Michael Kors parent Capri Holdings Ltd on Wednesday beat estimates for fourth-quarter revenue and profit, buoyed by a rebound in China demand following easing of pandemic-related curbs late last year. Chinese consumers, unshackled from COVID-19 restrictions, have returned to splurging on handbags and a
Michael Kors parent Capri Holdings Ltd on Wednesday beat estimates for fourth-quarter revenue and profit, buoyed by a rebound in China demand following easing of pandemic-related curbs late last year.
The company has benefited from easing freight costs and better product management with inventory declining 3.6 per cent in the quarter compared to a 21 per cent increase in the prior quarter. Quarterly revenue from Michael Kors, which made up 70 per cent of Capri's sales in 2022, fell nearly 11 per cent to $910 million, with Asia being the only region that saw some growth.
The company, however, lowered its revenue outlook for the full year to $5.7 billion from a prior forecast of about $5.8 billion.
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