Michael Kors Shares Tumble After Sales Suffer Slowdown

Michael Kors Holdings Ltd. fell as much as 12 percent in early trading after North American sales missed estimates, raising concern that the maker of luxury goods is suffering a slowdown in its biggest market.

Same-store sales rose 6 percent in North America, the company said in a statement Thursday. Analysts had estimated 9.3 percent on average, according to Consensus Metrix. That sent the shares tumbling as low as $63.10 in premarket trading.