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Michael Kors hits 3-year low ahead of 1Q results

NEW YORK (AP) -- Shares of Michael Kors Holdings skidded to a three-year low Monday as analysts forecast a difficult first quarter and fiscal year for the maker of handbags, clothing and accessories.

The London-based luxury retailer is scheduled to report its first-quarter results before the market opens on Thursday. Analysts say its sales are being hurt by steep discounts on handbags, and they think that pressure will remain for the rest of Kors' fiscal year.

Michael Kors Holdings Ltd. stock fell $3.37, or 8 percent, to $38.62 in afternoon trading as the broader markets declined. The shares are down 53...