Capri Holdings Ltd. shares CPRI, +2.59% rose 3% in premarket trade Wednesday, after the parent of Michael Kors, Versace and Jimmy Choo brands posted far better-than-expected profit for its fiscal third quarter. The company said it had net income of $179 million, or $1.18 a share, in the quarter to Dec. 26, down from $210 million, or $1.38 a share, in the year-earlier period. Adjusted per-share earnings came to $1.65, well ahead of the $1.00 FactSet consensus. Revenue fell 17% to $1.303 billion, just below the FactSet consensus of $1.337 billion. E-commerce sales rose 65% from the second quarter. The company had positive retail sales in Asia across all brands, led by double-digit growth in Mainland China. Chief Executive John Idol said he is optimistic the company will exceed pre-pandemic revenue and EPS by fiscal 2023. Revenue at Versace was flat at $195 million, while revenue at Jimmy Choo fell 26.7% to $121 million. Revenue at Michael Kors fell 18.6% to $986 million. Shares have gained 47% in the last 12 months, while the S&P 50 SPX, +1.39% has gained 18%.
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