Home / Knowledge / News / Fashion / Capri Holdings posts 6% revenue growth to $5.55 bn in FY20

Capri Holdings posts 6% revenue growth to $5.55 bn in FY20

03
Jul '20
Pic: Capri Holdings/ Michael Kors
Pic: Capri Holdings/ Michael Kors
Capri Holdings Limited, a US-based global fashion luxury group, posted 6 per cent growth in its total revenue to $5.55 billion in fiscal year 2020, that ended on March 28, 2020 compared to the revenue of $5.23 billion in previous fiscal. Company incurred a net loss of $223 million during the year compared to the net income of $543 million in FY19.
 
Gross profit during FY20 was $3.27 billion (FY19: $3.18 billion). Company incurred a loss from the operations of $192 million compared to income of $735 million in same quarter last year.
 
“Looking at fiscal 2020, we were pleased with the progress of our strategic initiatives across the company. Prior to the impact of Covid-19, our earnings per share outlook was largely on track with our expectations,” John Idol, company’s chairman and chief executive officer, said in a press release.
 
During the year, revenue of Versace rose to $843 million ($137 million). However, sales of Capri Holdings other two segments slightly fell with Jimmy Choo to $555 million ($590 million) and Michael Kors to $4.15 billion ($4.51 billion).
 
Company reported that all Versace, Jimmy Choo and Michael Kors stores in the Americas were closed in mid-March 2020. Currently, approximately 70 per cent of the 455 retail stores in the region are open and company anticipates opening the vast majority of the remaining locations by the end of the second quarter. While in EMEA region, 98 per cent of the 316 retail stores are open. Stores in Asia, led by Mainland China, began reopening earlier in the first quarter and currently 98% of the company’s 500 stores in the region are open.
 
"While we expect fiscal 2021 to be significantly impacted by the effects of the virus, we are encouraged as we reopen our stores globally with initial revenue exceeding our expectations,” Idol said.
 
During the Q1 FY21, the company stated that its global store base was closed for an average of approximately 55 per cent of the period. Given the significant store closures, the gradual recovery in revenue as stores reopen as well as low wholesale shipments, the company expects Q1 FY21 revenues to decline approximately 70 per cent compared to prior year. 

Fibre2Fashion News Desk (JL)


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 7th Aug 2020

Bangla RMG units' orders saw 81% contraction in Apr: WTO

The pandemic has exposed Bangladesh's garment sector's sensitivities...

Pic: Shutterstock

Apparel/Garments | On 7th Aug 2020

Egypt's garment exports decline 24% in H1 2020

Exports of readymade garments from Egypt fetched $614 million in the...

Pic: Shutterstock

Apparel/Garments | On 7th Aug 2020

Turkish textile-garment sector seeks govt aid: ITKIB

Turkey's textile and garment industry has urged the government for...

Interviews View All

Dharmendra Shah, Ozone PB Spintex Limited

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Top executives, Textile industry

Top executives
Textile industry

Sri Lanka has a good sustainable track record and strong stories to back it

Nitin Soni, Dolphin Jingwei Machines

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Eric Schoeller,

Eric Schoeller

Groz-Beckert is the world's leading provider of industrial machine...

Atul Mittal,

Atul Mittal

Established in 1997, Pratibha Syntex produces over 60 million pieces of...

Franco Ravazzi,

Franco Ravazzi

Italy-based Tessimenti E Orditi Tinti (T.O.T SRL) specialises in stocking...

Steve McCullough & Marco Weichert, Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Steve McCullough & Marco Weichert
Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Functional Fabric Fair is a trade-exclusive event showcasing the latest...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Mohammad Hassan, Biax Fiberfilm

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search