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Michael Kors Owner Capri Forecasts 70% Fall in Current-Quarter Revenue

Michael Kors Owner Capri Forecasts 70% Fall in Current-Quarter Revenue

Wednesday, 1 July, 2020 - 12:00
Michael Kors logo is seen in a shop in downtown Lisbon, Portugal, November 16, 2016. (Reuters)
Asharq Al-Awsat

Michael Kors owner Capri Holdings Ltd on Wednesday forecast a larger-than-expected 70% drop in current-quarter revenue and “significant” losses, as the COVID-19 pandemic hammers demand for its luxury handbags and dresses.


Analysts had forecast a 46.7% fall in current quarter revenue, according to IBES data from Refinitiv.


In delayed fourth-quarter results, Capri said total revenue fell 11.3% to $1.19 billion in the three months ended March 28, slightly above analysts’ average estimate of $1.12 billion.


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