Kors Sees Turnaround Progress
Michael Kors Holdings (NYSE: KORS) has had to deal with a lot of turmoil lately. Not only has the entire retail industry gone through massive disruptions that have resulted in a lot of pressure for retailers generally, but Kors in particular has seen even bigger impacts in the luxury retail space and its particular niche. Yet with the recently announced acquisition of Jimmy Choo, Kors hopes to get shoppers excited about its fashions again.
Coming into Tuesday's fiscal first-quarter financial report, Kors investors expected to see earnings and revenue decline from year-ago levels, but they wanted to see signs that a turnaround was taking shape. Kors was able to do better than the low expectations that investors had, and that helped create some positive sentiment about the stock that could build up momentum going forward. The stock was up roughly 18% at 9:45 a.m. Tuesday. Let's take a closer look at Michael Kors and what its latest results mean to its recovery efforts.
Image source: Michael Kors.
Source: Fool.com
