May 27 (Reuters) – Capri Holdings forecast annual profit above Wall Street estimates on Wednesday as the company bets on its turnaround strategy focused on reviving Michael Kors to offset declining demand.
Shares of the New York-based firm rose 1% in premarket trading. The stock has lost 24% of its value so far this year.
The company has been selling its bags and shoes at full price while focusing on innovation to draw in a broader customer base, especially wealthier shoppers, who continue to spend on discretionary items.
It plans to recover all tariffs paid under the International Emergency Economic Powers Act as of March 28 and has recorded a refund of $65 million to be received, it said.
It expects fiscal year 2027 profit per share of about $2.15, compared to analysts’ expectation of $1.83 per share, according to data compiled by LSEG.
(Reporting by Sanskriti Shekhar in Bengaluru; Editing by Pooja Desai)
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