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(Adds background on investments, Michael Kors forecast, updates shares)
May 29 (Reuters) - Capri Holdings Ltd forecast current-quarter profit below estimates on Wednesday as it planned to invest heavily after buying luxury brand Versace and cut sales targets at its Michael Kors business, sending its shares 7% lower.
The company has been opening new stores for its Versace business as well its Jimmy Choo shoes brand, while also sponsoring fashion events and hiring movie stars to promote its brands.
"Looking ahead, Fiscal 2020 will be an investment year for our group," said Chief Executive Officer John Idol.
Capri has said it plans to increase the number of Versace stores to 300 from about 200 and bolster its online presence in a bid to boost the brand's annual revenue to $2 billion.
The heavy spending, however, is coming at the cost of profits. For its first-quarter ending June, company forecast earnings per share in the range of $0.85 to $0.90, including a 15-cent hit from the Versace acquisition.
Analysts on average had expected $1.23 per share, according to IBES data from Refinitiv.
Capri said the quarter would also be hit by lower wholesale and licensing revenue at Michael Kors, its biggest business.
The brand's wholesale business, which supplies to department stores, has been struggling as consumers shift to online from brick-and-mortar stores.
The company cut Michael Kors' full-year revenue forecast to $4.45 billion from its prior target of $4.55 billion.
"Comps at Kors continue to decline, and weak guidance for the brand in fiscal 2020 will do little to reassure investors," said Bernstein analyst Jamie Merriman.
Shares of the company, which also forecast first-quarter revenue below estimates, fell about 7% to $36.25 in premarket trading.
Capri, however, earned $0.63 per share excluding items for the fourth quarter, beating analysts' expectation of $0.61.
Total revenue rose 13.9% to $1.34 billion, narrowly beating the average analyst estimate of $1.33 billion, according to IBES data from Refinitiv. (Reporting by Soundarya J in Bengaluru Editing by Saumyadeb Chakrabarty)