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Fly News Breaks for March 10, 2015
KORS
Mar 10, 2015 | 07:12 EDT
Piper Jaffray says it spoke with Michael Kors management and confirmed the company's Ohio online fulfillment center has been down for just over a week due to weather damage. Piper estimates that three weeks of downtime could be a $10M-plus sales impact on Q4 or up to 2c in earnings per share. It notes the timing of the center coming back online is not known at this point. Piper calls the development "near-term nose" and believes the Kors brand is still in demand. It dropped its price target for shares to $89 from $92 and keeps an Overweight rating.
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