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CAPRI HOLDINGS LIMITED

(CPRI)
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Capri estimates 70% plunge in first-quarter revenue, plans Michael Kors store closures

07/01/2020 | 08:38am EDT
Michael Kors logo is seen in a shop in downtown Lisbon

Michael Kors owner Capri Holdings Ltd on Wednesday estimated a stunning 70% drop in first-quarter revenue as the COVID-19 pandemic hammered demand for its luxury handbags and dresses.

Sales for luxury goods companies dried up early in the quarter as lockdowns to contain the outbreak shut shopping hubs in Europe, Asia and North America and crippled major department operators like Neiman Marcus.

Capri, which also owns Versace and Jimmy Choo, said it may permanently close up to 170 stores, mostly Michael Kors, over the next two years and cut capital expenditures by about $150 million in fiscal 2021 to ease the pressure.

"Customers are probably going to be less in stores over the next few years until we get a vaccine and until people feel more comfortable shopping outdoors," Capri Chief Executive Officer John Idol said on a call with analysts.

The company also forecast a return to profits in the second half of fiscal 2021, which started in April, helping send its shares up over 3%.

Capri said sales at its reopened stores hit 50% to 75% of prior year levels with stronger trends in China, but shipments to department stores had plunged and would result in "significant" losses in the first quarter.

Analysts had forecast a 46.7% fall in revenue for the first quarter ended June, according to IBES data from Refinitiv.

In delayed fourth-quarter results, Capri's total revenue fell 11.3% to $1.19 billion in the three months ended March 28, slightly above the average analyst estimate of $1.12 billion.

The company reported a fourth-quarter net loss attributable to Capri of $551 million, compared to a profit of $19 million a year earlier.

On an adjusted basis, the company earned 11 cents per share, missing estimates of 15 cents per share.

(Reporting by Uday Sampath in Bengaluru; Editing by Krishna Chandra Eluri and Sriraj Kalluvila)


© Reuters 2020
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Financials (USD)
Sales 2022 5 326 M - -
Net income 2022 694 M - -
Net Debt 2022 730 M - -
P/E ratio 2022 11,4x
Yield 2022 -
Capitalization 7 949 M 7 949 M -
EV / Sales 2022 1,63x
EV / Sales 2023 1,38x
Nbr of Employees 11 550
Free-Float 67,2%
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 52,29 $
Average target price 70,45 $
Spread / Average Target 34,7%
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Managers and Directors
John D. Idol Chairman & Chief Executive Officer
Thomas J. Edwards Executive VP, Chief Operating & Financial Officer
Alejandro Martinez Group Chief Information Officer
Stephen F. Reitman Independent Director
Judy Mary Gibbons Independent Director
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