Michael Kors-owner Capri cuts holiday forecasts as China recovery stalls

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Go back to Michael Kors-owner Capri cuts holiday forecasts as China recovery stalls

Capri Holdings (CPRI) tops analyst earnings and revenue estimates

November 9, 2022 1:46 PM EST

Capri Holdings Limited (NYSE: CPRI) shares have edged lower Wednesday, despite initially climbing following its fiscal second-quarter earnings release.

The luxury fashion holding company topped consensus estimates, reporting earnings of $1.63 per share on revenue of $1.41 billion. Analysts expected earnings of $1.55 per share on revenue of $1.4 billion. Revenue increased by 8.6% on a reported basis, while the company's adjusted operating margin was 19.8%.

The company also authorized a new $1 billion share repurchase program.

Although inflation... More