The fashion group — parent company to the Michael Kors, Versace and Jimmy Choo brands — revealed quarterly earnings Wednesday morning before the market opened, falling short on top-line revenues at the Michael Kors and Versace brands and posting a $182 million loss for the quarter. Still, the company’s progress — and positive outlook for the future — was enough to tame investor fears. The stock shot up more than 3 percent at the start of Wednesday’s trading session.
By brand, revenues at Michael Kors — the company’s largest brand — were $838 million for the quarter, down from $872 million a year earlier. Jimmy Choo registered $124 million in sales for the quarter, up from $107 million the same time last year, while Versace had $235 million in sales, up from $213 million a year earlier. Tailwinds included the firm’s e-commerce business, where sales increased 80 percent during the quarter.
Capri Holdings added to its losses for the full year, with $62 million more in losses. That’s in addition to a loss of $225 million a year earlier.