Michael Kors parent Capri Holdings shares rise after earnings beat
Capri Holdings Ltd. shares jumped 4.5% in Wednesday premarket trading after the parent company to Michael Kors and Versace reported fiscal third-quarter earnings that beat expectations. Net income totaled $199.6 million, or $1.33 per share, down from $219.4 million, or $1.42 per share, for the same period last year. Adjusted EPS was $1.76. Revenue was $1.44 billion, nearly flat with last year. The FactSet consensus was for EPS of $1.58 and revenue of $1.46 billion. Michael Kors revenue fell 1% year-over-year to $838 million, and same-store sales fell 2.4%. For the fourth quarter, Capri is guiding for revenue of $1.33 billion and EPS in the range of 56 cents to 61 cents. The FactSet consensus is for revenue of $1.39 billion and EPS of 82 cents. Michael Kors revenue is expected to be $1.07 billion with low-single digit comparable sales decline. Capri Holdings shares have lost 33.5% over the past year while the S&P 500 index has gained 1.6% for the period. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.