Capri Holdings Projects Annual Profit Above Estimates, Cites Revenue Headwinds

Capri Holdings Limited, the parent company of Michael Kors, anticipates its annual profit will surpass earlier estimates. The company forecasts its first-quarter revenue to reach $750.0 million. This follows a previous quarter where net revenue increased by 2.4 percent, totaling $1.44 billion, which exceeded analysts' average estimate of $1.42 billion. The upcoming quarter's revenue forecast of $795 million would represent a 23% decrease from the same period a year ago. This highlights existing revenue challenges for the Michael Kors brand. Net profit in a recent period reached $75.3 million, or 17 cents per share. Retail sales in a related context reached €1.24 billion, an increase of 2%, driven by full-price sales. Net revenues in that context amounted to €1.42 billion, up 14% at constant exchange rates. This article is intended for informational purposes only. It does not constitute investment advice.