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Capri Forecasts 70% Fall in Current-Quarter Revenue

The Michael Kors owner said the COVID-19 pandemic has hammered demand for its handbags and dresses.
Michael Kors handbags | Source: Michael Kors
By
  • Reuters

NEW YORK, United StatesMichael 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.

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