Michael Kors shares tumble after trimming sales projection

Shares in Capri Holdings, the company behind Michael Kors and other luxury brands, tumbled the most in almost seven months after it trimmed its sales projection for the year amid foreign currency weakness and lower wholesale revenue.

Capri’s revenue of $6bn (€5.4bn) for its current financial year is down from a previous outlook of $6.1bn, with same-store sales for the Michael Kors brand seen as flat. That measure, a key gauge of retail success, is expected to grow for the smaller Versace and Jimmy Choo brands. Shares fell by 10%.