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Capri Holdings net sales jumps 9.2% in Q3 FY20

Feb '20
Pic: Capri Holdings
Pic: Capri Holdings
Capri Holdings Limited, a global fashion luxury group, declared it's net sales jumped by 9.2 per cent to $1.571 billion in third quarter (Q3) FY20 that ended December 28, 2019. The company's revenue increase reflected the addition of Versace and growth from Jimmy Choo, while Michael Kors revenue was better than the company had anticipated. 
Gross profit reported by the company in Q3 was $932 million and gross margin was 59.3 per cent, compared to $873 million and 60.7 per cent in the prior year.
Income from operations was $205 million and operating margin was 13 per cent compared to $290 million and 20.2 per cent in the prior year. Net income was $210 million compared to $200 million in the prior year.
Versace revenue was $195 million and comparable store sales increased in the mid single digits on a constant currency basis compared to stand-alone results from the prior year. Versace continued to deliver double digit comparable store sales growth in the Americas and EMEA (Europe, Middle East and Africa). Versace operating loss was $12 million. 
Jimmy Choo revenue increased 1.9 per cent to $165 million compared to the prior year on both a reported and constant currency basis. Jimmy Choo operating income was $9 million and operating margin was 5.5 per cent, compared to operating income of $15 million and operating margin of 9.3 per cent in the prior year.
Michael Kors revenue of $1.211 billion decreased 5.1 per cent compared to the prior year. Michael Kors operating income was $288 million and operating margin was 23.8 per cent, compared to $320 million and 25.1 per cent in the prior year.
The company has considered the outbreak of coronavirus in China and expects that it will materially impact its financial results in Q4 FY20. As of February 5, 2020, approximately 150 of the Company's 225 stores in mainland China are closed.
For Q4 FY20, Capri Holdings, expects total revenue of approximately $1.3 billion; operating margin of approximately 9 per cent; effective tax rate of approximately 7 per cent and diluted earnings per share of $0.68 to $0.73.

Fibre2Fashion News Desk (JL)

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