Ever wonder when Michael Kors (KORS) would finally go out of style? Seems like that time is now – at least for the stock. Shares of the maker of pricey accessories got slammed Wednesday after the company not only missed quarterly earnings forecasts, but gave a disappointing outlook for the future. The stock fell $14.66, or 24.2%, to $45.93. Investors are pretty accustomed to stocks that shoot higher – only to have reality set in. But this case is such a good one. The company first sold shares to the public back in late 2011 – with huge fanfare. The stock was a massive winner until early last year — with the shares rocketing more than 300%. But in fashion, popularity can quickly become oversaturation. Shares have since lost about half their value since the peak from early last year. Kors’ chart almost looks like an upside-down V-shaped deterioration. Today’s ugliness is due to the fact the company reported an adjusted profit of 90 cents a share, which missed expectations by 1%, says S&P Capital IQ. Perhaps more alarming was the fact that sales at stores open at least a year fell 6% during the quarter, while investors were expecting growth of about 6%, according to a report to clients from John Morris of BMO Capital Markets. Morris says the company was hit especially hard by weakness in mall traffic and poor sales of watches. Hits from the strong U.S. dollar didn’t help, either. The problem with Kors is as easy to see as the shiny MK logo on the side of its bags. Revenue growth is tanking. Revenue grew just 17.8% in the March quarter, the lowest rate of growth since the company first sold shares to public, says S&P Capital IQ. That’s a problem for growth investors. Revenue growth is collapsing at Kors (Chart source: S&P Capital IQ) And Morris doesn’t expect an improvement anytime soon. He sees the company’s sales at stores open at least a year to fall in the current quarter and be flat for the year. Source: http://americasmarkets.usatoday.com/