{"id":115301,"date":"2021-05-28T02:44:48","date_gmt":"2021-05-28T02:44:48","guid":{"rendered":"https:\/\/fin2me.com\/?p=115301"},"modified":"2021-05-28T02:44:48","modified_gmt":"2021-05-28T02:44:48","slug":"michael-kors-parent-expects-sales-growth-as-luxury-demand-rebounds","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/michael-kors-parent-expects-sales-growth-as-luxury-demand-rebounds\/","title":{"rendered":"Michael Kors parent expects sales growth as luxury demand rebounds"},"content":{"rendered":"

(Reuters) -Capri Holdings Ltd on Wednesday forecast annual revenue and profit above Wall Street expectations, betting on shoppers returning to stores in the United States following speedy vaccinations and pent-up demand for luxury goods in Europe.<\/p>

FILE PHOTO: People walk by a Michael Kors store in Lakewood, Colorado June 1, 2016. REUTERS\/Rick Wilking\/File Photo<\/figcaption>

The company\u2019s shares rose about 3% before the opening bell after quarterly results beat estimates.<\/p>\n

Demand for luxury apparel and bags have rebounded as people resume traveling and begin to socialize after being stuck at home for more than a year, while a big stimulus program in the United States is expected to boost spending in the first half of the year.<\/p>\n

\u201cWe remain optimistic about the outlook for the fashion luxury industry and Capri Holdings,\u201d Chief Executive Officer John Idol said in a statement.<\/p>\n

The company forecast revenue of about $5.1 billion for its fiscal 2022. Analysts were expecting $4.99 billion, according to IBES data from Refinitiv.<\/p>\n

Capri reported revenue of $4.06 billion for fiscal 2021, compared with the $5.55 billion before the pandemic.<\/p>\n

Bigger rivals LVMH, Hermes and Gucci-owner Kering were able to report sales above their pre-pandemic levels, largely helped by their online businesses, while smaller labels like Ferragamo and Tod\u2019s still have to catch up.<\/p>\n

Most luxury labels, traditionally reluctant to sell online fearing the proliferation of counterfeit goods, have invested heavily to shift to selling online.<\/p>\n

Capri, which also owns Jimmy Choo and Versace, said e-commerce sales rose 80% in the fourth quarter, helping it beat total revenue estimates. Retail sales increased 13% from a year earlier, the company said.<\/p>\n

It expects to earn about $3.70 to $3.80 per share, largely above the projection of $3.72.<\/p>\n

Fourth-quarter revenue of $1.20 billion beat expectations of $1.02 billion. On an adjusted basis, the company earned 38 cents per share, surpassing the estimate of 2 cents.<\/p>\n

The company also reinstated its share repurchase program, which has $400 million remaining.<\/p>\n

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

(Reuters) -Capri Holdings Ltd on Wednesday forecast annual revenue and profit above Wall Street expectations, betting on shoppers returning to stores in the United States […]<\/p>\n","protected":false},"author":3,"featured_media":115300,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nMichael Kors parent expects sales growth as luxury demand rebounds - 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\/michael-kors-parent-expects-sales-growth-as-luxury-demand-rebounds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Michael Kors parent expects sales growth as luxury demand rebounds - Fin2me\" \/>\n<meta property=\"og:description\" content=\"(Reuters) -Capri Holdings Ltd on Wednesday forecast annual revenue and profit above Wall Street expectations, betting on shoppers returning to stores in the United States [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/michael-kors-parent-expects-sales-growth-as-luxury-demand-rebounds\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-28T02:44:48+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\/05\/Michael-Kors-parent-expects-sales-growth-as-luxury-demand-rebounds.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\/michael-kors-parent-expects-sales-growth-as-luxury-demand-rebounds\/\",\"url\":\"https:\/\/fin2me.com\/business\/michael-kors-parent-expects-sales-growth-as-luxury-demand-rebounds\/\",\"name\":\"Michael Kors parent expects sales growth as luxury demand rebounds - 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