What happened

Shares of Michael Kors (NYSE:CPRI) plunged 21% in November, according to data from S&P Global Market Intelligence, despite roughly inline fiscal second-quarter 2019 results from the luxury handbag, clothing, and accessories specialist.

To be sure, nearly all of Michael Kors' decline last month came on Nov. 7 -- the first trading day after the company revealed its quarterly revenue had climbed 9.3% year over year to $1.25 billion, translating to a 4.5% decline in adjusted net income per share, to $1.27. Analysts, on average, were looking for lower earnings of $1.10 per share on slightly higher revenue of $1.26 billion.

Stock market data on a colorful display with a red arrow line indicating losses

IMAGE SOURCE: GETTY IMAGES.

So what

Retail sales of Michael Kors' namesake brand remained roughly flat on a year-over-year basis at $643.9 million, roughly in line with the company's expectations, as contributions from new locations were offset by a 2.1% decline in comparable-store sales. Michael Kors' wholesale revenue also fell 1.3% to $457.8 million, slightly better than expected, and licensing revenue dropped 6.8% to $35.4 million.

Meanwhile, sales from Jimmy Choo, which Michael Kors acquired for $1.2 billion just over a year ago, climbed in the double-digit percent range to $116.7 million, a better-than-expected showing thanks to strength in luxury footwear.

Michael Kors also highlighted its impending $2.1 billion purchase of Versace -- though some investors are concerned that the company may have overpaid for its latest bounty. Assuming the acquisition closes as expected in the fourth quarter of fiscal 2019, Michael Kors will then be renamed Capri Holdings Limited.

Now what

"With the acquisition of Versace we have built one of the world's leading fashion luxury groups in just one year, setting the stage for accelerated revenue and earnings growth," stated Michael Kors chairman and CEO John Idol. "This is a truly remarkable and historic moment for our company and we look forward to completing this transformational acquisition in the coming months."

Finally, Michael Kors reiterated its full-year outlook for revenue to be roughly $5.125 billion, and increased its outlook for full-year adjusted earnings per share by a nickel, resulting in a new range of $4.95 to $5.05.

Given traders' unfavorable reaction to the news, however, it's apparent that the market wanted more.