Michael Kors is tumbling after whiffing on sales and guidance (KORS)

pulse

February 7, 2017 1:51 PM

Michael Kors released fiscal third-quarter earnings just above expectations, but a miss on sales and guidance has sent the stock lower.

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The high-end apparel maker reported third-quarter earnings of $1.64 per share, just a hair above the $1.63 estimated by analysts.

Sales, however, came in weaker. Same-store sales for the quarter fell by 6.4% ex-currency changes, worse than the 5.4% fall that was expected by analysts.

Additionally, forward guidance from the company was worse than expected. Michael Kors projected full year fiscal 2017 earnings per share of $4.15 to $4.19, well short of the $4.38 expectation. Additionally, annual revenue guidance was pegged at $4.48 billion, below projections of $4.56 billion.

North America."

Following the news, shares of the company were sliding in pre-market trading by roughly 7.3% as of 7:38 a.m. ET.

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