BREAKING NEWS

BREAKING NEWS

Michael Kors owner Capri beats holiday quarter profit estimates

Michael Kors owner Capri beats holiday quarter profit estimates
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Michaela Rehle(Reuters)
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(Reuters) - Capri Holdings Ltd, formerly Michael Kors, reported better-than-expected holiday-quarter profit on Wednesday, helped by higher sales of its Jimmy Choo footwear.

Shares of the company, which also owns the Versace brand, rose 5.6 percent to $45.99 before the bell.

Capri's results also got a boost as it managed to pull back inventory from off-price retailers, helping operating margins in Michael Kors' wholesale business.

Excluding certain items, the company earned $1.76 per share, beating analysts' average estimate of $1.58 per share, according to IBES data from Refinitiv.

Total revenue remained largely flat at $1.44 billion (1.11 billion pounds), missing the average analyst estimate of $1.46 billion, hurt by weakness at Kors' retail stores.

Net income attributable to the company fell to $199.6 million, or $1.33 per share, in the third quarter ended Dec. 29, from $219.4 million, or $1.42 per share, a year earlier.

(Reporting by Uday Sampath in Bengaluru; Editing by Saumyadeb Chakrabarty)

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