Capri Holdings published Wednesday quarterly results above expectations but revised downwards its annual forecasts because of the coronavirus.
By Luxus Plus
The luxury firm made third-quarter net profit of $ 210 million, or $ 1.38 a share, compared to $ 200 million, or $ 1.33 a share a year earlier. Earnings per share stood at 1.66 dollars, above the consensus which gave it at 1.59 dollars. Sales also increased by 9% to reach $ 1.57 billion.
The group, which also owns the Jimmy Choo brand, said the coronavirus had a significant impact on its business in China. He said 150 of its 225 stores in China were closed and the rest were experiencing a significant drop in traffic. According to him, the coronavirus could negatively impact its turnover by up to $ 100 million.
The American company therefore decided to reduce its forecast of annual revenues from $ 5.8 billion to $ 5.65 billion. It also lowered its earnings forecast from $ 4.95 to $ 4.50 per share, down from $ 4.45 to $ 4.50 per share, which has fallen about 20% since the start of the year.
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