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Michael Kors Owner Capri Sees Business Fall Further as Revenues Drop 16.4%

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Capri’s Q2 2024 earnings are in with a 16.4 percent revenue decline from the parent of Michael Kors, Versace and Jimmy Choo.

The company’s second-quarter net income fell 73 percent to $24 million, or 20 cents a share, from $90 million, or 77 cents a year earlier.

Versace revenues fell 28.2 percent to $201 million with retail sales that showed a decline in the high teens. Revenue in the Americas was down 33 percent, which led to $3 million in operating losses. ’ top line dropped 16 percent to $738 million, with retail sales decreasing by midsingle digits. Asia was the brand’s weakest market with a 43 percent sales decline. Operating profits tallied $87 million.

Capri’s stock had already fallen well below the deal price of $57 a share and declined further in after-hours trading on Thursday, dropping 5.7 percent to $20.75.

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