Investing.com — Capri Holdings (NYSE:CPRI) jumped 12% as the owner of the Michael Kors luxury fashion brand said online orders grew during the last three months, helping to stem the overall bleeding and pushing revenue higher than expectations.
Rival Tapestry (NYSE:TPR) Inc, which owns Kate Spade and Coach , rose almost 8% on optimism that it, too, will report better-than-expected earnings on Aug. 13.
Capri, which is also the maker of Versace, said sales fell more than 66% as the world hunkered down in pajamas and sweat pants. Revenue of $451 million nonetheless beat the average analyst estimate of $433 million. The company reported an adjusted loss per share of $1.04, versus the forecast of an average loss per share of $1.13, according to analysts tracked by Investing.com.
“Looking at our progress in the fiscal first quarter, we were encouraged by trends across all three of our luxury houses, with sales and margin performance ahead of our initial expectations,” said Chief Executive Officer John D. Idol. “We were particularly pleased with the strong growth of our eCommerce business, as well the sequential improvement in overall revenue trends through the first quarter and into July.”
The company is expected to “resume its growth trajectory in fiscal 2022,” Idol said.