Business

Capri raises revenue forecast for the company’s demand for luxury handbags, clothing According to Reuters



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

(Reuters) – Michael Kors owner Capri Holdings (NYSE: Ltd) raised its full-year revenue and profit forecasts on Wednesday, as the company ramps up demand for luxury handbags and clothing in the US. United States and Europe.

Shares of the company, which also owns Versace and Jimmy Choo, rose 5.7% in pre-market trading.

Capri’s sales were better than expected after similar reports from European peers LVMH, Burberry and Prada (OTC:) showed a strong recovery from their worst lows. COVID-19 pandemic, thanks to the desire of consumers who agree to pamper themselves with high fashion.

The company’s total revenue jumped 24% to $1.61 billion in the third quarter ended December 25, also thanks to higher prices and fewer promotions. According to IBES data from Refinitiv, analysts have estimated revenue at $1.47 billion.

Capri now forecasts fiscal 2022 revenue of $5.56 billion, compared with a previous estimate of around $5.4 billion. It raised its forecast for full-year earnings per share to $6, from a previous estimate of about $5.30 per share.

The company also expects fiscal 2023 revenue of around $6.1 billion, above analyst estimates of $5.97 billion.

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