NEW YORK (TheStreet) -- Shares of watch retailer Fossil Group (FOSL) are down by 7.14% to $70.27 on heavy volume in early afternoon trading on Wednesday, as the luxury retail goods sector takes a hit due to the weak earnings performance by designer brand Michael Kors (KORS).
Other luxury retail stocks falling today include Movado Group (MOV), lower by 2.21% to $26.99, Kate Spade (KATE), declining by 3.79% to $25.62, and Coach Inc. (COH), slipping by 4.68% to $34.85 this afternoon.
Michael Kors said it earned 90 cents per share on revenue of to $1.1 billion for the 2015 fourth quarter. Earnings missed estimates by one cent and revenue was in-line with expectations.
The company also posted its slowest sales growth in 3 ½ years and guided below estimates for the full year.
Separately, TheStreet Ratings team rates FOSSIL GROUP INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate FOSSIL GROUP INC (FOSL) a HOLD. The primary factors that have impacted our rating are mixed-some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its notable return on equity, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and a generally disappointing performance in the stock itself."