Michael Kors swings to loss in fourth-quarter

Luxury fashion company, Michael Kors Holdings Ltd has said that it would close between 100 and 125 full-price retail stores over the next two years as the company swung to a fourth-quarter loss.

The company's share 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 in the latest quarter, compared with net income of $177 million in the previous year.

The luxury retailer also said it would buy back $1 billion of shares.