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Michael Kors' mum or dad firm forecasts annual gross sales which are above expectations

© Reuters. FILE PHOTO: People walk past a Michael Kors store in Lakewood, Colorado on June 1, 2016. REUTERS / Rick Wilking / File Photo

(Reuters) – Capri Holdings (NYSE 🙂 Ltd on Wednesday forecast annual sales in excess of Wall Street's expectations, betting shoppers will return to stores in the US after quick vaccinations and pent-up demand for luxury goods in Europe.

The parent company of Michael Kors and Versace expects sales of around $ 5.1 billion in fiscal year 2022. According to Refinitiv's IBES data, analysts estimated $ 4.99 billion.

The company beat estimates for fourth quarter sales, driven by robust demand for high-end bags and wallets across all markets.

Revenue rose to $ 1.20 billion in the three months ended March 27, compared to $ 1.19 billion a year earlier, according to owners of Versace and Jimmy Choo.

According to Refinitiv's IBES data, analysts had expected $ 1.02 billion.

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