Turnover declines by 66.5 percent at Capri Holdings, posts net loss of 180 million dollars

Capri Holdings Limited’s total revenue of 451 million dollars decreased 66.5 percent for the first quarter, while on a constant currency basis, total revenue decreased 66.2 percent. Gross profit was 302 million dollars and gross margin was 67 percent compared to 834 million dollars and 62 percent in the prior year. Adjusted gross profit was 303 million dollars and adjusted gross margin was 67.2 percent compared to 840 million dollars and 62.4 percent in the prior year. Net loss was 180 million dollars or 1.21 dollars per diluted share compared to net income of 45 million dollars or 30 cents per diluted share in the prior year, while adjusted net loss was 156 million dollars or 1.04 dollars per diluted share, compared to income of 145 million dollars or 95 cents per diluted share.

Commenting on the first quarter trading, John D. Idol, the company’s Chairman and Chief Executive Officer, said in a statement: “The Covid-19 pandemic continues to profoundly impact the entire world. Looking at our progress in the fiscal first quarter, we were encouraged by trends across all three of our luxury houses, with sales and margin performance ahead of our initial expectations. We were particularly pleased with the strong growth of our ecommerce business, as well the sequential improvement in overall revenue trends through the first quarter and into July.”

The company said, Versace revenue of 93 million dollars decreased 55.1 percent, while on a constant currency basis, total revenue decreased 54.1 percent. The brand’s operating loss was 41 million dollars and operating margin negative 44.1 percent. Jimmy Choo revenue of 51 million dollars decreased 67.7 percent on a reported and constant currency basis, while operating loss was 29 million dollars and operating margin was negative 56.9 percent. Revenues at Michael Kors of 307 million dollars decreased 68.7 percent and on a constant currency basis, total revenue decreased 68.5 percent. The brand posted operating loss of 48 million dollars and operating margin of negative 15.6 percent.

Picture:Versace via Business Wire