Updated at 5:25 p.m. ET Aug. 6

The declines are slowing at Capri Holdings — but there’s still plenty of work to do before the Michael Kors and Jimmy Choo parent gets its stride back.

At least the company is on a better trajectory and chief executive officer John Idol was able to say that “trends improved sequentially” in the first quarter.

Investors liked what they saw and sent shares of the company up 14.5 percent to $20.84 on Wednesday, leaving the company with a market capitalization of $2.5 billion.

Capri is still a long way off from the $57 per share Tapestry Inc. once agreed to pay for the company, but at least the firm is out of the doldrums it was in before antitrust regulators blocked the deal.

Now the company has a $1.4 billion agreement to sell Versace to Prada, whi

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