Michael Kors-parent Capri down after annual revenue forecast cut
BUZZ-Michael Kors-parent Capri down after annual revenue forecast cut ** Shares of Michael Kors owner Capri Holdings CPRI.N down about 1% at $16.34 premarket
** Co cuts annual total revenue forecast to about $3.4 billion from about $3.53 billion expected earlier, saying inventory delays are expected to hit revenue at its key Michael Kors brand in Q2
** Also sees a $50 million hit to annual revenues from weak demand in the Europe and Emerging Markets region due to the conflict in the Middle East
** Maintains annual profit forecast of about $2.15 per share
** Forecasts Q2 profit of about 20 cents, below estimates of 44 cents - LSEG data
** Q1 revenue falls 3.5% to $769 million, but beats analysts' estimates of $752.7 million
** Posts Q1 adjusted EPS of 67 cents, compared with estimates of 40 cents
** As of last close, CPRI down ~32% YTD
(Reporting by Shania S Thomas and Juveria Tabassum in Bengaluru)