Lone Pine Capital Surges Position in Michael Kors Holdings Ltd (KORS)

According to a new filing with the Securities and Exchange commission, Stephen Mandel’s Lone Pine Capital has almost doubled its exposure to Michael Kors Holdings Ltd (NYSE:KORS). The fund disclosed holding around 11.29 million shares of Michael Kors, versus 6.11 million owned earlier. The new stake amasses 5.5% of the outstanding stock.

LONE PINE CAPITAL

The stock of Michael Kors Holdings Ltd (NYSE:KORS) has gained over 15% since the beginning of the year. The company recently disclosed its financial results for the third quarter of its fiscal 2014, posting an almost 60% increase on the year in revenues to $1.0 billion. The retail net sales went up by an annual 51% to $503.4 million. On the back of sales and revenues increase, the company’s net profit surged to $229.6 million, or $1.11 per diluted share, from $130 million, or $0.64 per share a year earlier. For the full fiscal 2014, analysts expect the company to report EPS of $3.11 and revenues worth $3.2 billion.

Recently, Michael Kors Holdings Ltd (NYSE:KORS) entered into an agreement with Luxottica Group SpA (ADR) (NYSE:LUX) for the Michael Kors Collection of eyewear. The first collection will be launched at the beginning of next year, and the partnership between the two companies will last 10 years, Michael Kors said in a press release.

In the previous round of 13F filings, Andreas Halvorsen‘s Viking Global disclosed ownership of 8.34 million shares of Michael Kors Holdings Ltd (NYSE:KORS). Donald Chiboucis‘ Columbus Circle Investors and Rob Citrone‘s Discovery Capital Management held around 1.82 million and 1.71 million shares respectively.

At the beginning of March, Lone Pine reported significantly raising its position in SouFun Holdings Limited (NYSE:SFUN) to 3.7 million shares, equal to 6.4% of the outstanding stock, from 45,000 shares held previously. The fund also initiated a stake in LPL Financial Holdings Inc (NASDAQ:LPLA), during the previous quarter, currently holding 6.52 million shares, equal to 6.4% of the stock.

Disclosure: none

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