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Michael Kors Closing Up to 125 Stores As Sales Plummet
[FORTUNE] Michael Kors (KORS, -8.52%) is closing up to 125 stores this year as it continues to partially unwind an aggressive expansion that had served it well when its namesake brand was hot.The upscale brand reported on Wednesday that sales at stores open at least a year (comparable sales) fell 14.1% in its most recent quarter, and continue to fall sharply this year. What's more, Michael Kors' wholesale business, sales largely made to the struggling department store sector, fell 22.8% in the quarter. Shares fell 6% in premarket trading. The company operates 827 stores, meaning the closings represent up to 15% or so of its fleet. Posted by: Fred 2017-06-01 |
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