Shares of Capri Holdings, the parent company of luxury accessories brands Michael Kors, Jimmy Choo and Versace, soared more than 12 percent Wednesday on the heels of what investors saw was an upbeat earnings report.

The luxury fashion house raised its revenue outlook for the full year and said it expects the Michael Kors brand, which has underwhelmed in recent quarters with same-store sales declines, to return to growth next year. CEO John Idol said in a statement that the company as a whole expects to deliver both double-digit revenue and adjusted earnings-per-share growth for the full year fiscal 2019.

The company, formerly known as Michael Kors, changed its name to Capri after it acquired Versace in a $2.1 billion deal late last year.

The Michael Kors brand has struggled as high-end labels like Balenciaga, Gucci and Louis Vuitton have gained in popularity among younger shoppers, while Michael Kors became associated with off-price chains like T.J. Maxx. The brand has lost some of its shine as a result. In the latest quarter, sales at Michael Kors stores open for at least 12 months were down 2.4 percent, and the brand's wholesale revenue was down 8.3 percent.

The Jimmy Choo brand was a strong performer during the latest quarter, Idol said Wednesday.

Capri reported fiscal third-quarter net income of $199.6 million, or $1.33 per share, compared with $219.4 million, or $1.42 per share, a year ago. Excluding one-time items, it had earnings per share of $1.76, ahead of expectations for $1.58, based on a poll of analysts by Refinitiv.

It had quarterly sales of $1.44 billion, slightly short of expectations for $1.46 billion. Sales were roughly flat from a year earlier.

Looking to the full year fiscal 2019, Capri boosted its sales forecast to about $5.22 billion, up from a previous target of $5.13 billion.

Despite the stock pop Wednesday, not all analysts who cover the company are sold on its progress.

"We continue to see some reservations with the Capri story coming away from this morning's earnings release," Telsey Advisory Group analyst Dana Telsey said in a note to clients, calling out the poor performance of the Michael Kors brand as one of those.

"Our view is that a plan for flat earnings through next fiscal year, while the underlying Michael Kors business has not shown signs of topline upside, may continue to ultimately weigh on valuation," she said.

Capri Holdings shares, as of Tuesday's market close, were down roughly 32 percent from a year ago. The company has a market cap of about $6.5 billion, compared with luxury fashion house and Coach owner Tapestry, which has a market cap of $11.2 billion.