// Capri Holdings, parent company of Michael Kors, Versace & Jimmy Choo increases its annual forecast
// In the company’s first quarter, revenue increased by 178 per cent to £8.9 million
After its first quarter revenue and earnings significantly exceeded expectations, the owner of Michael Kors, Versace, and Jimmy Choo has boosted its annual forecast.
Capri Holdings raised its forecast for annual revenue to approximately £3.8 billion, a month after predicting £3.66 billion, while warning that the Covid-19 Delta variant could dampen expectations around a quick recovery in Europe.
The Jimmy Choo owner forecast annual adjusted profit to be about £3.24 per share, higher than the £2.74 to £2.81 range predicted earlier.
In the company’s first quarter, revenue increased by 178 per cent to £8.9 million following the stronger than anticipated results across all three luxury houses.
Sales at Michael Kors increased by 184 per cent year-on-year while sales at Jimmy Choo and Versace increased by 178 per cent and 158 per cent respectively.
Capri Holdings chief executive John Idol said: “We were pleased by our first quarter performance which reflected the strength of Capri Holdings’ three global fashion luxury houses, Versace, Jimmy Choo and Michael Kors.”
“All of our luxury houses significantly exceeded our revenue and earnings expectations for the quarter, as they continued to deepen consumer desire and engagement.
“As a result of this encouraging start to the year, we are raising our fiscal 2022 revenue and earnings outlook.”