<\/p>\n
\n\tCapri Holdings\u2019 revenues continued to decline in the fiscal second quarter, but efforts to elevate the Michael Kors brand boosted full-price sales and gross margins, contributing to better-than-expected profits \u2014 and the hardy approval of shareholders.<\/p>\n
\n\tRevenues for the quarter ended Sept. 26 fell 5.5 percent to $809 million, a 4.9 percent decline in constant currencies. The numbers were flattered by roughly $20 million in sales attributed to earlier-than-expected wholesale shipments, including $15 million of Michael Kors sales and $5 million of Jimmy Choo\u2019s take.<\/p>\n
\n\tMichael Kors\u2019 revenue of $663 million equated to an 8 percent decline in constant currencies. Jimmy\u2019s Choo\u2019s sales of $146 million were up 12.2 percent from a year earlier, in constant currencies.<\/p>\n
\n\tGross margins rose to 63.3 percent from 61 percent a year ago, a bump the company attributed to \u201chigher full-price sell-throughs, brand mix and lower tariff rates.\u201d<\/p>\n
\n\tAdjusted earnings tallied $45 million, or 42 cents a diluted share \u2014 well ahead of both the 3 cent loss recorded a year earlier and the 21 cent profit analysts had penciled in, according to Yahoo Finance. Net income of $27 million compared with year-ago losses of $34 million.<\/p>\n
\n\tShares of Capri, which before the release of the results had been down 34.2 percent for the year so far, bounced back nicely with an 8.4 percent increase to $17.40 in premarket trading on Friday.<\/p>\n
\n\t\u201cWe are encouraged by the momentum building at both Michael Kors and Jimmy Choo,\u201d said John Idol, chairman and chief executive officer, in a statement. \u201cThroughout the second quarter, trends improved sequentially each month across both of our luxury houses, reflecting the actions we have taken to sharpen our product assortments, elevate brand desirability and strengthen consumer engagement. We are pleased with the progress we are seeing and believe these initiatives are beginning to position our brands for sustainable growth.<\/p>\n
\n\t\u201cLooking ahead, we continue to expect total company revenue to return to growth in the second half of fiscal 2027, supported by exciting new collections, increased marketing investments and our focus on elevating the consumer experience,\u201d Idol said. \u201cAs these efforts continue to gain traction, we remain confident in our ability to deliver sustainable growth and create meaningful value for shareholders over time.\u201d<\/p>\n
\n\tFor the full year, Cari is expecting sales to slip by about 1.4 percent to $3.42 billion with diluted earnings per share of roughly $2.20, a nickel ahead of the $2.15 the company had forecast.<\/p>\n
\n\tIn September, WWD reported that Capri has attracted the interest of some would-be buyers although no deal was on the immediate horizon.<\/p>\n
#Capri #Holdings #CPRI #Earnings #Top #Expectations #Drive #Stock<\/p>\n","protected":false},"excerpt":{"rendered":"
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