Capri Holdings’ results for the fourth quarter were underwhelming, impacted by a global decline in demand for luxury fashion goods. “We were disappointed with our performance as the fourth quarter continued to see weakened demand globally for luxury fashion goods. Retail sales trends improved sequentially in the Americas and EMEA but slowed in Asia. Wholesale sales also faced challenges,” said John D. Idol, Chairman and CEO of Capri Holdings. He reaffirmed Capri’s opposition to the FTC’s decision to block Tapestry’s acquisition, stating, “We intend to vigorously defend this case in court alongside Tapestry and look forward to the successful completion of the pending acquisition.” For the quarter ending March 30, 2024, Capri reported total revenue of $1.22 billion, an 8.4% decline (7.9% on a constant currency basis) compared to the same period last fiscal year. Both retail and wholesale sales were affected by reduced global demand, particularly in the Americas and EMEA.
- Michael Kors: Revenue fell by 9.7% to $822 million.
- Versace: Revenue decreased by 3.6% to $264 million.
- Jimmy Choo: Revenue dropped by 9.3% to $137 million.
Capri Holdings posted a net loss of $472 million for the fourth quarter, equating to a loss of $4.03 per diluted share. This compares to a net loss of $34 million, or $0.28 per diluted share, in the same period last year. For the full fiscal year ending March 30, 2024, Capri’s revenue was $5.17 billion, a 7.9% decline compared to the previous fiscal year. The company reported a net loss of $229 million, or $1.96 per diluted share, versus a net income of $616 million, or $4.60 per diluted share, the prior year.
