Luxury demand lifts Capri Holdings after beating forecasts

Image Source: Instagram

For the third quarter of fiscal 2023, Capri Holdings, which owns Michael Kors, Jimmy Choo, Versace,…

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…and Tory Burch, announced profits per share of $2.78 on sales of $1.68 billion.

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This beat analysts' expectations of $2.62 per share on revenue of $1.65 billion.

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Capri Holdings also upped its full-year EPS outlook to $10.40–$10.50 from $10.10–$10.30.

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Luxury brands and e-commerce drove the company's success.

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Michael Kors saw double-digit growth in both revenue and earnings, while Jimmy Choo and Versace both saw mid-single-digit growth.

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E-commerce sales climbed 50% in the third quarter to 20% of Capri Holdings' overall revenues.

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In fiscal 2023, the business plans to build 100 locations.

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Despite global economic instability, Capri Holdings' solid profits show that the luxury market is booming.

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After the release of the results, the stock gained 10%.

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Capri Holdings is poised for expansion.

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Luxury demand lifts Capri Holdings after beating forecasts

Business

June 04, 2023

By Rahul

For the third quarter of fiscal 2023, Capri Holdings, which owns Michael Kors, Jimmy Choo, Versace,…

…and Tory Burch, announced profits per share of $2.78 on sales of $1.68 billion.

This beat analysts' expectations of $2.62 per share on revenue of $1.65 billion.

Capri Holdings also upped its full-year EPS outlook to $10.40–$10.50 from $10.10–$10.30.

Luxury brands and e-commerce drove the company's success.

Michael Kors saw double-digit growth in both revenue and earnings, while Jimmy Choo and Versace both saw mid-single-digit growth.

Michael Kors saw double-digit growth in both revenue and earnings, while Jimmy Choo and Versace both saw mid-single-digit growth.

E-commerce sales climbed 50% in the third quarter to 20% of Capri Holdings' overall revenues.

In fiscal 2023, the business plans to build 100 locations.

Despite global economic instability, Capri Holdings' solid profits show that the luxury market is booming.

After the release of the results, the stock gained 10%.

Capri Holdings is poised for expansion.

Thanks For Reading!

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