Capri Holdings profit falls short of estimates as Michael Kors sales fall

Capri Holdings Ltd. said Wednesday it had net income of $73 million, or 47 cents a share, in its fiscal second quarter to Sept. 28, down from $138 million, or 91 cents a share, in the year- earlier period. Adjusted per-share earnings came to $1.16, below the $1.25 FactSet consensus. Revenue rose 15.1% to $1.442 billion, roughly matching the $1.443 billion FactSet consensus. Revenue at Michael Kors fell 4.2% to $1.089 billion, while Versace revenue came to $228 million. Jimmy Choo revenue rose 7.8% to $125 million. “For fiscal 2020, we remain focused on executing on our strategic growth initiatives and are reiterating our guidance for revenue of approximately $5.8 billion and adjusted earnings per share of approximately $4.95,” Chief Executive John Idol said in a statement. For the third quarter, the company is expecting revenue of $1.53 billion and EPS of $1.55 to $1.60. The FactSet consensus is for third-quarter EPS of $1.56 and revenue of $1.6 billion. For the full year, the consensus is for EPS of $4.89 and revenue of $5.8 billion. Shares were not active premarket, but have fallen 10% in 2019, while the S&P 500 has gained 23%.

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