31 May '17, 1pm

Michael Kors is closing more stores as handbag sales tank

Michael Kors gave a bleak full-year forecast and said it would shut more than 100 full-price retail stores in the next two years as the luxury fashion retailer struggles to turn around its brand. Shares of the company, which also swung to a fourth-quarter loss, fell more than 6 percent to $34 in premarket trading on Wednesday. Michael Kors, like other brick-and-mortar retailers, has been facing slowing sales as more customers shop online and spend less on apparel. The upmarket retailer of clothes, handbags, shoes and fashion accessories said it expected revenue of $4.25 billion for fiscal year 2018. Analysts on average had estimated revenue of $4.37 billion, according to Thomson Reuters I/B/E/S. The company also forecast a high single-digit drop in same-store sales for the fiscal year. Total sales fell 11.2 percent to $1.06 billion in the fourth quarter ended April 1, whil...

Full article: http://nypost.com/2017/05/31/michael-kors-is-closing-more...

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