Michael Kors parent Capri raises annual revenue forecast

Feb 3 (Reuters) - Capri Holdings CPRI.N on Tuesday raised its annual revenue forecast, banking on steady demand for apparel and handbags across its Jimmy Choo and Michael Kors brands.

Shares of the company were up about 4% before the bell.

The company has been working to stabilize its core portfolio after divesting Versace to Prada 1913.F late last year, as it contends with margin pressures from tariffs and uneven demand across regions.

While the larger Michael Kors label remained under pressure, with sales declining 5.6% in the third quarter, Jimmy Choo logged a 5% jump.

The company now expects fiscal year 2026 revenue in the range of $3.45 billion to $3.48 billion, compared with its prior forecast of $3.38 billion to $3.45 billion.

It reported a drop of 4% in revenue to $1.03 billion in the quarter ended December 27, slightly beating analysts' estimates of $1 billion, according to data compiled by LSEG.

The company's earnings per share for the quarter came in at 81 cents, beating estimates of 77 cents.