31 May '17, 11am

Michael Kors to close 100-125 stores

REUTERS: Michael Kors , the once-popular retailer that has been trying to turn itself around, said it expected same-store sales to continue to fall in 2018, and that it would shut more than 100 full-price retail stores in the next two years. Shares of the company slumped nearly 11 percent to US$32.38, their lowest in more than five years. Michael Kors Holdings Ltd, once the hottest name in affordable luxury, has been grappling with declining same-store sales for the past seven quarters as fewer people visit its stores, flocking instead to rival Coach Inc and shopping online. Kors said on Wednesday sales at stores established for more than a year fell 14.1 percent in the fourth-quarter ended April 1. Analysts had estimated a fall of 13.4 percent, according to research firm Consensus Metrix. To deal with the lull in sales, the retailer has been expanding into dresses and men...

Full article: http://www.channelnewsasia.com/news/business/michael-kors...

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