Capri Expects Massive Sales Decline in the First Quarter

Capri Holdings (NYSE: CPRI), luxury goods distributor of brands Michael Kors, Versace, and Jimmy Choo, saw sales decline 11.3% in its fourth quarter, which ended March 28, 2020 and included China store closures as well as about a week of the U.S. shutdown related to the coronavirus pandemic.

However, the company said it's expecting a 70% decline year over year and a significant loss per share in the first quarter of 2021.

Image source: Getty Images.

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Source Fool.com