Revenues are up at Capri Holdings Ltd. but headwinds continue with the Michael Kors brand and ongoing political conflict in Hong Kong.
The fashion group, which is also home to Versace and Jimmy Choo, delivered mixed results in its most recent quarter ending Sept. 28.
Total sales grew 15.1 percent to $1.4 billion, compared with $1.25 billion the same time last year thanks to the addition of Versace, which was purchased in December 2018. Meanwhile, total income fell to just $73 million, down from $138 million a year earlier.
By brand, revenues at Versace were $228 million. Revenues at Jimmy Choo rose 7.8 percent to $125 million, up from $116 million the same time last year. But sales at Michael Kors, the company’s largest brand, fell to $1.08 billion, down from $1.13 billion last year.
Even so, John D. Idol, Capri Holdings’ chairman and chief executive officer, said revenues at Michael Kors were in line with expectations, returning to positive same-store sales.
“We are successfully executing against [Michael Kors’] repositioning efforts to attract and engage Millennials and Generation Z consumers with Michael’s optimistic design vision and energetic marketing,” Idol said on Wednesday morning’s conference call with analysts.
He added that earnings across the company fell because
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