Capri Holdings ( NYSE: CPRI ) gained on Wednesday after management held an investor day event.
The apparel manufacturing giant lowered its FY23 revenue forecast to $5.85B from $5.95B, but set a higher long-term target of $8B. The 2023 EPS forecast was held at $6.85 despite the F/X headwinds that have accelerated during the summer.
The presentation from Versace execs was notable with the brand looking to double store sales and generate more than $1B in revenue from women's accessories. Versace expects to see higher margins off leverage from accessories sales and sees upside in Asia.
Of high interest, Capri ( CPRI ) confirmed the company is still interested in a fashion luxury acquisition.
Shares of CPRI moved up 2.45% in morning trading and are now up more than 11% over the last week. The potential for a share price move was called out in Seeking Alpha's Catalyst Watch.
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Capri Holdings gains after backing profit guidance, setting high targets for Versace