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Cultura

Michael Kors posts slowest sales growth in 14 quarters


    (Reuters) - Handbag maker Michael Kors Holdings Ltd reported the slowest sales growth in at least three and a half years as demand in North America weakened.

    The company's shares fell about 9 percent to $55.32 in premarket trading on Wednesday.

    Michael Kors' revenue rose 17.8 percent to $1.08 billion in the fourth quarter ended March 28. Revenue had risen between 29 percent and 74.4 percent in the past 13 quarters.

    Net income rose to $182.6 million, or 90 cents per share, from $161 million, or 78 cents per share, a year earlier.

    (Reporting by Yashaswini Swamynathan and Nayan Das in Bengaluru; Editing by Kirti Pandey)