Versace Owner Capri Rises Steadily as Growth Expected to Return By

© Reuters.

By Christiana Sciaudone — Capri Holdings (NYSE:), aka Versace and Michael Kors, jumped more than 15% Thursday after saying sales have improved through August. 

The maker of Jimmy Choo shoes expects revenue to drop 35% in fiscal 2021 from a year earlier, to $3.6 billion, and then almost double. The company did not specify when that level might be reached.

Capri intends to close 139 Michael Kors stores and open 168 Jimmy Choo and Versace retail locations, the company said in a presentation at the Goldman Sachs (NYSE:) Retail Conference.

Shares have two buy ratings, seven holds and no sells. The stock is down by about half since the start of the year.

Capri beat expectations last month when it reported a quarterly loss per share of $1.04 versus the expected loss of $1.16.


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