Why Capri Holdings Stock Was Falling Today
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Capri Holdings' stock fell 10.4% after missing fiscal Q2 earnings estimates, reporting a 16.4% revenue decline to $1.08 billion, attributed to weak global demand for luxury goods. Adjusted earnings per share dropped from $1.13 to $0.65, missing consensus estimates. CEO John Idol expressed disappointment over the blocked merger with Tapestry, which is under appeal. Management did not hold a conference call due to the pending appeal, and if unsuccessful, further stock declines are anticipated given the current business trajectory.
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