A Michael Kors store at Hamad International Airport in Doha. | Source: Shutterstock
NEW YORK, United States – Michael Kors Owner Capri Holdings Ltd beat quarterly revenue estimates Wednesday, helped by higher online consumer orders that stayed in due to the Covid-19 pandemic.
In the first quarter ending June 27, the company reported a net attributable loss of $ 180 million, or $ 1.21 per share, compared to a profit of $ 45 million, or 30 cents per share, a year earlier.
Total revenue was down 66.5 percent to $ 451 million, but beat the analyst average estimate of $ 424.5 million, according to IBES data from Refinitiv.
The company said in July that first quarter sales would drop by 70 percent.
By Uday Sampath; editor; Shinjini Ganguli