Capri Bumps up Full-Year Sales Outlook as Michael Kors Decline Slows
Dow Jones10-30 22:48
1048 ET - Capri Holdings saw signs of stabilization at its flagship Michael Kors unit, where F2Q sales declined less than feared. Revenue for the brand slipped 8.6% to $663 million, topping forecasts of $646 million, which was partly helped by approximately $15 million of revenue that was attributable to earlier than anticipated timing of wholesale shipments. That outperformance, alongside a better-than-expected performance at Jimmy Choo, prompted Capri to bump its full-year sales outlook to $3.42 billion from $3.4 billion.
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