298
Fashion Jobs
L'OREAL GROUP
Assistant CRM Manager
Permanent · HONG KONG
L'OREAL GROUP
Key Account Manager
Permanent · HONG KONG
H&M
Total Rewards Manager, Supply Chain
Permanent · TSIM SHA TSUI
H&M
Accounts Specialist
Permanent · TSIM SHA TSUI
ESTÉE LAUDER COMPANIES
Assistant Demand Planning Manager
Permanent · HONG KONG
ESTÉE LAUDER - BRAND
Retail Marketing Manager, Estée Lauder
Permanent · HONG KONG
CLINIQUE
Assistant Education Manager, Clinique
Permanent · HONG KONG
CLINIQUE
Senior Marketing Manager, Clinique
Permanent · HONG KONG
TOMMY HILFIGER
Senior Manager, Creative Services, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
AESOP
Retail Consultant
Permanent · SHA TIN
NEWELL
Senior Manager, Indirect Sourcing
Permanent · HONG KONG
L'OREAL GROUP
Group Product Manager
Permanent · HONG KONG
ADIDAS
Senior Manager, Materials Availability Management
Permanent · HONG KONG
L'OREAL GROUP
Assistant Purchasing Manager (Marketing, Digital IT)
Permanent · HONG KONG
PUMA
Manager Innovation Technical Apparel
Permanent · HONG KONG
DR. MARTENS
Head of Financial Accounting, Apac
Permanent · TSIM SHA TSUI
TJX COMPANIES
Director of Sourcing, Apparel -Hong Kong
Permanent · HONG KONG
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Hysan Place
Permanent · CAUSEWAY BAY
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Yoho Mall
Permanent · HONG KONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Harbour City
Permanent · TSIM SHA TSUI
KERING EYEWEAR
Kering Eyewear Assistant Trade Marketing Manager Travel Retail
Permanent · HONG KONG
JAEGER
Training Manager
Permanent · HONG KONG
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.