{"id":106237,"date":"2021-02-03T15:48:27","date_gmt":"2021-02-03T15:48:27","guid":{"rendered":"https:\/\/fin2me.com\/?p=106237"},"modified":"2021-02-03T15:48:27","modified_gmt":"2021-02-03T15:48:27","slug":"shares-of-michael-kors-parent-capri-holdings-rise-after-earnings-beat","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/shares-of-michael-kors-parent-capri-holdings-rise-after-earnings-beat\/","title":{"rendered":"Shares of Michael Kors Parent Capri Holdings Rise After Earnings Beat"},"content":{"rendered":"

Capri Holdings Limited <\/span>continues to show signs of strength. <\/span><\/p>\n

The fashion gr<\/span>oup — parent company to the Michael Kors, Versace and Jimmy Choo brands — posted quarterly earnings Wednesday morning before the market opened, beating analyst expectations and logging its second consecutive quarter of gains amid the pandemic thanks to strength in Mainland China and its online business. The stock jumped more than 7 percent in premarket hours as a result. <\/span><\/p>\n

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For the three-month period ending Dec. 26, total company revenues decreased 17 percent to $1.3 billion, down from $1.5 billion the same time last year, while net profits were $178 million, compared with $209 million during last year’s third quarter. <\/span><\/p>\n

By brand, total revenues at Michael Kors <\/span>—<\/span> the company’s largest brand <\/span>—<\/span> were $986 million, down from $1.2 billion the same time last year. Sales at Versace were $195 million, the same as last year, while Jimmy Choo’s revenues were $121 million, down from $165 million the previous year. <\/span><\/p>\n

But there were some bright spots during the quarter, including Capri’s e-commerce business, where sales surged 65 percent, year-over-year, during the quarter. Retail sales in Mainland China also showed substantial growth, with double-digit gains during the quarter, year-over-year. <\/span><\/p>\n

Last September, Idol touted Versace as one of the company’s best assets during the Goldman Sachs Annual Retailing Conference, saying that the firm plans to grow the brand to <\/span>more than $2 billion in annual revenues<\/span> over the next few years. <\/span><\/p>\n

Shares of Capri Holdings, which closed up 2.59 percent Tuesday to $42.73 a piece, are up more than 43 percent, year-over-year. <\/span><\/p>\n

The company ended the quarter with $229 million of cash and cash equivalents, $1.2 billion in long-term debt and 1,279 Capri stores, or 831 Michael Kors, 231 Jimmy Choo and 217 Versace locations. <\/span><\/p>\n

Capri is not offering forward-looking guidance, but Idol said, <\/span>“By fiscal 2023, we anticipate revenue and earnings per share will exceed pre-pandemic levels. We remain confident that our three luxury houses position Capri Holdings to deliver multiple years of revenue and earnings growth as well as increase shareholder value.”<\/span><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Capri Holdings Limited continues to show signs of strength.  The fashion group — parent company to the Michael Kors, Versace and Jimmy Choo brands — […]<\/p>\n","protected":false},"author":3,"featured_media":106236,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nShares of Michael Kors Parent Capri Holdings Rise After Earnings Beat - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/shares-of-michael-kors-parent-capri-holdings-rise-after-earnings-beat\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shares of Michael Kors Parent Capri Holdings Rise After Earnings Beat - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Capri Holdings Limited continues to show signs of strength.  The fashion group — parent company to the Michael Kors, Versace and Jimmy Choo brands — [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/shares-of-michael-kors-parent-capri-holdings-rise-after-earnings-beat\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-03T15:48:27+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/02\/cfarmafotoVersace-2.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/shares-of-michael-kors-parent-capri-holdings-rise-after-earnings-beat\/\",\"url\":\"https:\/\/fin2me.com\/business\/shares-of-michael-kors-parent-capri-holdings-rise-after-earnings-beat\/\",\"name\":\"Shares of Michael Kors Parent Capri Holdings Rise After Earnings Beat - 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