Michael Kors owner raises annual forecast
The owner of Michael Kors, Versace and Jimmy Choo has raised its annual forecast after its first quarter revenue and earnings significantly exceeded expectations.
In a statement, Capri Holdings said full year revenue would be likely to come in at approximately $5.3 billion and that annual adjusted profit would reach around $4.50 per share.
In the company’s first quarter, revenue increased by 178% to $1.25 billion following better than anticipated results across all three luxury houses. Sales at Michael Kors climbed by 184% year-on-year while sales at Jimmy Choo and Versace increased by 178% and 158% respectively.
John Idol, Capri Holdings chairman and chief executive, said, “We were pleased by our first quarter performance which reflected the strength of Capri Holdings’ three global fashion luxury houses, Versace, Jimmy Choo and Michael Kors. All of our luxury houses significantly exceeded our revenue and earnings expectations for the quarter, as they continued to deepen consumer desire and engagement. As a result of this encouraging start to the year, we are raising our fiscal 2022 revenue and earnings outlook.”
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