Capri Holdings Limited, a US-based global fashion luxury group, has reported 17.1 per cent revenue decline to $1.3 billion in its third quarter (Q3) FY21 that ended on December 26, 2020, compared to the revenue of $1.5 billion in same quarter previous fiscal. Company’s net income for reported quarter dropped to $178 million (Q3 FY20: $209 million).
“Looking back over the last three quarters since the onset of Covid-19, we are encouraged by the performance of all our luxury houses, which illustrates the strength of our brands as well as the resilience and agility of our businesses,” John Idol, company’s chairman and chief executive officer, said in a press release.
Gross profit during Q3 FY21 was $848 million ($932 million). Company’s income from the operations fell to $167 million ($205 million). E-commerce sales improved sequentially, increasing 65 per cent (approximately).
“We also remain encouraged by the double digit increases in our customer databases as we continue to attract new consumers to each of our luxury houses,” Idol said.
Segment wise, sales of Versace during the quarter remained flat at $195 million, while Jimmy Choo sales decreased 26.7 per cent to $121 million ($165 million). Sales of Michael Kors plunged 18.6 per cent to $986 million ($1.2 billion).
“As the world continues to emerge from this crisis, we are increasingly optimistic about the outlook for the fashion luxury industry and Capri Holdings. By fiscal 2023, we anticipate revenue and earnings per share will exceed pre-pandemic levels,” Idol said.
Author: Ssmundra2612