Michael Kors parent Capri shares jump 3% premarket as earnings top estimates

Shares of Capri Holdings Ltd. , parent of the Michael Kors, Versace and Jimmy Choo brands, jumped 3% in premarket trade Wednesday, after the company blew past earnings estimates for its fiscal fourth quarter and offered upbeat guidance. The company said it narrowed its net loss to $183 million, or $1.21 a share, in the quarter, from $551 million, or $3.69 a share, in the year-earlier period. Adjusted per-share earnings came to 38 cents, well ahead of the 2 cents FactSet consensus. Revenue was flat at $1.2 billion, but ahead of the $1.0 billion FactSet consensus. Michael Kors revenue fell 3.9% to $838 million, while Versace revenue rose 10.3% to $235 million and Jimmy Choo revenue rose 15.9% to $124 million. The company is now expecting fiscal 2022 EPS of $3.70 to $3.80 and revenue of $5.1 billion. The FactSet consensus is for EPS of $3.74 on revenue of $4.9 billion. Shares have gained 26% in the year to date, while the S&P 500 has gained 11.5%.

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