Michael Kors-owner Capri cuts full-year sales forecast

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(Reuters) – Michael Kors-owner Capri Holdings (NYSE:CPRI) Ltd lowered its annual profit forecast on Wednesday, blaming a hit from a stronger dollar and a slow demand recovery in the key Chinese market due to persistent COVID-19 curbs.

The company forecast fiscal 2023 revenue of $5.7 billion, compared with its prior estimate of about $5.85 billion.