Capri Holdings' Revenue Plummets 132% in Q1 2025
Sluggish Global Demand for Luxury Takes Its Toll
Capri Holdings Limited (CPRI) has reported a disappointing decline in revenue for the first quarter of fiscal year 2025. The company's revenue dropped by 132% compared to the same period last year, reflecting the impact of sluggish global demand for luxury goods.
The company's financial results also revealed a decline in both top and bottom lines. The first-quarter profit dropped significantly, as consumer spending on luxury items remains muted.
This revenue decline is a major setback for Capri Holdings, which owns a portfolio of luxury brands including Michael Kors, Versace, and Jimmy Choo. The company has been facing challenges due to macroeconomic headwinds and changing consumer preferences.
The company's shares fell sharply in after-hours trading following the release of the financial results. Investors are concerned about the company's ability to weather the current economic downturn and maintain its profitability.
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