NEW YORK (TheStreet) -- Shares of Michael Kors (KORS) ended Wednesday's trading day with a 24% decline in value, making this TheStreet's Move of the Day. The stock price at the market's close was $45.93, representing a decline of almost 39% for the year to date.
The retailer reported fiscal 2015 fourth-quarter earnings of 90 cents per share, missing analysts' estimates by a penny. As for the top line, revenue rose almost 18%, to $1.04 billion, slightly below estimates of $1.08 billion.
Perhaps the biggest disappointment for the quarter was the 6.7% decline in comparable store sales, a key industry metric. Analysts had expected a 4.4% rise.
"Fiscal 2015 marked another year of sales and earnings growth in excess of 30%," said John Idol, chairman and CEO of Michael Kors. "While we were faced with a number of headwinds in the fourth quarter, we were pleased with the strong performance across our segments and geographies."
As of March 28, the company was operating 526 store, a rise from 405 during same time last year.
The company also repurchased more than 1.4 million shares, totaling about $92 million.
As for its outlook, the company expects fiscal 2016 earnings to be from $4.40 to $4.50 per diluted share, less than the $4.70 analysts anticipated. Its revenue expectations of $4.7 billion to $4.8 billion were less than analysts' forecasts for $5.05 billion.
"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 under way," Idol said. "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."