(Reuters) -Michael Kors parent Capri Holdings Ltd on Wednesday beat estimates for fourth-quarter revenue and profit, buoyed by a sales rebound in China following easing of pandemic-related curbs late last year.
Shares of the luxury group, which also owns Versace and Jimmy Choo brands, rose 5% in premarket trading.
Chinese consumers, unshackled from COVID-19 restrictions, have returned to splurging on luxury handbags and apparel, countering a slowdown in demand from the company’s North American market which accounted for 57% of the group’s revenue in 2022.
Capri posted adjusted earnings per share of 97 cents, higher than 94 cents that analysts had expected.
The luxury group posted quarterly revenue of $1.34 billion, compared with analysts’ average estimate of $1.28 billion, according to IBES data from Refinitiv.
(Reporting by Savyata Mishra in BengaluruEditing by Vinay Dwivedi)
