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Michael Kors to Close 100 to 125 Stores Over Next Two Years

Michael Kors is down 8% at $33.38 a share after the company provided forward sales guidance that fell short of analyst estimates.

The company said first-quarter revenue will be $910 million to $930 million, trailing the consensus analyst forecast of $944 million. The luxury fashion retailer also reported that fourth-quarter comparable sales slipped 13.6%, a bigger loss than the 12.3% contraction foreseen by analysts.

Michael Kors will also be closing between 100 and 125 of its full-price retail stores over the next two years, the company said in its earnings release. It estimates that the closures will save them about $60 million annually.