By  on August 4, 2014

Concerns about Michael Kors Holdings Ltd.’s ability to sustain its margins despite strong first-quarter earnings and sales pulled shares down 5.9 percent, contributing to a small decline on the day for the WWD Global Stock Tracker.

WWD’s group of 100 fashion, retail and beauty stocks pulled back just less than 0.1 percent to 97.05 on the day, from 97.15 on Friday.

The most substantial gains in the WWD sample came from a trio of companies traded in Hong Kong. I.T. Ltd. was up 4.1 percent to 2.78 Hong Kong dollars, or 36 cents at current exchange, while Anta Sports Products Ltd. rose 3.6 percent to 13.18 Hong Kong dollars, or $1.70, and Li Ning Co. ascended 3 percent to 4.83 Hong Kong dollars, or 62 cents.

Abercrombie & Fitch Co. had the best day among U.S. based firms, with shares gaining 2.7 percent to close at $39.44. Pandora A/S rounded out the five best gains, rising 2.4 percent to 385.90 Danish kroner, or $69.49.

The sell-off of Kors stock lowered its closing price to $77.01 and represented the largest decline among equities tracked by WWD’s tracker. Also in the losing column were American Apparel Inc., off 5.6 percent to 85 cents; J.C. Penney Co. Inc., 4.1 percent to $9.24; Salvatore Ferragamo Italia SpA, 3.4 percent to 19.54 euros, or $26.24, and The Bon-Ton Stores Inc., 3 percent to $9.43.

Kors’ net income in the first quarter ended June 28 rose 50.2 percent, to $187.7 million, as revenues grew 43.4 percent to $919.2 million.

Coach Inc. is scheduled to report its fourth-quarter and full-year results Tuesday. Shares closed at $34.31, up 1.8 percent.

Click Here for the WWD Global Stock Tracker >>


To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus