85
Fashion Jobs
JO MALONE LONDON
Education Manager, Jml/lm
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Senior HR Operations Executive/ Assistant Manager
Permanent · HO CHI MINH CITY
ADIDAS
Key Account Manager (Franchise)
Permanent · HO CHI MINH CITY
ADIDAS
Senior Manager, Commercial, Adigolf, Vietnam 1
Permanent · HO CHI MINH CITY
ADIDAS
Key Account Manager 1 (Franchise)
Permanent · HO CHI MINH CITY
COLUMBIA
lo Costing & Engineering Manager
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Category Manager - Cpd
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Business Planning Manager - Cpd
Permanent · HO CHI MINH CITY
ADIDAS
Senior Manager Product Creation (Sportwear)
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Product Manager - Shu Uemura
Permanent · HO CHI MINH CITY
ADIDAS
Manager, Quality Product Integrity
Permanent · HO CHI MINH CITY
TAPESTRY
Manager, Manufacturing Engineer
Permanent · HO CHI MINH CITY
SPECIALIZED
Painting Quality Engineer - Bình Dương, Vietnam
Permanent ·
ON RUNNING
Social Compliance Specialist - Hcm Based
Permanent · HO CHI MINH CITY
ADIDAS
Senior Manager, Sourcing Operations
Permanent · HO CHI MINH CITY
WILLIAMS SONOMA
Wood Sustainability Specialist - (Global)
Permanent · THUẬN AN
PUMA
Manager Quality Apparel & Accessories
Permanent · HO CHI MINH CITY
PUMA
Senior Executive, Finance
Permanent · HO CHI MINH CITY
PUMA
Head of Quality Footwear
Permanent · HO CHI MINH CITY
PUMA
Quality Engineer Cobra
Permanent · HO CHI MINH CITY
PUMA
Key Account Manager, Marketplace E-Com
Permanent · HO CHI MINH CITY
ON RUNNING
Head of Footwear Sourcing
Permanent · HO CHI MINH CITY
By
Reuters API
Published
Jul 1, 2020
Reading time
2 minutes
Download
Download the article
Print
Text size

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

By
Reuters API
Published
Jul 1, 2020

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.


Michael Kors - Fall-Winter2020 - Womenswear - New York - © PixelFormula




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.

© Thomson Reuters 2024 All rights reserved.