Michael Kors cuts revenue forecast
11/08/2016
Despite sales exceeding predictions John Idol, chairman and CEO of Michael Kors, was cautious due to a 7.4% decrease in comparable-store sales. He added that a “decrease in tourism in certain major cities” was affecting in-store sales.
The brand predicted revenue would be flat for the year though to March 2017 and said that it expected Q2 revenue to come in at between $1.07 billion and $1.09 billion.
“The Michael Kors brand remains strong, and we have multiple long-term growth opportunities across our product categories and regions,” Mr Idol said.
Image courtesy of Michael Kors.
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