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Michael Kors misses quarterly revenue estimates

FILE PHOTO: People walk by a Michael Kors store in Lakewood, Colorado, U.S., June 1, 2016. REUTERS/Rick Wilking/File Photo

(Reuters) – Michael Kors Holdings (KORS.N) recorded weaker sales at retail stores in Europe during the quarter ended September, causing the high-end handbag maker to report lower revenue than Wall Street was expecting.

Kors said on Wednesday net income attributable to the company fell to $137.6 million or 91 cents per shares in the three months ended Sept. 29, from $202.9 million or $1.32 per share a year earlier.

Total revenue rose 9.3 percent to $1.25 billion, narrowly missing analysts’ average estimate of $1.26 billion, according to IBES data from Refinitiv.

Reporting by Uday Sampath in Bengaluru; Editing by Sai Sachin Ravikumar

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