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By
Reuters
Published
Nov 11, 2016
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Michael Kors posts first revenue decline since going public

By
Reuters
Published
Nov 11, 2016

Michael Kors Holdings Ltd reported a 3.7 percent drop in quarterly sales, the first revenue decline since the apparel and accessories maker went public in 2011, as the company cut back on supplying its products to department stores in the U.S.


Sofia Richie stars in the latest Michael Kors campaign - Instagram


The company's shares were down 4.8 percent at $49.28 in extended trading on Thursday.

Net income attributable to the company fell to $160.9 million, or 95 cents per share, from $193.1 million, or $1.01 per share, a year earlier.

The up-market retailer's comparable store sales fell 5.4 percent in the second quarter ended Oct. 1.

Analysts on average had expected a 5.6 percent decline, according to research firm Consensus Metrix.

Total revenue fell to $1.09 billion from $1.13 billion. 
 

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