May 31 (Reuters) - Luxury retailer Michael Kors Holdings Ltd swung to a fourth-quarter loss and said it would close between 100 and 125 full-price retail stores over the next two years.
The company’s shares fell 8.6 percent to $33.16 in premarket trading.
Net sales fell 11.3 percent to $1.03 billion in the fourth quarter ended April 1.
The company posted net loss of $26.8 million, or 17 cents per share, in the latest quarter, compared with net income of $177 million, or 98 cents per share, a year earlier.
Kors also said it would buy back $1 billion of shares. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Anil D‘Silva)