Luxury demand lifts Capri Holdings after beating forecasts

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Business

June 04, 2023

By Rahul

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.

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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