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Capri reports revenue and earnings above expectations

Nov 9, 2020 United Kingdom
Capri reports revenue and earnings above expectations
The global fashion luxury group announced its financial results for the second quarter of fiscal 2021. John D. Idol, the Company’s Chairman and Chief Executive Officer, said revenue and earnings surpass the company's expectations
“The COVID-19 pandemic continues to profoundly impact the entire world (...) We were pleased with our second quarter results, with revenue and earnings surpassing our expectations. Our performance demonstrates the power and desirability of the Versace, Jimmy Choo and Michael Kors brands. Through creativity and innovation, our luxury houses inspire excitement and passion, creating an emotional connection with our consumers. We are also attracting new consumers to each of our luxury houses as evidenced by the double-digit increase in our consumer databases. As the world continues to emerge from this crisis, we are increasingly optimistic about the outlook for the fashion luxury industry and Capri Holdings.", commented John D. Idol, the Company’s Chairman and Chief Executive Officer.


Second Quarter Results

Capri Holdings reported total revenue of 1.1 billion US dollars, decreasing by 23.0% compared to last year. On a constant currency basis, total revenue decreased by 24.6%. In the period, gross profit was 710 million US dollars and gross margin was 64.0%, compared to 874 million US dollars and 60.6% in the prior year. Net income was 122 million US dollars, or 0.81 US dollars per diluted share compared to 73 million US dollars, or 0.47 US dollars per diluted share in the prior year.

Versace

The Versace business posted revenue of 195 million US dollars decreased 14.5% compared to similar period in the prior year. On a constant currency basis, total revenue decreased by 18.9%. Versace operating income was 20 million US dollars and operating margin was 10.3% compared to 9 million US dollars and 3.9% in the prior year. Last year, adjusted operating income was 14 million US dollars and adjusted operating margin was 6.1%.

Jimmy Choo

Jimmy Choo's revenue totaled 122 million US dollars, decreasing by 2.4% compared to similar period in 2020. On a constant currency basis, total revenue decreased by 6.4%. Jimmy Choo operating income was break even, compared to an operating loss of 10 million US dollars and operating margin of (8.0)% in the prior year


Michael Kors

The Michael Kors segment announced revenue of 793 million US dollars down by 27.2% compared to the prior year. On a constant currency basis, total revenue decreased by 27.9%. Michael Kors operating income reached 190 million US dollars and operating margin was 24.0%, compared to 222 million US dollars and 20.4% in the prior year.

Fiscal Year 2021 Outlook

The company is not providing annual earnings guidance for fiscal year 2021 due to the lack of visibility surrounding the progression of the pandemic, macroeconomic fundamentals, and tourism flows.




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