NEW YORK (TheStreet) -- Shares of Michael Kors Holdings (KORS) are slipping by 18.91% to $49.13 at the start of trading on Wednesday morning, after the luxury goods retailer posted its fiscal 2015 fourth quarter earnings results, which came in below forecasts. The company also posted its slowest sales growth in 3 ½ years and guided below estimates for the full year.
The handbag maker said it earned 90 cents per share, one cent below analysts' estimates. Revenue for the quarter grew by 17.8% to $1.1 billion, in-line with expectations.
For the most recent quarter Michael Kors said its same-store-sales in North America fell by 6.7%, while analysts had anticipated a rise of 4.4%.
Looking ahead to fiscal 2016 Michael Kors is guiding for earnings of $4.40 to $4.50 per diluted share. Analysts are expecting earnings of $4.70 per share for the year.
The company guided for revenue between $4.7 billion and $4.8 billion versus the $5.05 billion analysts are calling for.
"Looking at Fiscal 2016, this will be a year of strategic investments as we continue to develop our powerful platform to support the numerous growth initiatives that are now underway. We see multiple top line growth opportunities through international expansion, digital e-commerce flagships, new store openings and additional shop-in-shop conversions in our wholesale channel," company CEO John Idol said in a statement.
TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio says, "When stocks go down ten points that is NOT an opportunity to buy, it is more a sign that many institutions want out at ANY price, including one lower than here."