Michael Kors Oowner Capri Posts Smaller-than-expected Revenue Drop
Its shares shot up about 10% in premarket trading.
Investors have been hoping for signs of strength from Capri, as its shares have lost nearly 44% over the past year and competitors have gained more market share.
Capri is in the middle of a turnaround and saw a rebound in demand after persistent sales declines in recent quarters.
The company's net revenue fell 6% to $797 million. Analysts estimated a 25.7% decline to $793.1 million, according to data compiled by LSEG.
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