Michael Kors’ parent company, Capri Holdings Ltd. raised its annual revenue forecast for the second time this year Friday after beating Wall Street estimates for first-quarter earnings as consumers spend money on high-end clothing and bags.

The luxury retailer, which previously raised its forecast in late June, expects total full-year revenue of about $5.3 billion. Analysts had expected revenue of $5.2 billion, according to IBES data from Refinitiv.

The company’s stock was up 1.9 percent in premarket trading.

Having survived last year’s pandemic-induced recession, the global luxury goods industry is betting that shoppers will use their record savings to buy more expensive fashion as the vaccination allows for a resurgence of social events and parties.

Capri, however, said its forecast does not take into account any significant additional store closings, extended closures or new government restrictions that could further affect traffic and sales trends.

Revenue rose to $1.25 billion in the first quarter ended June 26, up from $451 million a year earlier, the owner of Versace and Jimmy Choo said.

Analysts on average were expecting $1.12 billion, according to IBES data from Refinitiv.

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