Capri Holdings sales down to $451 mn in Q1 FY21


Capri Holdings Ltd, a global fashion luxury group, has announced its financial results for first quarter (Q1) fiscal 2021 ended on June 27, 2020. Group’s total revenue declined 66.5 per cent to $451 million compared to $1,346 million in same period previous year. Company incurred a net loss of $180 million compared to net income of $45 million in Q1 FY20.

 

“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 e-commerce business, as well the sequential improvement in overall revenue trends through the first quarter and into July,” John Idol, chairman and chief executive officer at Capri Holdings, said in a press release.

 

Gross profit during Q1 FY21 was $302 million (Q1 FY20: $834 million). Loss from operations was $162 million compared to income of $64 million in Q1 FY20. 

 

Versace revenue during Q1 FY21 fell 55.1 per cent to $93 million ($207 million). Jimmy Choo revenue dropped 67.7 per cent to $51 million ($158 million). Michael Kors revenue were down 68.7 per cent to $307 million ($981 million).

 

“During these unprecedented times, we plan to continue to execute on our strategic growth initiatives and remain confident in the long-term opportunities for each of our unique global luxury houses. Capri Holdings has a portfolio of three iconic, founder-led fashion luxury brands that have enduring value and a long history of successfully navigating challenging periods. We will continue to carefully guide our business through the current retail environment, while positioning the company to resume its growth trajectory in fiscal 2022,” Idol said.

Fibre2Fashion News Desk (JL)

Capri Holdings Ltd, a global fashion luxury group, has announced its financial results for first quarter (Q1) fiscal 2021 ended on June 27, 2020. Group’s total revenue declined 66.5 per cent to $451 million compared to $1,346 million in same period previous year. Company incurred a net loss of $180 million compared to net income of $45 million in Q1 FY20.





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