Kors introduced two new touch screen smartwatches and new hybrid smartwatches. The company has also announced updates to its smartwatch app for smartphones. As with all Access smartwatches, they are both compatible with iOS and Android smartphones.
The fashion company also said it's taking the Access smartwatches to Mainland China, Brazil and other markets this year.
Kors released the first set of Access smartwatches in September 2016, which the company said generated sales that exceeded its expectations. During its Q3 2017 earnings call, CEO John Idol noted that the Access group of smartwatches was the company’s second best-selling product line during the last holiday season, adding that the watches were out of stock for a time during the holiday season. Kors is on a mission to become the world’s second largest smartwatch company, according to Idol.
Kors reported a revenue of $1.35 billion in its fiscal year 2017 third quarter, a 3.2 percent decline from the prior year/same period's revenue. Comparable store sales declined by 6.9 percent during the quarter. The company blamed the revenue decline on reduced traffic trends in shopping malls as well as political uncertainties in Europe. Kors earned $1.64 per share in its third quarter, beating consensus estimates of $1.63 a share. It, however, came short of consensus revenue estimates of $1.36 billion, compiled by Thomson Reuters.
Shares of the company rose by 1.78 percent during March 23 trading hours, and they rose by about 0.91 percent during morning trading hours today. KORS stock is down by roughly 33.6 percent over the past year and roughly 64.8 percent in the last three years.