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June 5, 2014
13:17 EDTVRA, M, COH, KATE, SHOO, KORSVera Bradley sinks after weak Q1 revenue reflects 'difficult' enviornment
Shares of women's accessory company Vera Bradley (VRA) declined after reporting weak first quarter revenue which reflected a harsh environment over the quarter. WHAT'S NEW: Vera Bradley's Q1 EPS was 16c, which was higher than analyst's consensus of 13c. The company's Q1 revenue as $113.5M, which was below expectations. The accessory company said despite a higher than anticipated Q1 EPS result, it continues to face a difficult environment, one that is proving much more challenging than it foresaw two short months ago. Vera Bradley cited the sales miss to guidance primarily being due to lower than expected orders from the company's Indirect specialty retail partners, weaker than expected comparable store sales performance in the company's retail stores, and a shortfall at the company's annual outlet sale. Vera Bradley expects Q2 EPS to be 18c-20c which is lower than the consensus analyst forecast of 30c. The company foresees Q2 revenue to be $113M-$120M which is lower than the $127.48M that analyst predict. Vera Bradley anticipates FY15 EPS from continuing operations to be in the range of $1.00-$1.10 while analyst consensus guide higher to $1.26. The company expects FY14 revenue to range between $510M-$530M which is lower than expectations of $553.69M. The accessory company announced today that it's products will be sold at select Macy's (M) locations by mid-July. WHAT'S NOTABLE: During the company's Q1 earnings conference call, Vera Bradley said that the short term will remain challenging and it will take time for marketing plans to take hold. The company expects to incur pre-tax charges related to the exit from Japan during Q3 of approximately $2M, or 3c per share. FY15 direct segment comps are expected to be down in the mid single digits and the company says its still identifying cost reductions. Vera Bradley expects to cut costs in manufacturing and sourcing but aims to open seven outlets this year. OTHERS TO WATCH: Competitors in the accessory industry include Michael Kors (KORS), Coach (COH), Kate Spade (KATE), and Steven Madden (SHOO). PRICE ACTION: During afternoon trading, shares of Vera Bradley fell 98c, or 3.88%, to $24.27.
News For VRA;M;COH;KATE;SHOO;KORS From The Last 14 Days
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July 30, 2014
10:00 EDTKORSOn The Fly: Analyst Downgrade Summary
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07:53 EDTCOHHandbag survey points to demand deceleration, says RW Baird
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07:37 EDTMMacy's volatility elevated into Q2 and outlook
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05:28 EDTKORSMichael Kors downgraded to Neutral from Outperform at RW Baird
RW Baird downgraded Michael Kors to Neutral after its Q3 survey indicated weaker purchase intent across the handbag category. The firm now sees increased risk to the company's revenue and margin performance in North America and lowered its price target for shares to $98 from $114.
July 29, 2014
08:21 EDTKATEKate Spade business healthy and solid, says BMO Capital
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08:17 EDTKORS, COHCoach Michael Kors shares overvalued, says BMO Capital
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07:52 EDTSHOOSteven Madden well positioned for next fashion cycle upturn, says Canaccord
Canaccord said Steve Madden had an issue with a private label customer that will impact Q2 sales, but that the impact should be more than made up in Q3. The firm believes the company's wholesale business outperformed and took market share, managed down its slower-turning inventory, and has easier comps in Q3. Canaccord has a Buy rating with a $43 price target on the stock.
06:54 EDTKORSMichael Kors pullback a buying opportunity into results, says Piper Jaffray
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July 28, 2014
08:01 EDTMMacy's FY14 SSS guidance likely at risk, says Deutsche Bank
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July 24, 2014
10:51 EDTCOHStocks with call strike movement; COH GILD
Coach (COH) November 39 call option implied volatility decreased 3% to 30, Gilead (GILD) January 110 call option implied volatility decreased 5% to 30 according to IVolatility.
10:39 EDTCOHCoach view changed to Mixed from Negative at OTR Global (pre-open)
06:17 EDTKORSMichael Kors watch momentum moderating, says Citigroup
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July 23, 2014
09:02 EDTMMacy's reports new initiates in multi-year program to enhance sustainability
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July 21, 2014
09:05 EDTKORSKors calls speculation of analyst 'heads up' false, unfounded, TheStreet says
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09:00 EDTKORSMichael Kors weakness overdone, says Morgan Stanley
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08:04 EDTKORSMichael Kors weakness a buying opportunity, says Topeka
Topeka said recent checks do not indicate substantial markdown or clearance activity in the Michael Kors brand, contrary to some reports. The firm would use recent weakness as a buying opportunity and reiterates its Buy rating and $117 price target.
July 18, 2014
18:12 EDTMVisa, MasterCard denied bid to dismiss opt-out swipe fee suits, Bloomberg says
Merchants that opted out of the swipe-fee settlement brought their own suits, which Visa (V) and MasterCard (MA) were not approved to dismiss, Bloomberg reports. Merchants such as Target (TGT) and Macy’s (M) pursued their cases after dropping out of an earlier settlement over swipe fees, Bloomberg added. Reference Link
11:45 EDTKORS, KATE, COHJefferies sees further risk for Michael Kors despite recent decline
Michael Kors' (KORS) margin pressures and slowing same-store sales growth, along with high expectations for the company, are reasons to be cautious on the stock, research firm Jefferies wrote in a note to investors today. The firm cut its price target on the luxury accessories retailer to $80 from $95. WHAT'S NEW: Michael Kors' same-store sales are slowing, while the company's gross margins are coming under pressure due to increased discounts of its products and its roll out of new stores, Jefferies analyst Randal Konik wrote. Additionally, investors' high expectations for the company will make it difficult for the stock to appreciate even if its results beat expectations, the analyst stated. Even with shares pulling back over the past few days, Konik says risk remains skewed to the downside and kept a Hold rating on the stock. Of note, this is the second time in two weeks that Jefferies cut its estimates for the company. WHAT'S NOTABLE: Expressing a very different outlook yesterday on Michael Kors was Credit Suisse analyst Christian Buss. Michael Kors is "one of the least discounted brands available during the seasonal clearance period ahead of early fall shipments" according to Buss, who wrote that he was "compelled" by the recent decline in the stock. The analyst reiterated a $107 price target and Outperform rating on the shares. OTHERS TO WATCH: The company's competitors include Kate Spade (KATE) and Coach (COH). PRICE ACTION: In late morning trading, Michael Kors was nearly flat near $82 per share.
11:34 EDTKORSOptions with increasing implied volatility
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07:32 EDTKORSMichael Kors price target lowered to $80 from $95 at Jefferies
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