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Capri reports sales drop, expects profit rebound

Capri Holdings reported a sales drop but raised profit guidance, focusing on Michael Kors turnaround. Read details on Bond.az.

Olivia Taylor
ByOlivia Taylor- Senior Editor
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Capri reports sales drop, expects profit rebound
Photo: Prepared by Bond.az

Capri Holdings reported another quarterly sales decline but gave an upbeat annual profit forecast.

The company is betting on a turnaround strategy for Michael Kors.

Shares fell 4% after reversing early gains.

CEO John Idol expects a meaningful sales improvement in the fall.

Michael Kors revenue fell 5.5% to $656 million.

Capri lags behind rival Tapestry's Coach brand.

The company sold Versace to focus on Michael Kors and Jimmy Choo.

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Capri reports sales drop, expects profit rebound | Bond.az