Why Capri Holdings Stock Rallied 14.9% at the Open Today
Shares of Capri Holdings (NYSE: CPRI), which owns the high-end Versace, Jimmy Choo, and Michael Kors labels, rose a swift 14.9% as trading began on Wednesday. The big move was likely driven by the company's fiscal third-quarter 2022 earnings release, which hit the market before it opened. But by roughly 10 a.m. ET today, the gain had already started to wither away, with the stock having given back about half of its earlier advance.
Capri Holdings reported fiscal third-quarter 2022 sales of $1.61 billion, up 24% from the same period of fiscal 2021. Notably, that was up slightly from the $1.57 billion it brought in during the fiscal third quarter of 2020, before the pandemic. All in, it looks like the company has returned to a more normal level of sales. The top line also beat management expectations, with growth at all three of its luxury brands.
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Source Fool.com
