admin Capri Holdings Limited’s total revenue of 1.23 billion dollars for the first quarter, decreased 9.6 percent compared to last year. On a constant currency basis, total revenue decreased 9.3 percent.
In a separate release, the company also announced that Coach owner Tapestry will acquire Capri Holdings for 8.5 billion dollars.
Commenting on the development, John D. Idol, the company’s chairman and CEO, said: “As announced earlier today, the planned acquisition of Capri Holdings by Tapestry marks a major milestone for our company. We are confident this combination will deliver immediate value to our shareholders.”
Highlights of Capri Holdings Q1 results
The company’s gross profit for the quarter decreased to 812 million dollars and gross margin was 66.1 percent and adjusted gross profit reached 812 million dollars and adjusted gross margin 66.1 percent.
Net income dropped to 48 million dollars or 41 cents per diluted share, while adjusted net income was 88 million dollars or 74 cents per diluted share.
Versace revenue of 259 million dollars decreased 5.8 percent on both a reported and constant currency basis, Jimmy Choo revenue of 183 million dollars increased 6.4 percent or 7 percent on a constant currency basis, and Michael Kors revenue of 787 million dollars decreased 13.8 percent or 13.4 percent on a constant currency basis.
