Capri Holdings, the parent company of Michael Kors, raised its financial forecast for 2022 earnings and revenue on Tuesday, betting on increased demand for luxury products after lockdowns.
Capri, which also owns Versace and Jimmy Choo, is benefiting from a jump in online sales as consumers look to upgrade their wardrobes with record-breaking handbags and shoes buying.
"As the world reopens, we are pleased to see better-than-expected performance from all three of our luxury fashion houses," said CEO John Idol.
Competitors LVMH, Hermes and Gucci have also benefited heavily from online sales.
Capri expects annual revenue of about $5.15 billion, compared to a previous forecast of about $5.10 billion and adjusted earnings between $3.80-$3.90 per share, from $3.70 to $3.80 in an earlier forecast.
Analysts also expect revenue of $5.15 billion starting April and earnings of $3.87 per share, according to Refinitiv.
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