Capri Holdings on Tuesday topped revenue estimates for the second quarter and announced a $1 billion share repurchase program, sending its shares up about 4 percent premarket.
The company’s quarterly revenue was buoyed by improving demand for its brands, including Michael Kors.
Capri reported quarterly revenue of $856 million, compared with estimates of $825.7 million, according to data compiled by LSEG.
The company said in August it expects tariffs on products shipped into the US to increase costs by about $85 million in fiscal 2026.
The company – which imports the majority of products sold in the US from Vietnam, Cambodia, Indonesia, Bangladesh and China – posted a quarterly adjusted loss of 3 cents per share, compared with Wall Street estimates of a profit of 13 cents per share.
By Juveria Tabassum; Editor: Vijay Kishore
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Capri Signals Selective Price Hikes on Michael Kors Handbags to Counter Tariff Hit
Shares jumped after the Michael Kors and Jimmy Choo owner reported stronger sales and said it was making progress on lowering debt levels.
