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What seems to be overlooked is that the company has been strategically reducing itssell-in to department stores in order to protect itsbrand and margins. I expect we'll continue to seefurther reductions ininventory flow and promotional activity in the wholesale segment.In Asia, the decline maybeattributed to the shift of Kors China and South Korean businesses to its company-owned retail segment.In Europe, the 3% increase, which is lower than historical trends is likelybeing negatively impacted by a mix shift towards crossbodies and small leather goods, which carry a lower AUR. Let's Run The Numbers A quick look at the company's quarterly income statement (below) shows that while there was a 4% decline in revenue from $1.13 billion inQ2 2016 to $1.09 billion in Q2 2017, the company's gross margins remain very strong at around 60%. Operating margins have come down slightly but its important to rememberthatthere's been a lot of heavy lifting on both SG&A andcapital expenditure this year with its projects, thecompany's distribution facilities, corporate offices, and digital flagships. It's expected that these expenses will level off now that Kors has its infrastructure in place. Kors also has a healthy net margin of 15%, with improvements to come now that the e-commerce platform is in place. (Amounts in millions) Quarterly Income Statement Sep16 Jun16 Mar16 Dec15 Sep15 Revenue 1,088 988 1,199 1,397 1,130 Cost of Goods Sold 444 397 501 566 466 Gross Profit 645 591 697 832 665 Gross Margin % 59.24 59.85 58.16 59.53 58.81 Selling, General, & Admin. Expense 380 354 392 378 345 Operating Income 204 187 244 409 273 Operating Margin % 18.72 18.92 20.36 29.29 24.17 Net Income 161 147 177 295 193 Net Margin % 14.79 14.89 14.77 21.08 17.09 (Source: Company Reports, sec.gov) A quick look at Kors quarterly balance sheet (below) shows that the company has a strong balance sheet with $186 million in cash and cash equivalents at the end of Q2 2017and $384 million in long term debt. Increased debt is not an issue when you consider the company's free cash flow below. What's not shown here is the2.5% reduction in inventories due to decreasesin inventory flow todepartment storesas mentioned above.With its current market cap of $7.059 billion and debt in excess of cash of $198 million that means Kors has an Enterprise value of $7.260 billion. (Amounts in millions) Quarterly Balance Sheet Sep16 Jun16 Mar16 Dec15 Sep15 Cash, Cash Equivalents, Marketable Securities 186 337 702 697 432 Long-Term Debt 384 248 (Source: Company Reports, sec.gov) A quick look at the company quarterly cash flow statements (below) shows the company had $1.18 billion in operating cash flow (ttm) and capex of $275 million (ttm) which means Kors generated $907 million in free cash flow (ttm).

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