Michael Kors owner Capri beats sales estimates on China recovery
:Michael Kors parent Capri Holdings Ltd on Wednesday beat estimates for fourth-quarter revenue and profit, buoyed by a sales rebound in China following easing of pandemic-related curbs late last year.
Shares of the luxury group, which also owns Versace and Jimmy Choo brands, rose 5 per cent in premarket trading. Chinese consumers, unshackled from COVID-19 restrictions, have returned to splurging on luxury handbags and apparel, countering a slowdown in demand from the company's North American market which accounted for 57 per cent of the group's revenue in 2022.
Capri posted adjusted earnings per share of 97 cents, higher than 94 cents that analysts had expected. The luxury group posted quarterly revenue of $1.34 billion, compared with analysts' average estimate of $1.28 billion, according to IBES data from Refinitiv.
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