6 Signs Michael Kors Holdings Needs New Management [The Motley Fool]
MICHAEL KORS HOLDINGS (KORS)
Last michael kors holdings earnings: 11/7 06:30 am
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Source: The Motley Fool
The struggling fashion house needs a CEO who does more than tread water. Shares of Michael Kors ( NYSE:KORS ) recently plunged after the fashion house followed up a fourth quarter earnings beat with dismal guidance for the first quarter. In a recent article discussing that miss, I told investors that it might be a good idea to sell Kors, due to its waning market presence and brand appeal. Much of that blame falls on John Idol, who has served as CEO of Kors since 2003. Let's examine six of his biggest failures since the company's IPO in 2011, and whether or not a new leader can get this company back on track. Image source: Michael Kors. 1. Shareholder "friendly" moves that hurt shareholders Kors spent over 100% of its free cash flow on stock buybacks over the past 12 months. This means that it partly funded the buybacks with debt -- which wasn't wise considering that the stock plunged 30% during that period. Instead of halting those buybacks, Idol author
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