Capri Holdings Limited (NYSE:CPRI), a global fashion luxury
group, today announced its financial results for the third quarter
of Fiscal 2024 ended December 30, 2023.
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Third Quarter Fiscal 2024 Highlights
- Revenue decreased 5.6% on a reported basis and 6.6% in constant
currency
- Adjusted operating margin of 12.1%
- Adjusted earnings per share of $1.20
John D. Idol, the Company's Chairman and Chief Executive
Officer, said, "Overall, our performance in the third quarter
continued to be impacted by softening demand for fashion luxury
goods. However, sales trends improved sequentially in the third
quarter, driven by better results in our own retail channel while
sales in our wholesale channel remained challenged. Additionally,
we were pleased to have resolved the Michael Kors Americas
Ecommerce implementation issues discussed last quarter and our
platform is now running smoothly."
Mr. Idol continued, "Versace, Jimmy Choo and Michael Kors
continued to resonate with consumers as evidenced by the 10.7
million new consumers added across our databases, representing 13%
growth versus last year. In fact, we achieved a new milestone, with
our database surpassing 90 million customers. This reflects the
strong brand equity and enduring value of our three iconic
houses."
Mr. Idol concluded, “We look forward to the successful
completion of the merger transaction with Tapestry in calendar year
2024. This combination will deliver value to our shareholders as
well as provide new opportunities for our dedicated employees
around the world as Capri Holdings becomes part of a larger and
more diversified company. By joining with Tapestry, we will have
greater resources and capabilities to accelerate the expansion of
our global reach while preserving the unique DNA of our
brands.”
Third Quarter Fiscal 2024 Results
Financial Results and non-GAAP Reconciliation
The Company’s results are reported in this press release in
accordance with accounting principles generally accepted in the
United States ("U.S. GAAP") and on an adjusted, non-GAAP basis. A
reconciliation of GAAP to non-GAAP financial information is
provided at the end of this press release.
Overview of Capri Holdings Third Quarter Fiscal 2024
Results
- Total revenue of $1.43 billion decreased 5.6% compared to last
year. On a constant currency basis, total revenue decreased 6.6%.
Total company retail sales declined in the mid-single-digits with
trends being impacted by softening luxury consumer demand primarily
in the Americas as well as by the Michael Kors Americas Ecommerce
implementation issues discussed last quarter. In wholesale, revenue
decreased in the low-teens driven by softer demand in the Americas
and EMEA.
- Gross profit was $928 million and gross margin was 65.0%,
compared to $1.01 billion and 66.5% in the prior year. Adjusted
gross profit was $928 million and adjusted gross margin was 65.0%,
compared to $1.00 billion and 66.3% in the prior year. Gross profit
margin decreased relative to prior year primarily driven by lower
full price sell throughs.
- Income from operations was $122 million and operating margin
was 8.5%, compared to $236 million and 15.6% in the prior year.
Adjusted income from operations was $172 million and operating
margin was 12.1%, compared to $256 million and 16.9% in the prior
year. The decline in operating margin reflects lower gross margin,
unfavorable channel mix, higher store related costs and expense
deleverage on lower revenue.
- Net income was $105 million, or $0.88 per diluted share,
compared to $225 million, or $1.72 per diluted share, in the prior
year. Adjusted net income was $142 million, or $1.20 per diluted
share, compared to $240 million, or $1.84 per diluted share, in the
prior year period.
- Net inventory as of December 30, 2023 was $1.02 billion, a 14%
decrease compared to the prior year reflecting the Company's
ongoing diligent inventory management. Management expects inventory
levels to remain below prior year in the fourth quarter of fiscal
2024.
- Cash flow from operating activities for the third quarter was
an inflow of $362 million, while free cash flow was an inflow of
$313 million.
- Cash and equivalents totaled $249 million, and total borrowings
outstanding were $1.84 billion, resulting in net debt of $1.60
billion. During the third quarter, the company repaid approximately
$313 million of debt.
- On an annual basis, Capri Holdings continues to expect to
generate strong free cash flow, in line with historical levels. As
a result, the Company expects to significantly reduce net debt by
the end of the fiscal year.
Versace Third Quarter Fiscal 2024 Results
- Versace revenue of $227 million decreased 8.8% on a reported
basis and 10.8% on a constant currency basis. The decline was
primarily driven by softening consumer demand in the Americas and
EMEA partially offset by increased revenue in Asia. Retail sales
declined in the low-single-digits while wholesale revenue decreased
double-digits. Revenue in the Americas declined 14%, while revenue
in EMEA decreased 13% and revenue in Asia increased 10%. Versace’s
global database increased by 1.5 million new names, representing
25% growth over the last year.
- Versace operating loss was $14 million and operating margin was
(6.2)%, compared to operating income of $24 million and 9.6% in the
prior year. The decline in operating margin rate was primarily due
to unfavorable channel mix, higher store related costs and expense
deleverage on lower revenue.
Jimmy Choo Third Quarter Fiscal 2024 Results
- Jimmy Choo revenue of $166 million decreased 1.2% on a reported
basis and 3.0% on a constant currency basis driven primarily by
softening consumer demand, mainly in the Americas, partially offset
by increased revenue in Asia. Retail sales were approximately flat
while wholesale revenue decreased mid-single-digits. Revenue in the
Americas declined 11%, while revenue in EMEA was flat and revenue
in Asia increased 9%. Jimmy Choo’s global database increased by 0.7
million new names, representing 13% growth over the last year.
- Jimmy Choo operating income was $4 million and operating margin
was 2.4%, compared to $18 million and 10.7% in the prior year. The
decline in operating margin rate was primarily due to lower full
price sell throughs, unfavorable channel mix and higher store
related costs.
Michael Kors Third Quarter Fiscal 2024 Results
- Michael Kors revenue of $1.03 billion decreased 5.6% on a
reported basis and 6.2% on a constant currency basis. The decline
versus prior year was primarily attributable to softening consumer
demand, mainly in the Americas. Results were also impacted by the
Michael Kors Americas Ecommerce implementation issues discussed
last quarter. As anticipated, third quarter Ecommerce trends in the
Americas began to benefit from functional changes designed to
improve the situation. The issues associated with the Ecommerce
platform implementation are now largely resolved. Retail sales
declined in the mid-single-digits while wholesale revenue decreased
low-double-digits. Revenue in the Americas declined 7%, while
revenue in EMEA decreased 2% and revenue in Asia declined 2%.
Michael Kors’ global database increased by 8.5 million new names,
representing 12% growth over the last year.
- Michael Kors operating income was $219 million and operating
margin was 21.2%, compared to $251 million and 22.9% in the prior
year. The decline in operating margin rate was primarily related to
lower full price sell throughs and expense deleverage on lower
revenue.
Outlook
Given the pending merger transaction of Capri Holdings Limited
by Tapestry, Inc., the Company does not intend to provide financial
guidance.
Use of Non-GAAP Financial Measures
Constant currency effects are non-GAAP financial measures, which
are provided to supplement our reported operating results to
facilitate comparisons of our operating results and trends in our
business, excluding the effects of foreign currency rate
fluctuations. Because we are a global company, foreign currency
exchange rates may have a significant effect on our reported
results. We calculate constant currency measures and the related
foreign currency impacts by translating the current year’s reported
amounts into comparable amounts using prior year’s foreign exchange
rates for each currency. All constant currency performance measures
discussed below should be considered a supplement to and not in
lieu of our operating performance measures calculated in accordance
with U.S. GAAP. Additionally, this earnings release includes
certain non-GAAP financial measures that exclude certain costs
associated with restructuring and other charges, ERP implementation
costs, COVID-19 related expenses, war in Ukraine related costs,
Capri transformation costs, Tapestry merger related costs and
long-lived asset impairments. The Company uses non-GAAP financial
measures, among other things, to evaluate its operating performance
and in order to represent the manner in which the Company conducts
and views its business. The Company believes that excluding these
items helps its management and investors compare operating
performance based on its ongoing operations. While the Company
considers the non-GAAP measures to be useful supplemental measures
in analyzing its results, they are not intended to replace, nor act
as a substitute for, any amounts presented in its consolidated
financial statements prepared in conformity with U.S. GAAP and may
be different from non-GAAP measures reported by other
companies.
About Capri Holdings Limited
Capri Holdings is a global fashion luxury group consisting of
iconic, founder-led brands Versace, Jimmy Choo and Michael Kors.
Our commitment to glamorous style and craftsmanship is at the heart
of each of our luxury brands. We have built our reputation on
designing exceptional, innovative products that cover the full
spectrum of fashion luxury categories. Our strength lies in the
unique DNA and heritage of each of our brands, the diversity and
passion of our people and our dedication to the clients and
communities we serve. Capri Holdings Limited is publicly listed on
the New York Stock Exchange under the ticker CPRI.
Forward-Looking Statements
This report contains statements which are, or may be deemed to
be, “forward-looking statements.” Forward-looking statements are
prospective in nature and are not based on historical facts, but
rather on current expectations and projections of the management of
Capri about future events and are therefore subject to risks and
uncertainties which could cause actual results to differ materially
from the future results expressed or implied by the forward-looking
statements. All statements other than statements of historical
facts included herein, may be forward-looking statements. Without
limitation, any statements preceded or followed by or that include
the words “plans”, “believes”, “expects”, “intends”, “will”,
“should”, “could”, “would”, “may”, “anticipates”, “might” or
similar words or phrases, are forward-looking statements. Such
forward-looking statements involve known and unknown risks and
uncertainties that could significantly affect expected results and
are based on certain key assumptions, which could cause actual
results to differ materially from those projected or implied in any
forward-looking statements, including regarding the pending merger
transaction with a wholly-owned subsidiary of Tapestry, Inc. (the
"Merger"). These risks, uncertainties and other factors include the
impact of the COVID-19 pandemic; changes in consumer traffic and
retail trends; the timing, receipt and terms and conditions of any
required governmental and regulatory approvals for the pending
Merger that could delay or result in the termination of the pending
Merger, the occurrence of any other event, change or other
circumstances that could give rise to the termination of the merger
agreement entered into in connection with the pending Merger, the
risk that the parties to the merger agreement may not be able to
satisfy the conditions to the pending Merger in a timely manner or
at all, risks related to disruption of management time from ongoing
business operations due to the pending Merger, the risk that any
announcements relating to the pending Merger could have adverse
effects on the market price of Capri's shares, the risk of any
unexpected costs or expenses resulting from the pending Merger, the
risk of any litigation relating to the pending Merger, the risk
that the pending Merger and its announcement could have an adverse
effect on the ability of Capri to retain customers and retain and
hire key personnel and maintain relationships with customers,
suppliers, employees, shareholders and other business relationships
and on its operating results and business generally, and the risk
the pending Merger could divert the attention of Capri’s
management; as well as those risks that are outlined in Capri’s
disclosure filings and materials, which you can find on
http://www.capriholdings.com, such as its Form 10-K, Form 10-Q and
Form 8-K reports that have been filed with the SEC. Please consult
these documents for a more complete understanding of these risks
and uncertainties. Any forward-looking statement in this press
release speaks only as of the date made and Capri disclaims any
obligation to update or revise any forward-looking or other
statements contained herein other than in accordance with legal and
regulatory obligations.
SCHEDULE 1
CAPRI HOLDINGS LIMITED AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In millions, except share and
per share data)
(Unaudited)
Three Months Ended
Nine Months Ended
December 30, 2023
December 31, 2022
December 30, 2023
December 31, 2022
Total revenue
$
1,427
$
1,512
$
3,947
$
4,284
Cost of goods sold
499
507
1,375
1,427
Gross profit
928
1,005
2,572
2,857
Total operating expenses
806
769
2,270
2,138
Income from operations
122
236
302
719
Other income, net
—
(1
)
—
(2
)
Interest expense, net
1
12
12
13
Foreign currency (gain) loss
(2
)
(3
)
16
(10
)
Income before income taxes
123
228
274
718
Provision for income taxes
18
3
31
66
Net income
105
225
243
652
Less: Net income attributable to
noncontrolling interest
—
—
—
2
Net income attributable to Capri
$
105
$
225
$
243
$
650
Weighted average ordinary shares
outstanding:
Basic
116,795,382
128,849,793
116,967,118
135,600,276
Diluted
118,163,528
130,364,919
118,003,245
137,050,159
Net income per ordinary share:
Basic
$
0.89
$
1.74
$
2.07
$
4.79
Diluted
$
0.88
$
1.72
$
2.06
$
4.74
SCHEDULE 2
CAPRI HOLDINGS LIMITED AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(In millions, except share
data)
(Unaudited)
December 30, 2023
April 1, 2023
December 31, 2022
Assets
Current assets
Cash and cash equivalents
$
249
$
249
$
281
Receivables, net
339
369
372
Inventories, net
1,020
1,057
1,188
Prepaid expenses and other current
assets
310
195
243
Total current assets
1,918
1,870
2,084
Property and equipment, net
560
552
546
Operating lease right-of-use assets
1,485
1,330
1,369
Intangible assets, net
1,727
1,728
1,743
Goodwill
1,319
1,293
1,358
Deferred tax assets
371
296
247
Other assets
237
226
207
Total assets
$
7,617
$
7,295
$
7,554
Liabilities and Shareholders’
Equity
Current liabilities
Accounts payable
$
370
$
475
$
519
Accrued payroll and payroll related
expenses
105
154
131
Accrued income taxes
74
73
65
Short-term operating lease liabilities
408
429
412
Short-term debt
461
5
19
Accrued expenses and other current
liabilities
397
314
413
Total current liabilities
1,815
1,450
1,559
Long-term operating lease liabilities
1,459
1,348
1,392
Deferred tax liabilities
519
508
531
Long-term debt
1,383
1,822
1,521
Other long-term liabilities
506
318
328
Total liabilities
5,682
5,446
5,331
Commitments and contingencies
Shareholders’ equity
Ordinary shares, no par value; 650,000,000
shares authorized; 225,904,103 shares issued and 116,262,663
outstanding at December 30, 2023; 224,166,250 shares issued and
117,347,045 outstanding at April 1, 2023 and 223,781,728 shares
issued and 125,398,217 outstanding at December 31, 2022
—
—
—
Treasury shares, at cost (109,641,440
shares at December 30, 2023, 106,819,205 shares at April 1, 2023
and 98,383,511 shares at December 31, 2022)
(5,458
)
(5,351
)
(4,951
)
Additional paid-in capital
1,410
1,344
1,327
Accumulated other comprehensive income
31
147
105
Retained earnings
5,951
5,708
5,742
Total shareholders’ equity of Capri
1,934
1,848
2,223
Noncontrolling interest
1
1
—
Total shareholders’ equity
1,935
1,849
2,223
Total liabilities and shareholders’
equity
$
7,617
$
7,295
$
7,554
SCHEDULE 3
CAPRI HOLDINGS LIMITED AND
SUBSIDIARIES
CONSOLIDATED SEGMENT
DATA
($ in millions)
(Unaudited)
Three Months Ended
Nine Months Ended
December 30, 2023
December 31, 2022
December 30, 2023
December 31, 2022
Revenue by Segment and Region:
Versace
The Americas
$
73
$
85
$
251
$
320
EMEA
98
113
339
350
Asia
56
51
176
162
Versace Revenue
227
249
766
832
Jimmy Choo
The Americas
48
54
135
151
EMEA
70
70
208
193
Asia
48
44
138
138
Jimmy Choo Revenue
166
168
481
482
Michael Kors
The Americas
722
777
1,779
2,045
EMEA
208
212
602
616
Asia
104
106
319
309
Michael Kors Revenue
1,034
1,095
2,700
2,970
Total Revenue
$
1,427
$
1,512
$
3,947
$
4,284
Income (loss) from Operations:
Versace
$
(14
)
$
24
$
24
$
138
Jimmy Choo
4
18
11
45
Michael Kors
219
251
518
721
Total segment income from operations
209
293
553
904
Less: Corporate expenses
(68
)
(56
)
(210
)
(171
)
Impairment of assets
(6
)
(1
)
(26
)
(12
)
Merger related costs
(8
)
—
(12
)
—
Restructuring and other expense
(5
)
(5
)
(3
)
(11
)
COVID-19 related charges
—
2
—
6
Impact of war in Ukraine
—
3
—
3
Total Income from Operations
$
122
$
236
$
302
$
719
Operating Margin:
Versace
(6.2
)%
9.6
%
3.1
%
16.6
%
Jimmy Choo
2.4
%
10.7
%
2.3
%
9.3
%
Michael Kors
21.2
%
22.9
%
19.2
%
24.3
%
Capri
8.5
%
15.6
%
7.7
%
16.8
%
SCHEDULE 4
CAPRI HOLDINGS LIMITED AND
SUBSIDIARIES
SUPPLEMENTAL RETAIL STORE
INFORMATION
(Unaudited)
As of
Retail Store Information:
December 30, 2023
December 31, 2022
Versace
233
225
Jimmy Choo
237
242
Michael Kors
800
827
Total number of retail stores
1,270
1,294
SCHEDULE 5
CAPRI HOLDINGS LIMITED AND
SUBSIDIARIES
CONSTANT CURRENCY DATA
(In millions)
(Unaudited)
Three Months Ended
% Change
December 30, 2023
December 31, 2022
As
Reported
Constant
Currency
Total Revenue:
Versace
$
227
$
249
(8.8
)%
(10.8
)%
Jimmy Choo
166
168
(1.2
)%
(3.0
)%
Michael Kors
1,034
1,095
(5.6
)%
(6.2
)%
Total Revenue
$
1,427
$
1,512
(5.6
)%
(6.6
)%
Nine Months Ended
% Change
December 30, 2023
December 31, 2022
As
Reported
Constant
Currency
Total Revenue:
Versace
$
766
$
832
(7.9
)%
(9.5
)%
Jimmy Choo
481
482
(0.2
)%
(1.2
)%
Michael Kors
2,700
2,970
(9.1
)%
(9.5
)%
Total Revenue
$
3,947
$
4,284
(7.9
)%
(8.6
)%
SCHEDULE 6
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In millions, except per share
data)
(Unaudited)
Three Months Ended December
30, 2023
As Reported
Impairment Charges
Restructuring and Other Expense
(1)
ERP Implementation(2)
Capri Transformation (3)
Merger Related Costs
As Adjusted
Gross profit
$
928
$
—
$
—
$
—
$
—
$
—
$
928
Operating expenses
$
806
$
(6
)
$
(5
)
$
(4
)
$
(27
)
$
(8
)
$
756
Total income from operations
$
122
$
6
$
5
$
4
$
27
$
8
$
172
Income before provision for income
taxes
$
123
$
6
$
5
$
4
$
27
$
8
$
173
Provision for income taxes
$
18
$
2
$
1
$
1
$
7
$
2
$
31
Net income attributable to Capri
$
105
$
4
$
4
$
3
$
20
$
6
$
142
Diluted net income per ordinary share -
Capri
$
0.88
$
0.03
$
0.04
$
0.03
$
0.17
$
0.05
$
1.20
______________________
(1)
Amounts impacting operating expenses
primarily relate to equity awards associated with the acquisition
of Gianni Versace S.r.l and severance expenses incurred during the
third quarter.
(2)
Represents a multi-year ERP implementation
which includes accounting, finance and wholesale and retail
inventory solutions in order to create standardized finance IT
applications across our organization. This ERP implementation will
continue through Fiscal 2026 and we expect expenditures up to $170
million.
(3)
The Capri transformation program
represents a multi-year, multi-project initiative extending through
Fiscal 2026 intended to improve the operating effectiveness and
efficiency of our organization by creating best in class shared
platforms across our brands and by expanding our digital
capabilities. These initiatives cover multiple aspects of our
operations including supply chain, marketing, omni-channel customer
experience, e-commerce, data analytics and IT infrastructure.
Through Fiscal 2026, we expect expenditures up to $220 million
related to these efforts.
SCHEDULE 7
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In millions, except per share
data)
(Unaudited)
Nine Months Ended December 30,
2023
As Reported
Impairment Charges
Restructuring and Other Expense
(1)
ERP Implementation (2)
Capri Transformation (3)
Merger Related Costs
As Adjusted
Gross profit
$
2,572
$
—
$
—
$
—
$
—
$
—
$
2,572
Operating expenses
$
2,270
$
(26
)
$
(3
)
$
(13
)
$
(84
)
$
(12
)
$
2,132
Total income from operations
$
302
$
26
$
3
$
13
$
84
$
12
$
440
Foreign currency loss (gain)
$
16
$
—
$
(17
)
$
—
$
—
$
—
$
(1
)
Income before provision for income
taxes
$
274
$
26
$
20
$
13
$
84
$
12
$
429
Provision for income taxes
$
31
$
6
$
4
$
3
$
19
$
3
$
66
Net income attributable to Capri
$
243
$
20
$
16
$
10
$
65
$
9
$
363
Diluted net income per ordinary share -
Capri
$
2.06
$
0.17
$
0.14
$
0.08
$
0.55
$
0.08
$
3.08
______________________
(1)
Amounts impacting operating expenses
primarily relate to equity awards associated with the acquisition
of Gianni Versace S.r.l and severance for certain employees,
partially offset by a $10 million gain on the sale of a long-lived
corporate asset. The foreign currency exchange loss represents a
charge recognized in conjunction with restructuring activities to
rationalize certain legal entities within our structure.
(2)
Represents a multi-year ERP implementation
which includes accounting, finance and wholesale and retail
inventory solutions in order to create standardized finance IT
applications across our organization. This ERP implementation will
continue through Fiscal 2026 and we expect expenditures up to $170
million.
(3)
The Capri transformation program
represents a multi-year, multi-project initiative extending through
Fiscal 2026 intended to improve the operating effectiveness and
efficiency of our organization by creating best in class shared
platforms across our brands and by expanding our digital
capabilities. These initiatives cover multiple aspects of our
operations including supply chain, marketing, omni-channel customer
experience, e-commerce, data analytics and IT infrastructure.
Through Fiscal 2026, we expect expenditures up to $220 million
related to these efforts.
SCHEDULE 8
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In millions, except per share
data)
(Unaudited)
Three Months Ended December
31, 2022
As Reported
Impairment Charges
Restructuring and Other Expense
(1)
COVID-19 Related Expenses
ERP Implementation
Capri Transformation
War in Ukraine
As Adjusted
Gross profit
$
1,005
$
—
$
—
$
(2
)
$
—
$
—
$
—
$
1,003
Operating expenses
$
769
$
(1
)
$
(5
)
$
—
$
(4
)
$
(15
)
$
3
$
747
Total income from operations
$
236
1
$
5
$
(2
)
$
4
$
15
$
(3
)
$
256
Income before provision for income
taxes
$
228
$
1
$
5
$
(2
)
$
4
$
15
$
(3
)
$
248
Provision for income taxes
$
3
$
—
$
1
$
—
$
1
$
4
$
(1
)
$
8
Net income attributable to Capri
$
225
$
1
$
4
$
(2
)
$
3
$
11
$
(2
)
$
240
Diluted net income per ordinary share -
Capri
$
1.72
$
0.01
$
0.03
$
(0.02
)
$
0.02
$
0.09
$
(0.01
)
$
1.84
______________________
(1)
Primarily includes expenses related to equity award associated
with the acquisition of Gianni Versace S.r.l.
SCHEDULE 9
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In millions, except per share
data)
(Unaudited)
Nine Months Ended December 31,
2022
As Reported
Impairment Charges
Restructuring and Other
Expense(1)
COVID-19 Related Charges
ERP Implementation
Capri Transformation
War in Ukraine
As Adjusted
Gross profit
$
2,857
$
—
$
—
$
(6
)
$
—
$
—
$
—
$
2,851
Operating expenses
$
2,138
$
(12
)
$
(11
)
$
—
$
(20
)
$
(34
)
$
3
$
2,064
Total income from operations
$
719
$
12
$
11
$
(6
)
$
20
$
34
$
(3
)
$
787
Income before provision for income
taxes
$
718
$
12
$
11
$
(6
)
$
20
$
34
$
(3
)
$
786
Provision for income taxes
$
66
$
2
$
3
$
(1
)
$
5
$
10
$
(1
)
$
84
Net income attributable to Capri
$
650
$
10
$
8
$
(5
)
$
15
$
24
$
(2
)
$
700
Diluted net income per ordinary share -
Capri
$
4.74
$
0.07
$
0.06
$
(0.04
)
$
0.11
$
0.18
$
(0.01
)
$
5.11
______________________
(1)
Primarily Includes expenses related to
equity award associated with the acquisition of Gianni Versace
S.r.l.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240208378853/en/
Investor Relations: Jennifer Davis +1 (201) 514-8234
Jennifer.Davis@CapriHoldings.com
Media: Press@CapriHoldings.com
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