Capri Holdings reported $769M in Q1 revenue, down 3.5% year-over-year, while lowering its outlook despite beating earnings estimates.
Capri Holdings (CPRI) fell 6.6% in premarket trading after reporting fiscal first-quarter revenue of $769M, a 3.5% decline from the prior year. The drop came despite the company surpassing earnings expectations, as investors focused on a reduction in revenue guidance.
Revenue missed analyst projections, reflecting weaker performance in its Michael Kors segment. The company had previously signaled challenges in the luxury retail sector, with comparable sales trends softening in recent quarters.
Shares retreated sharply in early trading, reflecting investor concerns over the guidance revision and broader demand pressures in the apparel market.