Michael Kors store sales fell and the luxury retailer decreased its outlook for all of 2017.
The company's expectations for the current quarter disappointed investors. Shares tumbled 11 percent before the opening bells on Tuesday, seemingly headed for a 52-week low. That has been a difficult beginning to the year for luxury sector.
Tiffany & Co. declared the departure of its CEO on Sunday after having a dreary vacation season. Ralph Lauren Corp. CEO Stefan Larsson, who got over top job lower than two years ago in hopes of revitalizing the iconic brand decided to part ways a week ago.
For a few months Michael Kors' earnings fell to $1. 35 billion from $1. 4 billion, though that was in range with the expectations.
Michael Kors Holdings Ltd. earned $271. 3 million, or $1. 64 per share, in the quarter. A season earlier the luxury ladies handbag and clothing company gained $1.59 per share. The London company now foresees fiscal 2017 adjusted profit in a range of $4.15 to $4.19 per share on revenue of about $4.48 billion.