Capri Forecasts Sales Dip but Sets High Annual Profit Goal
Capri Holdings expects lower quarterly sales but issued an upbeat annual profit forecast. The group is focusing on a Michael Kors turnaround to drive growth.
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CAPRI HOLDINGS LTD shares fell 3% in midday trading after the fashion group forecast current-quarter revenue of $750 million, missing analyst estimates of $789.7 million. Capri is betting on a Michael Kors turnaround to offset a 5.5% slide in brand sales. Investors are weighing an optimistic annual profit target of $2.15 per share against persistent weakness in core handbag demand.
