NEW YORK, United States — Michael Kors owner Capri Holdings Ltd on Wednesday forecast a larger-than-expected 70 percent drop in current-quarter revenue and "significant" losses, as the COVID-19 pandemic hammers demand for its luxury handbags and dresses.

Analysts had forecast a 46.7 percent fall in current quarter revenue, according to IBES data from Refinitiv.

In delayed fourth-quarter results, Capri said total revenue fell 11.3 percent to $1.19 billion in the three months ended March 28, slightly above analysts' average estimate of $1.12 billion.

By Uday Sampath; editor: Krishna Chandra Eluri.