NEW YORK – Michael Kors Holdings plans to close up to 125 stores over the next two years with continued weak sales at its luxury stores.
The retailer, which declined to provide a list of stores slated for closure, has four locations in the Vancouver-Portland metro area, including Vancouver Mall.
The London company also issued a weak outlook and comparable-store sales were disappointing, sending shares down more than 8 percent Wednesday.
The retailer lost $26.8 million, or 17 cents per share, after reporting a profit in the same period a year earlier. Earnings, adjusted for asset impairment costs, were 73 cents per share. The results topped Wall Street expectations by 3 cents, according to Zacks Investment Research.
