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The Ratings Game: Michael Kors, Versace parent Capri lowers revenue by $100 million due to coronavirus


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The Ratings Game: Michael Kors, Versace parent Capri lowers revenue by $100 million due to coronavirus

Analysts say Capri still has work to do to grow its brands, including new acquisition VersaceCapri Holdings Ltd. says 150 of its 225 stores in China are closed due to the coronavirus outbreak and it’s having a major impact on guidance for the coming months. “Based on our current visibility into the situation in China,…

The Ratings Game: Michael Kors, Versace parent Capri lowers revenue by $100 million due to coronavirus
Analysts say Capri still has work to do to grow its brands, including new acquisition Versace

Capri Holdings Ltd. says 150 of its 225 stores in China are closed due to the coronavirus outbreak and it’s having a major impact on guidance for the coming months.

“Based on our current visibility into the situation in China, we are reducing revenue by approximately $100 million and earnings per share by 40 cents to 45 cents for the fourth quarter and full year,” said John Idol, chief executive of Capri, on the earnings call, according to a FactSet transcript.

Capri’s

CPRI, +4.79%

  portfolio of luxury brands includes Michael Kors, Versace and Jimmy Choo.

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