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Shares of Michael Kors Holdings Ltd. plunged 11% toward a one-year low in premarket trade Wednesday, after the fashion luxury group reported fiscal second-quarter earnings that beat expectations but missed on sales. Net income fell to $137.6 million, or 91 cents a share, from $202.9 million, or $1.32 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.27, above the FactSet consensus of $1.10. Revenue rose to $1.25 billion from $1.15 billion, but came up shy of the FactSet consensus of $1.26 billion. Same-store sales were down in the "low single digits" percentage range, compared with the FactSet consensus of a 0.9% decline. Michael Kors retail revenue was about the same as a year ago at $643.9 million, missing the FactSet consensus of $659.3 million, while Jimmy Choo revenue of $116.7 million topped expectations of $114.8 million. The company raised its full-year adjusted EPS outlook to $4.95 to $5.05 from $4.90 from $5.00. For the third-quarter, the company expects EPS of $1.52 to $1.57, compared with the FactSet consensus for net EPS of $1.79 and adjusted EPS of $1.82. The stock has dropped 12% over the past three months through Tuesday, while the S&P 500 has lost 3.6%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.