Capri posts smaller-than-expected loss boosted by online demand
Reuters
Published Aug 05, 2020 07:10AM ET
(Reuters) - Michael Kors-owner Capri Holdings Ltd (N:CPRI) reported a smaller-than-expected quarterly loss on Wednesday, helped by higher online orders from consumers stuck indoors due the COVID-19 pandemic.
The company, which also owns Versace and Jimmy Choo brands, still reported a 66.5% fall in overall revenue as the health crisis forced store closures around the world and hammered demand for high-end handbags, apparel and accessories.
Despite a steep fall in revenue, Chief Executive Officer John Idol said sales and margin trends across the three brands were ahead of the company's initial expectations, helped by e-commerce growth.
The company reported a net attributable loss of $180 million, or $1.21 per share, in the first quarter ended June 27, compared with a profit of $45 million, or 30 cents per share, a year earlier.
Excluding items, the company lost $1.04 per share, less than analysts' expectation of a loss of $1.11 per share.
Total revenue fell to $451 million, but beat analysts' average estimate of $424.5 million, according to IBES data from Refinitiv.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.