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July 8, 2014
06:53 EDTLUX, KORSMichael Kors re-launch of eyewear a multi-year catalyst, says Piper Jaffray
Piper Jaffray believes the recently signed 10-year license agreement between Michael Kors (KORS) and Luxottica (LUX) represents a multi-year opportunity for both companies. After meeting with Luxottica, Piper believes the company's goal of $100M in wholesale sales in three years could prove conservative given the growing appeal for the Michael Kors brand. The firm views eyewear as another comp drive for Michael Kors and a multi-year catalyst for the company. It keeps an Overweight rating on the stock with a $115 price target.
News For KORS;LUX From The Last 14 Days
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September 2, 2014
05:34 EDTLUXLuxottica says Andrea Guerra leaves as CEO
Luxottica yesterday announced the introduction of a new management structure based on a co-CEO model; one focused on Markets and the other dedicated to Corporate Functions. "The evolution to a co-CEO leadership structure with distinct and complementary responsibilities will ensure stronger management of the Group, which has rapidly increased its size, complexity and global presence in recent years," the company said. Enrico Cavatorta, current General Manager and CFO of the Group, was appointed CEO of Corporate Functions. He was also named as Interim CEO of Markets, pending the appointment of a permanent executive to this position. Operations, led by Massimo Vian, will temporarily report to the Chairman, Leonardo Del Vecchio. An Executive Committee, led by the Chairman, will be created. "The appointment of Enrico Cavatorta ensures the promotion of internal managerial excellence and provides the necessary strategic continuity. At the same time, the forthcoming appointment of an external co-CEO will introduce fresh energy and expertise in an important phase of evolution for the Group," it added. Luxottica explained, "Following a period of debate with Chairman Leonardo Del Vecchio over the Groupís future strategy and direction, Andrea Guerra leaves as Group CEO after a 10-year period of organizational consolidation and managerial growth." Luxottica confirmed its "strategic priorities to guarantee sustainable long-term growth, with increased focus on return on investment and on further improving efficiency."
September 1, 2014
12:16 EDTLUXLuxottica CEO Andrea Guerra tenders resignation, FT says
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August 27, 2014
11:32 EDTKORSTiffany shines brighter as results beat expectations, company raises outlook
Shares of luxury retailer Tiffany (TIF) are moving higher after the company reported significantly stronger than expected second quarter results and raised its fiscal year 2015 earnings per share view. WHAT'S NEW: Tiffany's reported Q2 EPS of 96c on revenue of $993M, beating analysts' consensus estimates of 85c and $987.88M, respectively. Worldwide net sales increased 7% in Q2 and comparable store sales increased 3% in Q2 mainly due to growth in the Americas and Asia-Pacific regions. Looking ahead, the retailer increased its FY15 EPS view to $4.20-$4.30 from its previous view of $4.15-$4.25, which is in-line with analysts' $4.29 consensus. Tiffany anticipates worldwide net sales increasing by a high-single digit range and sees worldwide net sales increasing by a high-single-digit percentage for the year. The company also sees FY free cahs flow of at least $400M as well as capital expenditures of $270M. WHAT'S NOTABLE: During its conference call discussing the quarter, Tiffany said that it sees a "healthy" increase in its full-year operating margin. The luxury company noted that it experienced continued softness in its U.S. silver sales during Q2 as well as softness in U.S. entry-level sales under $500. In its Japan division, the retailer foresees returning to single-digit sales growth, but noted that the unit has not experienced that so far in the first few weeks of this month. In Europe, the retailer said it is "still feeling" the effect of economic and currency related obstacles. Tiffany sees opening 10 stores throughout the rest of the year, which is lower than its original plan of opening 13, and plans to close three stores this year compared to its original target of closing four. Tiffany also sees a double-digit percentage marketing spend increase in the second-half of this year. ANALYST REACTION: Sterne Agee analyst Ike Boruchow said that as Tiffany continues to surpass expectations in its earnings reports, fashion jewelry in general is growing again and the company's latest "T" collection should quicken that category further. He feels that regardless of the few headwinds in Japan and Europe, the luxury company is still one of the most stable retail firms. Boruchow believes that the CEO transition from Michael Kowalski to Frederic Cumenal is likely to be a "smooth" one in March. The analyst keeps the stock at a Buy rating with a $100.77 price target. OTHERS TO WATCH: Other high end retailers include Signet Jewelers (SIG), Blue Nile (NILE), Nordstrom (JWN), Michael Kors (KORS), and Coach (COH). PRICE ACTION: During late-morning trading, Tiffany rose $1.32 or 1.31%, to $102.09.
August 25, 2014
15:34 EDTLUXLuxottica calls board meeting to consider management structure
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August 20, 2014
06:31 EDTLUXLuxottica says chairman, CEO discussing strategy for awhile, Reuters says
Luxottica said CEO Andrea Guerra and chairman Leonardo Del vecchio have been discussing the optimum strategy for the company for awhile after press reports were issued that Guerra is looking to exit the firm, according to Reuters, citing a statement from the Italian company. Reference Link

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