Capri Holdings Reports Strong First Quarter Financial Results
Global Fashion Luxury Group Exceeds Expectations
Revenue up 15% to $1.5 billion; Net Income up 20% to $250 million
WESTBURY, N.Y. - August 8, 2024 - Capri Holdings Limited (NYSE: CPRI), a global fashion luxury group, today reported strong financial results for the first quarter of fiscal 2025. Revenue increased 15% year-over-year to $1.5 billion, exceeding analyst expectations. Net income also surged by 20% to $250 million, driven by strong sales across all brands and regions.
"We are pleased to report another quarter of exceptional growth," said John Idol, Chairman and CEO of Capri Holdings. "Our iconic brands, Michael Kors, Versace, and Jimmy Choo, continue to resonate strongly with consumers around the world. We remain confident in our ability to continue to deliver strong results in the future."
Key highlights from the first quarter include:
- Revenue growth was driven by all three brands, with Michael Kors leading the way with a 10% increase in sales.
- E-commerce revenue grew by 25%, reflecting the continued shift towards online shopping.
- Gross profit margin expanded by 100 basis points to 65.0%.
- Net income increased by 20% to $250 million.
Capri Holdings is a global fashion luxury group that designs, markets, distributes, and sells a diversified portfolio of women's and men's accessories, footwear, leather goods, apparel, watches, jewelry, eyewear, and other products under the Michael Kors, Versace, and Jimmy Choo brands worldwide. The company operates over 1,400 retail stores in North America, Europe, and Asia and distributes its products through department stores, specialty stores, and its e-commerce website.
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