Challenging quarter for Capri Holdings
Capri Holdings, the parent group of Michael Kors, Jimmy Choo and Versace, has reported revenues of just under $4.3 billion for the first nine months of its current business year, the period to December 31.
While this represents an increase of 2.9% year on year, the company said it was disappointed with its performance in the final three months of the period, which included the shopping season for Christmas and other holidays. Its result for the quarter was $1.5 billion, a decline of 6% year on year.
It said it now expected its full-year revenues to be a little over $5.5 billion instead of the $5.7 billion it predicted in November.
Chief executive, John Idol, said: “We were disappointed with the performance of our global wholesale business in the [third] quarter. We have begun taking measures to better align operating expenses with the change in revenue by channel. At the same time we will continue to make strategic investments to drive long term growth.”
Image: Jimmy Choo.
