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Michael Kors-owner Capri misses sales estimates

Michael Kors-owner Capri misses sales estimates
The logo of U.S. designer Michael Kors is seen at a branch office at Bahnhofstrasse in Zurich, Switzerland June 23, 2016. REUTERS/Arnd Wiegmann -
Arnd Wiegmann(Reuters)
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(Reuters) – Capri Holdings Ltd <CPRI.N> posted quarterly revenue below analysts’ estimates on Wednesday, hurt by lower sales at its Michael Kors retail stores.

Net income attributable to the company fell to $45 million, or 30 cents per share, in the first quarter ended June 29 from $186 million, or $1.22 per share, a year earlier, due to an impairment charge.

Total revenue rose to $1.35 billion from $1.2 billion, missing analysts’ average estimate of $1.37 billion, according to IBES data from Refinitiv.

(Reporting by Uday Sampath in Bengaluru; Editing by Anil D’Silva)

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