Michael Kors Holdings Ltd. (NYSE: KORS), which posted its fourth-quarter earnings on Wednesday, dragged down the poor performance of the 100-125 store and dragged the stock again. US Eastern time fell 5.46% only reported 34.29 US dollars.
As of April 1, fiscal year, the Group recorded a net loss of $ 26.8 million, or $ 0.17 a share, compared with a net profit of $ 177 million, or $ 0.98 per share, Profit of $ 118 million, or $ 0.73 per share, better than the $ 0.70 expected for Zacks.
During the fourth quarter, the Michael Kors Group posted revenues of $ 1,068.8 million, down 11.2% from $ 11,987 million at the end of 2016, slightly better than the market estimate of $ 1.05 billion and a fixed exchange rate of 10.6%, with retail sales down 0.5% 5.753 billion US dollars, the new 159 stores have failed to stop sales decline, showing its poor performance. In addition, in fact, since the second half of 2016, the Chinese luxury market to pick up signs of obvious, and Michael Kors not only failed to follow the trend of the rebound, the opposite decline in high growth, the most important retail sales of the same quarter sales fell 14.1 %, The worst performance since its listing. Fixed exchange rate recorded a 1.1% increase in retail sales, same-store sales fell 13.6%. During the wholesale business period, it slumped 22.8% to $ 4561 million, the fixed exchange rate was 22.3%, and the authorized business fell 6.2% to $ 33.4 million.
According to the market, the fourth quarter of Michael Kors North America, Europe fell 18.0%, 15.3% to $ 721 billion and $ 215.2 million, fixed exchange rate calculations were down 18.3% and 11.5%, the Asian market benefited from the acquisition of 111 stores in China recorded 96.3% of revenue increased to $ 128.6 million, fixed exchange rate increased by 95.1%.