Michael Kors On Call down approx. 6% around the 34 level as Analyst Q&A begins
- Dresses were best performing category w/ hsd growth
- Retail comps remained under pressure b/c of ‘challenging trends in the retail industry' such as decreased traffic and intense promotional activity
- Plans to close 100-125 lifestyle stores globally over the next 2 years
- Will continue to ‘selectively' open stores (mentioned primarily in Asia)
- Will continue to ‘selectively' open stores (mentioned primarily in Asia)
- Plans to renovate 100 stores to highlight footwear offerings
- ‘Fiscal 2018 will be a foundation year'
- reset baseline
- Americas continue to suffer from decreased traffic and decision to not implement more promotional activity
- Asia retail comps grew lsd
- Expects FY 18 Wholesales revs to decline in mid-teens range
- retail revs relatively flat
- capex of $200 mln