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Net income for Q1 2020, was $45 million, or $0.30 per diluted share as compared to $186 million or $1.22 per diluted share in the prior year. Adjusted net income was $145 million, or $0.95 per diluted share, compared to $201 million or $1.32 per diluted share in the prior year, said Capri Holdings in a press release.
"We are pleased with our first quarter results, which reflect 12 per cent revenue growth as well as better than expected operating margin and earnings per share. These results continue to position our company to execute against our strategic initiatives. Based on our first quarter performance, we are reaffirming our earnings per share guidance for fiscal 2020, which includes the impact of the strengthening US dollar and additional tariffs on imports from China," said John D Idol, chairman and CEO of Capri Holdings. "As previously stated, fiscal 2020 will be an investment year for Capri Holdings. We are investing in Versace and Jimmy Choo to position these preeminent luxury houses for long term revenue growth and margin expansion. We are also executing on our strategic initiatives at Michael Kors to return the brand to growth. With the power of Versace and Jimmy Choo, and the strength of Michael Kors, we remain confident that our three iconic, founder-led fashion brands position Capri Holdings to grow revenue to $8 billion over time and deliver multiple years of earnings growth."
Versace revenue was $207 million and comparable store sales increased double digits on a constant currency basis compared to stand-alone results from the prior year.
Jimmy Choo revenue of $158 million decreased 8.7 per cent compared to the prior year. On a constant currency basis, total revenue decreased 5.8 per cent. On a constant currency basis, comparable store sales were flat.
Michael Kors revenue of $981 million decreased 4.8 per cent compared to the prior year. On a constant currency basis, total revenue decreased 3 per cent. On a constant currency basis, comparable store sales decreased low single digits.
For the full year of fiscal 2020, the total revenue is expected to be approximately $5.8 billion, a reduction from prior guidance primarily reflecting additional unfavourable foreign currency impact and lower Michael Kors revenue, predominately related to North America wholesale. For Q2, the company expects the total revenue to be approximately $1.45 billion.
For Versace, the company expects revenue of approximately $220 million; for Jimmy Choo, it expects revenue of approximately $125 million. For Michael Kors, the company expects revenue of approximately $1.1 billion (PC)
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