Capri Holdings Ltd on Wednesday forecast annual revenue above Wall Street expectations, betting on shoppers returning to stores in the United States following speedy vaccinations and pent-up demand for luxury goods in Europe.
The Michael Kors and Versace parent expects revenue of about $5.1 billion for its fiscal 2022. Analysts were estimating $4.99 billion, according to IBES data from Refinitiv.
The company beat estimates for fourth-quarter revenue, fuelled by robust demand for its high-end bags and purses across markets.
Revenue edged higher to $1.20 billion in the three months ended March 27, from $1.19 billion a year earlier, the owner of Versace and Jimmy Choo said.
Analysts had expected $1.02 billion, according to IBES data from Refinitiv.
By Nivedita Balu; Editor: Sriraj Kalluvila