Capri Holdings Ltd (CPRI) shares fell 5.41% in pre-market trading on Wednesday, a sharp reversal from earlier gains following the release of its fourth-quarter financial results.
The luxury fashion company reported adjusted earnings per share of $0.22 for the fiscal fourth quarter, beating the analyst consensus estimate of $0.11. However, revenue for the quarter declined 3.7% to $796 million, slightly below expectations.
The pre-market plunge appears driven by the company's guidance for the current quarter. Capri Holdings forecast first-quarter revenue of about $750 million, which fell short of analyst estimates of $790.9 million, despite projecting earnings per share of $0.40, above the expected $0.31.
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