Capri Holdings (CPRI.N) reported a smaller-than-expected revenue decline on Wednesday. The company experienced a smaller drop despite a general retail slowdown, thanks to increased demand for Michael Kors luxury handbags and shoes. Its shares rose approximately 10% in pre-market trading.
Investors in Capri, which lost 44% of its value last year, were expecting strong signals that the company could gain strength.
At a time when competitors were gaining market share, Capri experienced a rebound in demand following sales declines in previous quarters.The company’s net income fell 6% to $797 million. Analysts had predicted income of $793.1 million.
