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Michael Kors and Versace’s owner, Capri Holdings, reduces its revenue forecast for 2020

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.

 

Read also > Capri Holdings Limited reports encouraging results for the second quarter of 2020

 

The editorial team

Thanks to its extensive knowledge of these sectors, the Luxus + editorial team deciphers for its readers the main economic and technological stakes in fashion, watchmaking, jewelry, gastronomy, perfumes and cosmetics, hotels, and prestigious real estate.

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