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Retailers have faced enormous competitive pressures and rapidly changing consumer spending habits. Yet Michael Kors' management defied logic by rapidly expanding its store count by more than 20% between early 2016 and this past spring before abruptly reversing course and announcing it would close 100 to 125 stores.
This whipsaw came at great cost to the company, first in incurring costs to establish new locations and then having to pay about $100 million to $125 million in closing costs before realizing about $60 million in annual savings going forward.
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Kors also appeared inconsistent in its strategy. The retailer said it needed to sell its products without relying on promotions in order to preserve the brand's high-end image, but it chose to close full-priced retail stores rather than discount stores in outlet malls.
Yet despite all the things I think management has gotten wrong, I won't dismiss all of the company's efforts as misguided. In fact, after going through Michael Kors' latest quarterly conference call transcript (provided by S&P Global Market Intelligence ), there are at least three reasons investors have to be cautiously optimistic about the company's future.
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One of the things Michael Kors has long understood is the importance of social media marketing when it comes to reaching the next generation of shoppers. As Idol stated in the conference call's opening statement, "Social media is a cornerstone of our communications efforts and remains a principal focus in deepening our connection with consumers." Michael Kors now has 38 million followers across its social channels.