Designer retailer, Michael Kors (NYSE: KORS), gave a disappointing forecast for the current quarter causing the company’s shares to slide 19% Wednesday morning. According to the Wall Street Journal, its stock has lost almost half its value in the past year and investors are worried the brand is losing its customer base due to overexposure from an abundance of new retail stores and the increase of distribution in department stores. Although Michael Kors’ stock plummets, WSJ reports that its earnings grew 13% in its latest quarter, due to new store openings and a lower tax rate. In the March quarter, the brand reported a profit of $182.6 million, or 90 cents a share, up from a profit of $161.1 million a year earlier. The company’s Chief Executive, John Idol, predicts the first quarter to be its lowest revenue of the year. According to WSJ, he explains this is a year of “strategic investments” and he sees a sales growth opportunity with new store openings, international expansion and digital e-commerce flagships. For more business and financial news, click here.