Capri Holdings Q1 revenues down 66.5%

Worldwide
Published:  06 August, 2020

The owner of the Jimmy Choo, Michael Kors and Versace brands posted a revenue decline of 66.5% for the first quarter of the Group’s fiscal year 2021.

Capri Holdings first quarter gross profit totalled US$302 million and gross margin was 67%, compared with US$834 million and 62% in the prior year. Adjusted gross profit was US$303 million and adjusted gross margin was 67.2%, compared with US$840 million and 62.4% in the prior year. Loss from operations amounted to $162 million and net loss totalled US$180 million in the period. Versace’s revenue totalled US$93 million (-55.1%) and operating loss amounted to US$41 million. Jimmy Choo posted revenue of US$51 million for the quarter, down 67.7% year-on-year, and an operating loss of US$29 million. Michael Kors revenue declined 68.7% to US$307 million and operating loss was US$48 million for the quarter.