Michael Kors Stock Falls on Weak Holiday Shopping Sales Outlook

Shares of Michael Kors Holdings Ltd (KORS) plummeted after releasing its disappointing current quarter sales forecast on Tuesday, making it TheStreet's Move of the Day. The luxury fashion brand gave a warning that it expects slowing growth in same-store sales ahead of the holiday shopping season. The company pointed to muted consumer spending in North America, as well as the drop in mall traffic. Michael Kors now expects third quarter earnings and revenue in a range on the low end of analyst forecasts. The fashion house, which operates 473 retail stores said it also expects percentage growth in current-quarter same store sales to slip to the low double digits, which would be the slowest growth in a year.