Capri Holdings Q4 revenues decrease by 11.3 percent

Capri Holdings Limited has said that its fourth quarter revenue declined 11.3 percent to 1,192 million dollars, while full year revenues increased by 6 percent to 5,551 million dollars. The company’s fourth quarter net loss was 551 million dollars or 3.69 dollars per diluted share compared to net income of 19 million dollars or 13 cents per diluted share in the prior year, while adjusted net income was 16 million dollars or 11 cents per diluted share compared to 95 million dollars or 63 cents per diluted share.

Commenting on the results, John D. Idol, the company’s Chairman and Chief Executive Officer, said in a statement: “These are unprecedented times as the Covid-19 pandemic has dramatically impacted the entire world. Looking at fiscal 2020, we were pleased with the progress of our strategic initiatives across the company. Prior to the impact of Covid-19, our earnings per share outlook was largely on track with our expectations. While we expect fiscal 2021 to be significantly impacted by the effects of the virus, we are encouraged as we reopen our stores globally with initial revenue exceeding our expectations.”

Performance of three core brands under Capri Holding

The company added that Versace revenue of 213 million dollars increased 55.5 percent compared to the prior year on a reported and constant currency basis, while operating loss was 2 million dollars and operating margin was negative 0.9 percent compared to an operating loss of 11 million dollars and operating margin of negative 8 percent in the prior year. Last year, adjusted operating loss was 6 million dollars and adjusted operating margin was negative 4.4 percent.

Jimmy Choo revenue of 107 million dollars decreased 23 percent compared to the prior year, while on a constant currency basis, total revenue decreased 24.5 percent. Jimmy Choo operating loss was 23 million dollars and operating margin was negative 21.5 percent compared to operating loss of 8 million dollars and operating margin of negative 5.8 percent in the prior year.

Michael Kors revenue of 872 million dollars decreased 18.4 percent compared to the prior year, while on a constant currency basis, total revenue decreased 17.7 percent and operating income was 139 million dollars and operating margin was 15.9 percent, compared to operating income of 166 million dollars and operating margin of 15.5 percent in the prior year.

Picture credit:Jimmy Choo via Business Wire