American fashion house Capri Holdings reported that, according to its estimates, profits in the current fiscal quarter would not reach economists' forecasts, since the company planned large investments after purchasing the Versace brand and lowered sales targets for the Michael Kors brand. This message on Wednesday crashed the company's shares by almost 8%. The company's investments in this fiscal year will be focused on the launch of new Versace and Jimmy Choo stores, as well as on holding fashion events with the participation of movie stars. Plans of the fashion house suggest that the number of Versace stores will increase from 200 to 300. The company also wants to increase its annual revenue to $2 billion by expanding online trading. In the first fiscal quarter, which ends in June, the company expects to make a profit ranging from 85 cents to 90 cents per share. Forecast economists assumed the figure at 1 dollar 23 cents per share.
South Korea president pledges steps for virus-hit economy, rate cut expectations boosts17.02.2020
Japan's economy falls in fourth quarter, recession risks grow11.02.2020
Ford changes management amid earnings struggle, appoints new COO31.01.2020
EA’s tepid 4Q forecast adjusts below analysts’ expectations