Michael Kors owner Capri shares plunge after revenue falls across the retailer's luxury brands
Publishing timestamp: 2023-02-08 10:37:40
Summary
Shares of Capri Holdings, the owner of Michael Kors, Jimmy Choo, and Versace, plunged 20% in early trading Wednesday after the company missed earnings expectations and cut its annual profit forecast. Revenue fell across the company's luxury brands, with Michael Kors revenue falling 7.2%, Jimmy Choo revenue falling 5.6%, and Versace revenue falling 0.8%. The company slashed its full-year earnings per share forecast to $6.10 from prior forecast of $6.85 and its fiscal year 2024 forecast came in under estimates.
Sentiment: NEGATIVE
Tickers: CPRI,
Keywords: retail industry, capri holdings ltd, luxury, business news, business, michael kors, jimmy choo, earnings,
Source: https://www.cnbc.com/2023/02/08/michael-kors-owner-capri-earnings-guidance.html