Michael Kors fell 11%, after luxury luxury sales posted lower sales in Europe in the second quarter. This is the first time in two years that Kors has exceeded analyst expectations for quarterly sales, according to CNBC.
A steep collapse for one of the major fashion groups …
The well-known brand said net income in the third quarter fell to $ 137.6 billion ($ 0.91 per share) from $ 202.9 billion ($ 1.32 per share) in the same period last year. Total revenue increased 9.3% to $ 1.25 billion, From $ 1.26 billion.
Following the decline in shares, the company tried to reduce stock stocks in European stores where competitors such as Louis Vuitton, Mot Hennessy and Kerring were popular. At the same time, the China-based brand, acquired in November, reported higher-than-expected sales.
Because of this, the company has adjusted its chances for the fiscal year is being carried out.