a full lifestyle collection in its new retail stores (housewares, stuff other than handbags and wallets). Dislikes Although at $1,265 in sales per share foot there is opportunity to reach Michael Kors ($1,431) and Coach ($1,831), this metric has not grown much in the past six months.
Having Michael Kors in Your Core Holdings Is a No-Brainer
Sept. The collection was simple and seemed to show looks which are already in many Fashionistas closets. Unfortunately, Kors did not seem to have a large handbag collection to show for Spring 2011. Instead, Michael Kors showed the same, flat messenger bag on several female and male models during his New York Fashion Week show. The tan messenger bag appeared to be made from high quality, soft leather and featured a cross body strap. The bag itself was flat which would make it difficult to fit very many items inside without ruining the silhouette. For Fashionistas who wish to only carry a slim magazine or small stack of papers, Michael Kors messenger bag will be perfect. For other Fashionistas who wish to carry around a little more in their messenger bag, will have topass on this bag. Hopefully Michael Kors will give Fashionistas additional, more practical and attractive designs when his Spring 2011 collection goes from the New York Fashion Week runway onto store shelves. Stay tuned as I continue to cover the handbags found on the runway during New York Fashion Week!
Michael Kors New York Fashion Week Spring 2011 handbag collection
We concentrated on the idea of yin and yang, romanticism, a lot of softer dresses and skirts, chiffon, things that catch the wind, mixed with something that looks like you borrowed from the boys. So it might be a great tailored coat over a romantic dress, a romantic skirt, just things that move, a lot of longer silhouettes in the collection, transparency and movement. Actress BlakeLively andMichael Korsbackstage atthe MichaelKors fashionshow. Kors added that this particular collection was very feminine and all about texture. The big thing in the collection is texture, its full of texture and handwork, a lot of hand embroidery, fringe, hand-knitting, things you want to touch. In fact, we did a lot of the embroidery and all of the embellishment, we did it for the day rather than night time, because the reality is, why not enjoy all this beautiful luxury in the day instead of having to wait for a special occasion? His clothes looked luxurious, and since it was a fall collection, there was plenty of fur. Cashmere, mohair, alpaca, shearling … materials that you want to touch and stroke. There were even cashmere sweatpants! Evening wear was transparent and ethereal with lots of semi-sheer pieces. Slip dresses worn with tailored coats, heavy knits with skirts … this was the yin and yang that Kors spoke of, offering a balance between tailored aesthetics and flowing silhouettes, a juxtaposition of masculinity and femininity.