Michael Kors Holdings Ltd. raised second-quarter and full-year guidance as momentum for the brand continues. For the second quarter, diluted earnings per share are expected between 38 cents to 40 cents, compared with prior forecast of 33 cents to 35 cents. Full-year guidance for diluted EPS is between $1.39 to $1.41, compared with the previous estimate range of $1.32 to $1.34. The company said quarter-to-date comparable-store sales for the 11 weeks ended Sept. 15 rose 45.1 percent.
Separately, the company disclosed in a regulatory filing with the Securities and Exchange Commission that Sportswear Holdings Ltd., owning 48.3 million shares of Kors, is selling 11.4 million shares. That will leave Sportswear owning 36.8 million shares of Kors. Sportswear is the investment vehicle of Silas K.F. Chou and Lawrence S. Stroll, who each own a 50 percent interest in the entity. Michael Kors is selling 4 million shares, leaving him with 8.4 million shares, while John D. Idol, chairman and chief executive officer, is selling 2.9 million shares. Idol’s stake will be 4.4 million shares after the sale. The company said earlier this month that shareholders, including some members of management, plan to sell up to 23 million shares of the firm at $53.31 each, raising up to $1.23 billion.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)