February 05, 2020, LONDON – John D. Idol, the Company’s Chairman and Chief Executive Officer, said, “For the third quarter, we were pleased to deliver revenue and earnings per share above our expectations. Our revenue increase reflected the addition of Versace and growth from Jimmy Choo, while Michael Kors revenue was better than anticipated. The strategic initiatives for our recent acquisitions, Versace and Jimmy Choo, continue to gain traction, and we believe we are on the right path to position Michael Kors for future growth. Longer term, as we continue to execute against our strategies, we are confident in our ability to deliver multiple years of revenue and earnings growth.”
Mr. Idol continued, “We are in the midst of a dynamic global health emergency related to the coronavirus. Our thoughts and prayers go out to the people of China, including our own employees located in this region, as well as all of those affected by the virus globally. We hope for a speedy and positive resolution to this crisis. The situation in China and the measures being taken to protect the population are having a material impact on our business. Given our current visibility, we now anticipate annual revenue of approximately $5.65 billion and adjusted earnings per share of $4.45 to $4.50. This estimate could materially change if the severity of the situation in China worsens.”
Third Quarter Fiscal 2020 Results
Financial Results and non-GAAP Reconciliation
The Company’s results are reported in this press release in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and on an adjusted, non-GAAP basis. A reconciliation of GAAP to non-GAAP financial information is provided at the end of this press release.
Overview of Capri Holdings Third Quarter Fiscal 2020 Results:
Versace Third Quarter Fiscal 2020 Results:
Jimmy Choo Third Quarter Fiscal 2020 Results:
Michael Kors Third Quarter Fiscal 2020 Results:
Share Repurchase Program
During the third quarter, the Company repurchased approximately 2.7 million of the Company’s ordinary shares for approximately $100 million in open market transactions. As of December 28, 2019 the remaining availability under the Company’s share repurchase program was $400 million.
Capri Holdings Limited has adopted numerous trends during 2019 to expand its business. You can also consider offering customization with fashion design software for your products as more and more people are looking to customize products according to their choice.
Source: Business Newswire