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

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.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Judge blocks Coach owner Tapestry's proposed acquisition of Michael Kors parent CapriThe owners of Coach and Michael Kors, Tapestry and Capri, saw their proposed merger blocked after the FTC sued to stop the deal.
Источник: NBCLA - 🏆 319. / 59 Прочитайте больше »

Judge blocks $8.5B merger of luxe brands Coach, Michael Kors in shock setbackThe companies argued the deal was needed to fight back against European players like Gucci, which are increasingly grabbing market share.
Источник: nypost - 🏆 91. / 67 Прочитайте больше »

Judge sides with FTC, blocking Kate Spade and Michael Kors mergerMichael Kors testified the merger would have revitalized his brand.
Источник: ABC - 🏆 471. / 51 Прочитайте больше »