Michael Kors parent Capri’s stock jumps 4.4% as earnings top consensus estimates despite sales decline

Capri Holdings Ltd.’s stock CPRI jumped 4.4% in premarket trade Wednesday, after the parent of the Michael Kors, Versace and Jimmy Choo brands swung to a loss in the fiscal fourth-quarter but managed to beat consensus estimates and offer upbeat guidance. Capri had a net loss of $34 million, or 28 cents a share, for the quarter to April 1, after income of $81 million, or 54 cents a share, in the year-earlier period.

Capri had a net loss of $34 million, or 28 cents a share, for the quarter to April 1, after income of $81 million, or 54 cents a share, in the year-earlier period. Its adjusted per-share earnings came to 97 cents, ahead of the 94 cent FactSet consensus. Revenue fell 10.5% to $1.335 billion, but topped the $1.278 billion FactSet consensus.

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