Michael Kors owner Capri announced a smaller-than-expected decline in revenue.

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.

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