Michael Kors owner Capri forecasts 70% fall in current-quarter revenue

(Reuters) – Michael Kors owner Capri Holdings Ltd on Wednesday forecast a larger-than-expected 70% drop in current-quarter revenue and “significant” losses, as the COVID-19 pandemic hammers demand for its luxury handbags and dresses.

Analysts had forecast a 46.7% fall in current quarter revenue, according to IBES data from Refinitiv.

In delayed fourth-quarter results, Capri said total revenue fell 11.3% to $1.19 billion in the three months ended March 28, slightly above analysts’ average estimate of $1.12 billion.

(Reporting by Uday Sampath in Bengaluru; Editing by Krishna Chandra Eluri)