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Michael Kors owner Capri soars after raising annual forecasts

By Reuters News

By Koyena Das

Oct 30 (Reuters) - Capri Holdings' CPRI.N shares jumped over 19% on Friday after the luxury group raised its annual revenue and profit forecasts and said it expected sales to return to growth, helped by new collections and increased marketing.

Capri has been working to revive demand at Michael Kors, its biggest brand, as shoppers remain selective about discretionary purchases.


Here are more details:

  • The stock set for its best day in 18 months, if gains hold

  • Revenue trends are expected to improve in the third quarter and return to growth in the fourth, driven by new product launches, holiday demand and increased marketing spending, CEO John Idol said in an earnings call

  • The company now expects fiscal year 2027 revenue of $3.42 billion, above $3.40 billion earlier and analysts' expectations of $3.41 billion, according to data compiled by LSEG

  • Annual profit expected at $2.20 per share, compared with previous target of $2.15 per share

  • Second-quarter adjusted profit per share of 42 cents surpassed estimates of 21 cents

  • Michael Kors revenue for the quarter fell 8.6%, while Jimmy Choo revenue rose about 12%

  • Guggenheim Securities analyst Simeon Siegel said the guidance could improve sentiment among investors who put Capri in the “out of sight, out of mind” bucket given ongoing pressures

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