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"The ICBM will be launched anytime and anywhere determined by the supreme headquarters of the DPRK," an unnamed Foreign Ministry spokesman was quoted as saying by the official KCNA news agency, using the acronym for the country's name. The North is formally known as the Democratic People's Republic of Korea. U.S. Defence Secretary Ash Carter said on Sunday that North Korea's nuclear weapons capabilities and ballistic missile defence programs constituted a "serious threat" to the United States and that it was prepared to shoot down a North Korean missile launch or test. "We only would shoot them down ... if it was threatening, that is if it were coming toward our territory or the territory of our friends and allies," Carter said during an appearance on NBC's "Meet the Press" program. The United States said on Jan. 5 that North Korea had demonstrated a "qualitative" improvement in its nuclear and missile capabilities after an unprecedented level of tests last year. North Korea has been testing rocket engines and heat-shields for an ICBM while developing the technology to guide a missile after re-entry into the atmosphere following a liftoff, experts have said. While Pyongyang is close to a test, it is likely to take some years to perfect the weapon, according to the experts. Once fully developed, a North Korean ICBM could threaten the continental United States, which is around 9,000 km (5,500 miles) from the North.
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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