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Michael Kors Parent Forecasts Annual Revenue Above Expectations

Michael Kors Parent Forecasts Annual Revenue Above Expectations

Wednesday, 26 May, 2021 - 11:45
People walk by a Michael Kors store in Lakewood, Colorado June 1, 2016. (Reuters)

Capri Holdings Ltd on Wednesday forecast annual revenue above Wall Street expectations, betting on shoppers returning to stores in the United States following speedy vaccinations and pent-up demand for luxury goods in Europe.


The Michael Kors and Versace parent expects revenue of about $5.1 billion for its fiscal 2022. Analysts were estimating $4.99 billion, according to IBES data from Refinitiv.


The company beat estimates for fourth-quarter revenue, fueled by robust demand for its high-end bags and purses across markets.


Revenue edged higher to $1.20 billion in the three months ended March 27, from $1.19 billion a year earlier, the owner of Versace and Jimmy Choo said.


Analysts had expected $1.02 billion, according to IBES data from Refinitiv.


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