Key facts
- Capri raised its annual revenue and profit forecasts.
- Sales are expected to return to growth.
- Second-quarter adjusted profit per share of 42 cents surpassed estimates of 21 cents.
Capri Holdings' shares surged more than 19% on Friday after the luxury group lifted its annual revenue and profit forecasts, anticipating a return to sales growth. The company expects fiscal year 2027 revenue of $3.42 billion and annual profit of $2.20 per share. In the second quarter, adjusted profit per share was 42 cents, surpassing estimates of 21 cents. While Michael Kors revenue declined 8.6%, Jimmy Choo revenue saw a rise of about 12%. CEO John Idol stated that revenue trends are expected to improve in the third quarter and return to growth in the fourth, driven by new product launches, holiday demand, and increased marketing spending.