Capri Holdings announced revenue decreased 8.6 per cent to US $ 1.29 billion for the second quarter, on the back of high single-digit sales declines across its Versace, Jimmy Choo, and Michael Kors brands, respectively.
The luxury brand, based in New York, reported a quarter-over-quarter fall in overall retail sales in the high single digits. The company attributed this decline to trends in declining consumer demand, particularly in the Americas. The American fashion company stated that lower-double-digit revenue declines in wholesale were caused by weaker demand in the Americas.
In terms of brand, Jimmy Choo saw a 7 per cent decline in revenue to US $ 132 million, while Versace saw a 9.1 per cent decline to US $ 280 million. Similar to this, Michael Kors’s revenues dropped 8.6 per cent to US $ 879 million as a result of the brand’s Americas e-commerce site’s delayed launch.
Capri’s net income for the three months ended September 30 dropped to US $ 90 million from US $ 224 million during the same period last year.
“Capri Holdings’ second quarter results were below our expectations due to macro-economic headwinds as well as e-commerce implementation related challenges,” John D. Idol, the Company’s Chairman and Chief Executive Officer, said.
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