Capri Holdings Limited, a US-based global fashion luxury group, posted 23 per cent decrease in its total revenue to $1.11 billion during the second quarter (Q2) FY20 that ended on September 26, 2020 compared to the revenue of $1.44 billion in same quarter previous fiscal. However, net income for Q2 rose to $122 million (Q2 FY19: $73 million).
“We were pleased with our second quarter results, with revenue and earnings surpassing our expectations. Our performance demonstrates the power and desirability of the Versace, Jimmy Choo and Michael Kors brands,” John Idol, company’s chairman and chief executive officer, said in a press release.
Gross profit during Q2 FY20 was $710 million ($874 million). Company’s income from the operations grew to $153 million ($75 million). E-commerce sales improved sequentially, increasing 60 per cent (approximately).
Segment wise, sales of Versace during the quarter was down to $195 million ($228 million), Jimmy Choo remained stagnant at $122 million ($125 million), and Michael Kors dropped to $793 million ($1,089 million).
“As the world continues to emerge from this crisis, we are increasingly optimistic about the outlook for the fashion luxury industry and Capri Holdings. We have an incredible portfolio of luxury houses, each with their rich heritage, exclusive DNA and strong brand loyalty. We are uniquely positioned to drive multiple years of strong growth as we continue to execute on our strategic initiatives,” Idol said.
Fibre2Fashion News Desk (JL)
Capri Holdings Limited, a US-based global fashion luxury group, posted 23 per cent decrease in its total revenue to $1.11 billion during the second quarter (Q2) FY20 that ended on September 26, 2020 compared to the revenue of $1.44 billion in same quarter previous fiscal. However, net income for Q2 rose to $122 million (Q2 FY19: $73 million).