Gross profit for the quarter totalled US$832 million, down by 12.5% year-on-year with a gross margin of 64.4%. Net income was US$90 million, a decline of 60%.
Versace had revenue of US$280 million in the second quarter, declining by 9.1% year-on-year (11.7% on a constant currency basis), driven by dropping demand. Revenue in the Americas was down by 20%, while EMEA declined by 3.8% and Asia was up by 1.7%. Operating income for the brand was US$35 million, down by 43.5%.
Revenue for Jimmy Choo dropped by 7% (9.2% in constant currency) to US$132 million, with a decline of 11.6% in the Americas. Revenue was flat in EMEA and down by 11.9% in Asia. Jimmy Choo had an operating loss of US$9 million, a drop of 212.5%.
Meanwhile, Michael Kors reported revenue of US$879 million with a drop of 8.6% (9.7% in constant currency). Revenue declined by 13.5% in the Americas and 1.9% in Asia, while EMEA was up by 2.8%. Operating income was US$169 million, down by 31.9%.
Due to the proposed acquisition of Capri Holdings by Tapestry, the company has not provided a financial outlook.
