Plus   Neg

Capri Holdings Slips To Loss In Q4, Does Not Provide FY21 Outlook - Quick Facts

Global fashion luxury group Capri Holdings Ltd. (CPRI) reported Wednesday a net loss of $551 million or $3.69 per share, compared to net income of $19 million or $0.13 per share in the prior-year quarter. Adjusted net income was $16 million, or $0.11 per share, compared to $95 million or $0.63 per share in the year-ago quarter.

Total revenue for the quarter decreased 11.3 percent of $1.2 billion from last year. On a constant currency basis, total revenue decreased 11.0 percent.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.14 per share on revenues of 1.12 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead, the company said it is not providing guidance for its fiscal year 2021, due to the lack of visibility surrounding the pandemic, macroeconomic fundamentals and tourism, the impacts on its financial and operating results cannot reasonably be estimated at this time.

The company added that while it expects fiscal 2021 to be significantly impacted by the effects of the virus, it is encouraged as it reopened stores globally with initial revenue exceeding expectations. It remains confident in the long-term opportunities for each of its unique luxury brands and believes Capri Holdings is poised to resume its growth trajectory in fiscal 2022.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
American Airlines has extended its offer to waive change fees for customers who purchase tickets for travel, until March 31 in response to lower travel demand due to the coronavirus pandemic. This means that travelers are provided additional flexibility by not asking them to pay penalties for changing the origin and destination cities. Lancaster Foods LLC has recalled certain conventional processed butternut squash items citing the potential to be contaminated with Listeria Monocytogenes, the U.S. Food and Drug Administration said. The products recalled included Autumn Medley, Butternut Squash Noodles, Butternut Squash Planks, Squash Noodle Medley, Butternut Squash Chunks, and Veggie Rice Blend in various measures. Amazon.com Inc. has offered to help the newly sworn-in US President Joe Biden with speedy delivery of Covid-19 vaccines across the United States amid the ongoing pandemic crisis. The e-commerce giant, whose majority of workers are in the frontline of the pandemic, reiterated its request to prioritize its essential workers to receive the vaccines at the earliest appropriate time.
Follow RTT