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.

Disclaimer: Fusion Media would like to remind you that the information contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. As a result, prices may not be accurate and may differ from the actual market price. This means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses you may incur using this information.

Fusion Media or any person involved with Fusion Media assumes no liability for any loss or damage caused by reliance on the information contained on this website, such as data, offers, charts and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets. This is one of the riskiest forms of investment possible.

Related Articles