Michael Kors Falls Out of Fashion as Same Store Sales Disappoint

Michael Kors is falling out of fashion on Wall Street this Tuesday after the luxury retailer reported disappointing same store sales.
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Michael Kors is falling out of fashion on Wall Street this Tuesday after the luxury retailer reported disappointing same store sales. Sales at stores open for at least a year grew 16%. While that sounds like an impressive number, it fell short of expectations. Stores in North America grew only about 10%, which is a lot worse than before. That's being said, overall sales weren't compromised and grew to $1.1 billion, which easily topped forecasts. Profit came in at a dollar a share, more than a dime better than expected. Japan and Europe did exceptionally well compared to a year ago. Michael Kors, who founded the company, became a billionaire this year after his handbags have become popular all over the world.

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