Michael Kors holiday-quarter forecast disappoints

A shopper looks at Michael Kors handbags at Macy's flagship store in New York.
Scott Mlyn | CNBC
A shopper looks at Michael Kors handbags at Macy's flagship store in New York.

Michael Kors, known for its trendy handbags and watches, forecast sales and profit for the holiday season quarter largely below analysts' estimates, sending its shares down 6.6 percent in premarket trading.

The company, founded by fashion designer and former "Project Runway" TV show judge Michael Kors, forecast comparable store sales to grow in the low double digits, its slowest comparable sales growth in four quarters.

Michael Kors forecast earnings of $1.31 to $1.34 per share on revenue of $1.27 billion to $1.30 billion for the third quarter ending December.

Analysts on average were expecting earnings of $1.34 per share on revenue of $1.30 billion, according to Thomson Reuters I/B/E/S.

Michael Kors said it now expected comparable store sales to grow in the mid teens for the year ending March 2015, down from its previous forecast of high teens growth.

The company reported a 43 percent jump in second-quarter net sales, the smallest sales growth in four quarters, and announced a $1 billion share repurchase program.

Net income rose to $206.9 million, or $1.00 per share, in the quarter ended Sept. 27 from $145.8 million, or 71 cents per share, a year earlier.

Net sales rose to $1.01 billion from $707.4 million. Analysts on average had expected earnings of 89 cents per share on revenue of $978.6 million.

Same-store sales rose 16.4 percent. Analysts polled by research firm Consensus Metrix were expecting same-store sales to grow 18.9 percent.

Michael Kors also said it would take control of its South Korea business from current partner, Simone FC, by early 2016.

The company's shares were trading at $72.84 before the bell. Up to Monday's close, the stock had lost 4 percent of its value this year. (Get the latest quote here.)