Capri falls after warning on soft demand globally for fashion luxury products

seekingalpha08-09

Capri Holdings Limited (NYSE:CPRI) fell in postmarket trading on Thursday after reporting soft demand with its FQ1 earnings report. Total revenue fell 13.2% year-over-year to $1.07 billion for the ...

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Total revenue fell 13.2% year-over-year to $1.07 billion for the ...</p>\n\n<a href=\"https://seekingalpha.com/news/4137565-capri-falls-after-warning-on-soft-demand-globally-for-fashion-luxury-products\">Source Link</a>\n\n</div>\n","source":"seekingalpha","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Capri falls after warning on soft demand globally for fashion luxury products</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCapri falls after warning on soft demand globally for fashion luxury products\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-09 04:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/4137565-capri-falls-after-warning-on-soft-demand-globally-for-fashion-luxury-products><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Capri Holdings Limited (NYSE:CPRI) fell in postmarket trading on Thursday after reporting soft demand with its FQ1 earnings report. Total revenue fell 13.2% year-over-year to $1.07 billion for the ...</p>\n\n<a href=\"https://seekingalpha.com/news/4137565-capri-falls-after-warning-on-soft-demand-globally-for-fashion-luxury-products\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"EL","symbol_name":"雅诗兰黛","start_time":0,"source_url":"https://seekingalpha.com/news/4137565-capri-falls-after-warning-on-soft-demand-globally-for-fashion-luxury-products","article_id":"2458156322","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1270370875/image_1270370875.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2458156322","pubTimestamp":1723148766,"columns":[],"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Capri Holdings Limited (NYSE:CPRI) fell in postmarket trading on Thursday after reporting soft demand with its FQ1 earnings report. 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Total revenue fell 13.2% year-over-year to $1.07 billion for the fiscal quarter that ended on June 29. On a constant currency basis, total revenue decreased by 12.1% during the quarter. Total company retail sales declined in the low-double-digits, with trends being impacted by softening demand globally for fashion luxury goods. Revenue decreased in the high-teens for the wholesale business, driven by softer demand across global markets. Versace revenue was down 15.4% during the quarter to $219 million compared to a year ago, and was 14.2% lower on a constant currency basis. The brand's retail sales increased by high-single-digits, while wholesale revenue decreased by double-digits. Versace operating income plunged to -$17 million. Jimmy Choo revenue fell 5.5% to $137 million compared to the prior year, driven lower primarily by softening demand globally for fashion luxury goods. The sharp decline in operating margin rate to 2.3% from 8.7% a year ago was primarily due to higher store related costs and expense deleverage on lower revenue. Michael Kors revenue fell by 12.4% to $675 million and was down by 13.3% on a constant currency basis. The decline was primarily attributable to softening demand globally for fashion luxury goods. Retail sales declined low-teens while wholesale revenue decreased high-teens. Revenue in the Americas declined 10%, while revenue in EMEA decreased 21% and revenue in Asia declined 23%. Michael Kors' global database increased by 10.6 million new consumers, representing 15% growth over the last year. CPRI's overall adjusted gross profit was $689 million, and adjusted gross margin was 64.6% vs. 66.1% a year ago. Gross profit margin decreased largely due to lower full price sell-throughs. The company's net inventory at the end of the quarter was down 23% Y/Y to $902 million. Capri's (CPRI) cash flow from operating activities for the quarter was an inflow of $83 million, while free cash flow was an inflow of $40 million. CEO update: \"Overall, we were disappointed with our first quarter results as performance continued to be impacted by softening demand globally for fashion luxury goods. We are continuing to manage our operating expenses and inventory levels carefully in light of the challenging global retail environment. Looking forward, we remain focused on executing our strategic initiatives to deliver long-term sustainable growth across each of our luxury houses.\" Due to the pending merger transaction between Capri Holdings (CPRI) and Tapestry (TPR), the company does not intend to provide financial guidance. Shares of Capri (CPRI) moved 4.75% lower in postmarket action on Thursday. Stocks that have moved along with Capri before following its earnings report include Tapestry (TPR), Ralph Lauren (RL), Moncler S.p.A (OTCPK:MONRF), Compagnie Financière Richemont SA (OTCPK:CFRHF), Richemont, LVMH Moët Hennessy (OTCPK:LVMHF), Kering SA (OTCPK:PPRUF), Swatch Group (OTCPK:SWGAY), and Estee Lauder (EL)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2458156322"}