U.S. Markets closed

Michael Kors Shares Stumble as Company's Gross Margins Fray

Shares of Michael Kors stumbled on Thursday making it TheStreet's Move of the Day. The company known for women's and men's fashion apparel reported 2014 fiscal-fourth quarter earnings the beat Wall Street expectations on sales and earnings per share, but the company disappointed investors when it revealed gross margin declined to 59.9% from 60.1% the same time a year ago. When asked on the earnings call what Kors forecasts for its full year margins, CEO John Idol responded: "We will be having some normalization, we believe, and hence the slight decrease despite the positive trends that I've talked about, in particular the growth of Europe, and then that's going to be consistent with the full year."