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May 31, 2017

​Michael Kors gives weak forecast, to shut some stores

Designer Michael Kors

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Michael Kors Holdings Ltd (KORS.N) 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 per cent to $1.06 billion in the fourth quarter ended April 1, while analysts had expected $1.05 billion.

Michael Kors' comparable-store sales fell 14.1 percent in the quarter, below analysts' estimate of 13.4 percent, according to research firm Consensus Metrix.

Net loss attributable to Michael Kors was $26.8 million, or 17 cents per share, in the latest quarter, compared with net income of $177 million, or 98 cents per share, a year earlier.

The company also booked non-cash impairment charges of $193.8 million related to its underperforming full-price retail stores.

Excluding certain items, the company earned 73 cents per share, while analysts had expected 70 cents per share.

Michael Kors also said it would buy back $1 billion of shares.