Why Capri Holding Stock Tumbled This Week
Shares of Capri Holdings (NYSE: CPRI) were taking a dive after the parent of Michael Kors, Jimmy Choo, and Versace posted disappointing third-quarter earnings on Wednesday. The company missed estimates on the top and bottom lines and issued weak guidance, reflecting challenges in the macro environment.
According to data from S&P Global Market Intelligence, the stock was down 27% for the week as of Thursday's close.
Capri said revenue in the quarter fell 6%, or 0.5% in constant currency, to $5.56 billion, which was worse than estimates of $5.72 billion. Management cited weak results in its wholesale business, leading to deleveraging in fixed costs.
Source Fool.com
