...

Michael Kors owner Capri raises full-year profit forecast

US Materials 1 June 2022 15:27 (UTC +04:00)
Michael Kors owner Capri raises full-year profit forecast

Michael Kors owner Capri Holdings Ltd raised its full-year profit forecast on Wednesday, signaling robust demand for its luxury goods as higher-income consumers return to their old shopping routines, Trend reports with reference to Reuters.

Shares of the company, which owns Versace and Jimmy Choo, rose about 6% to $51.51 in premarket trading.

The effects of 40-year-high inflation has yet to show any impact on affluent shoppers, especially in the United States and Europe, allowing luxury goods makers to keep raising prices at a time when other retailers, including Target Corp and Walmart Inc, are discounting products.

The company forecast fiscal 2023 profit of about $6.85 per share, compared with its prior estimate of about $6.60 per share.

The company's total revenue rose 24.6% to $1.49 billion in the fourth quarter ended April 2, beating analysts' average estimate of $1.41 billion, according to IBES data from Refinitiv.

Tags:
Latest

Latest