Add as a preferred source on GoogleCapri Raises Annual Revenue Outlook After Second-Quarter Beat
Jimmy Choo revenue rose 11.5% as Michael Kors revenue fell 8.6%. Capri also repurchased about 10.3 million shares for $150 million.
Capri Holdings increased its annual revenue target after fiscal second-quarter results came in above market forecasts, with Jimmy Choo gains helping balance weaker Michael Kors sales.
Capri set its full-year revenue outlook at $3.42 billion, compared with a $3.4 billion consensus estimate. Fiscal second-quarter revenue, operating income and earnings per share topped estimates. Adjusted earnings per share were 42 cents.
Jimmy Choo revenue increased 11.5%, while Michael Kors revenue declined 8.6%. Jimmy Choo recorded a positive operating margin of 1.4%. Monthly trends improved sequentially at both brands.
Gross margin rose 2.3 percentage points to 63.3%, helped by higher full-price sales, brand mix and lower tariff rates. Capri shares rose in early trading Friday.
Capri bought back roughly 10.3 million shares at a cost of $150 million, leaving $721 million authorized for future repurchases.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.