Capri holdings slides deeper into loss zone in fourth quarter
The current quarterly report still includes the results of the Versace brand, the acquisition of which by the Italian fashion group Prada SpA is to be completed in the second half of the year. In mid-April, both companies agreed that the Prada Group would acquire the fashion house for around 1.37 billion dollars. Group sales fall by around 15 percent
In the fourth quarter, which ended on March 29, Capri's group sales amounted to around 1.03 billion dollars. This corresponded to a decrease of 15.4 percent compared to the same period last year. Adjusted for exchange rate changes, revenues shrank by 14.1 percent.
The significant decrease was due to losses at all group brands. Michael Kors' sales fell by 15.6 percent (currency-adjusted -14.4 percent) to 694 million dollars, while Jimmy Choo's revenues fell by 2.9 percent (currency-adjusted 1.5 percent) to 133 million dollars. Versace suffered a minus of 21.2 percent (currency-adjusted -19.7 percent) to 208 million dollars.
Due to significantly lower costs, the group was able to reduce its operating loss, which had been 543 million dollars in the same quarter last year, to 116 million dollars. However, the net loss attributable to shareholders grew by 37 percent to 645 million dollars due to higher tax charges. Adjusted for special effects, the corresponding deficit was 581 million dollars, after an adjusted net profit of 50 million dollars had been recorded in the same quarter last year. Net loss for the full financial year amounts to more than one billion dollars
Group sales for the full financial year were 4.44 billion dollars, a decrease of 14.1 percent compared to the previous year. The reported net loss of around 1.18 billion dollars was more than five times as high as in the previous year, when it was 229 million dollars.
The group also published an initial outlook for the current 2025/26 financial year, which no longer includes Versace's results. According to this, management expects annual sales in the range of 3.3 to 3.4 billion dollars, an operating profit of approximately 100 million dollars and diluted earnings per share of between 1.20 and 1.40 dollars. Chief executive officer John Idol looks to future with 'optimism'
Chairman and chief executive officer John Idol was confident about the future: 'The 2024/25 financial year was a difficult year for Capri Holdings, but as we start the 2025/26 financial year, we are optimistic about our future path,' he said in a statement. Despite the uncertainties arising from the development of global tariffs, the group will focus on its new strategic measures, which should lead to future growth. The company is still in an 'early phase' of its turnaround, but can already see 'positive signs' of the effectiveness of the strategy, Idol emphasised. This article was translated to English using an AI tool.
FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@fashionunited.com
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