Noting a 24 per cent jump in its Q3 sales, Michael Kors owner Capri Holdings has raised its full-year outlook, extending a string of strong performances from luxury goods companies as demand for high fashion soars. The company now forecasts fiscal 2022 revenue to grow to $5.56 billion, compared to its prior estimate of about $5.4 billion. It lifted its full-year profit per share forecast to $6, from its prior estimate of about $5.30 per share.

In the third quarter ended December 25, Capri Holdings’ total revenue rose to $1.61 billion on account of higher prices and fewer promotions. The higher prices also helped expand the company's profit margins amid soaring shipping and manufacturing expenses. Capri also projects fiscal 2023 revenue to reach about $6.1 billion, above analysts’ estimates of $5.97 billion. The global fashion luxury group, consisting of iconic brands is an industry leader in design, style and craftsmanship. Its brands cover the full spectrum of fashion luxury categories including women’s and men’s accessories, footwear and apparel as well as wearable technology, watches, jewelry, eyewear and a full line of fragrance products.

The company aims to continue to extend the global reach of our brands while ensuring that they maintain their independence and exclusive DNA.