Capri Holdings Limited (NYSE:CPRI), a global fashion luxury
group, today announced its financial results for the second quarter
of Fiscal 2025 ended September 28, 2024.
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Second Quarter Fiscal 2025 Highlights
- Revenue decreased 16.4% on a reported basis and 16.4% in
constant currency
- Adjusted operating margin of 3.0%
- Adjusted earnings per share of $0.65
John D. Idol, the Company's Chairman and Chief Executive
Officer, said, “Overall, we were disappointed with our second
quarter results as performance continued to be impacted by
softening demand globally for fashion luxury goods. Despite the
challenging global retail environment, we remain focused on
executing our strategic initiatives to deliver long-term
sustainable growth across all three of our luxury houses.”
Mr. Idol continued, “Versace, Jimmy Choo and Michael Kors
continued to resonate with consumers as evidenced by the 10.9
million new consumers added across our databases, representing 13%
growth versus last year. This reflects the strong brand equity and
enduring value of our three iconic houses.”
Mr. Idol concluded, “In August 2023 Capri Holdings announced
that we entered into a definitive agreement to be acquired by
Tapestry. The District Court recently granted the FTC’s motion for
a preliminary injunction to enjoin the transaction pending the
FTC’s in-house administrative proceeding. We are disappointed with
the decision, and consistent with our obligations under the merger
agreement, Tapestry and Capri have jointly filed a notice of
appeal.”
Second Quarter Fiscal 2025 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 Second Quarter Fiscal 2025
Results
- Total revenue of $1.08 billion decreased 16.4% on both a
reported and constant currency basis compared to last year. Total
company retail sales declined high-single-digits with trends being
impacted by softening demand globally for fashion luxury goods. In
wholesale, revenue decreased double-digits driven by softer demand
globally.
- Gross profit was $694 million and gross margin was 64.3%,
compared to $832 million and 64.4% in the prior year. Gross profit
margin declined 10 basis points with favorable channel mix offset
by lower full price sell-throughs.
- Loss from operations was $38 million and operating margin was
(3.5)%, compared to income from operations of $100 million and
operating margin of 7.7% in the prior year. Adjusted income from
operations was $32 million and adjusted operating margin was 3.0%,
compared to $157 million and 12.2% in the prior year. The decline
in operating margin primarily reflects expense deleverage on lower
revenue.
- Net income was $24 million, or $0.20 per diluted share,
compared to net income of $90 million, or $0.77 per diluted share,
in the prior year. Adjusted net income was $77 million, or $0.65
per diluted share, compared to $133 million, or $1.13 per diluted
share, in the prior year period.
- Net inventory as of September 28, 2024 was $984 million, a 10%
decrease compared to the prior year.
- Cash flow from operating activities for the second quarter was
an inflow of $50 million, while free cash flow was an inflow of $23
million versus an outflow of $177 million last year.
- Cash and cash equivalents totaled $182 million, and total
borrowings outstanding were $1.71 billion, resulting in net debt of
$1.53 billion versus $1.86 billion last year.
Versace Second Quarter Fiscal 2025 Results
- Versace revenue of $201 million decreased 28.2% on both a
reported basis and constant currency basis compared to prior year.
Retail sales decreased high-teens while wholesale revenue decreased
double-digits. Revenue in the Americas declined 33%, while revenue
in EMEA decreased 28% and revenue in Asia declined 20%. Versace’s
global database increased by 1.1 million new consumers,
representing 16% growth over the last year.
- Versace operating loss was $3 million and operating margin was
(1.5)%, compared to operating income of $35 million and operating
margin of 12.5% in the prior year. The decline in operating margin
rate was primarily due to expense deleverage on lower revenue.
Jimmy Choo Second Quarter Fiscal 2025 Results
- Jimmy Choo revenue of $140 million increased 6.1% on a reported
basis and 5.3% on a constant currency basis compared to prior year.
Retail sales decreased low-single-digits while wholesale revenue
increased double-digits. Revenue in the Americas declined 8%, while
revenue in EMEA increased 25% and revenue in Asia decreased 8%.
Jimmy Choo’s global database increased by 0.7 million new
consumers, representing 13% growth over the last year.
- Jimmy Choo operating loss was $5 million and operating margin
was (3.6)%, compared to operating loss of $9 million and operating
margin of (6.8)% in the prior year. The improvement in operating
margin rate was primarily due to expense leverage on higher revenue
compared to the prior year.
Michael Kors Second Quarter Fiscal 2025 Results
- Michael Kors revenue of $738 million decreased 16.0% on a
reported basis and 15.9% on a constant currency basis compared to
prior year. Retail sales decreased mid-single-digits while
wholesale revenue declined double-digits. Revenue in the Americas
decreased 12%, while revenue in EMEA declined 15% and revenue in
Asia decreased 43%. Michael Kors’ global database increased by 9
million new consumers, representing 12% growth over the last
year.
- Michael Kors operating income was $87 million and operating
margin was 11.8%, compared to $169 million and 19.2% in the prior
year. The decline in operating margin rate was primarily related to
expense deleverage on lower revenue.
Outlook and Conference Call
As previously stated, given the proposed merger transaction with
a wholly owned subsidiary of Tapestry, Inc. (the “Merger”), and the
pending appeal of the District Court's decision to grant the FTC's
motion for a preliminary injunction with regards to the
transaction, the Company is not providing financial guidance or
hosting a conference call.
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 impairment charges, restructuring and other
charges, ERP implementation costs, Capri transformation costs and
costs related to the Merger. 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 press release 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 proposed Merger. These risks,
uncertainties and other factors include but are not limited to, our
ability to respond to changing fashion, consumer traffic and retail
trends; fluctuations in demand for our products; high consumer debt
levels, recession and inflationary pressures; loss of market share
and increased competition; reductions in our wholesale channel; the
impact of the COVID-19 pandemic, or other unforeseen epidemics,
pandemics, disasters or catastrophes; levels of cash flow and
future availability of credit; Capri’s ability to successfully
execute its growth strategies; departure of key employees or
failure to attract and retain highly qualified personnel; risks
associated with operating in international markets and global
sourcing activities, including disruptions or delays in
manufacturing or shipments; the risk of cybersecurity threats and
privacy or data security breaches; extreme weather conditions and
natural disasters; general economic, political, business or market
conditions; acts of war and other geopolitical conflicts; the U.S.
District Court for the Southern District of New York decision to
grant the U.S. Federal Trade Commission's ("FTC") motion for a
preliminary injunction to enjoin the Merger pending the completion
of the FTC's in-house administrative proceeding (the "Preliminary
Injunction"); the risk that the parties to the merger agreement may
not be successful in their efforts to appeal the Preliminary
Injunction and that the appeal may not be heard in a timely manner;
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 proposed Merger; the risk that
the parties to the merger agreement may not be able to satisfy the
conditions to the proposed Merger in a timely manner or at all; the
risk that if the Merger Agreement terminates our remedy may be
limited to reimbursement of certain expenses or we may not be
entitled to receive any reimbursement; risks related to disruption
of management time from ongoing business operations due to the
proposed Merger; the risk that any announcements relating to the
proposed Merger (including the Preliminary Injunction and appeal
process) could have adverse effects on the market price of Capri's
ordinary shares; the significant costs, expenses and fees for
professional services and other transaction costs in connection
with the proposed Merger; the risk of any litigation relating to
the proposed Merger; the risk that the proposed Merger could have
an adverse effect on the ability of Capri to retain and maintain
relationships with customers, suppliers and other business partners
and retain and hire key personnel and on its operating results and
business generally, as well as the risk factors identified in the
Company's Annual Report on Form 10-K, Form 10-Q and Form 8-K
reports filed with the Securities and Exchange Commission. 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
Six Months Ended
September 28, 2024
September 30, 2023
September 28, 2024
September 30, 2023
Total revenue
$
1,079
$
1,291
$
2,146
$
2,520
Cost of goods sold
385
459
763
876
Gross profit
694
832
1,383
1,644
Total operating expenses
732
732
1,429
1,464
(Loss) income from operations
(38
)
100
(46
)
180
Other income, net
—
(1
)
—
—
Interest (income) expense, net
(10
)
3
(14
)
11
Foreign currency (gain) loss
(17
)
(3
)
(12
)
18
(Loss) income before income taxes
(11
)
101
(20
)
151
(Benefit) provision for income taxes
(34
)
11
(31
)
13
Net income
23
90
11
138
Less: Net (loss) income attributable to
noncontrolling interest
(1
)
—
1
—
Net income attributable to Capri
$
24
$
90
$
10
$
138
Weighted average ordinary shares
outstanding:
Basic
118,467,372
116,674,030
117,953,855
117,052,986
Diluted
118,777,723
117,563,573
118,517,098
117,923,103
Net income per ordinary share:
Basic
$
0.20
$
0.77
$
0.09
$
1.18
Diluted
$
0.20
$
0.77
$
0.09
$
1.17
SCHEDULE 2
CAPRI HOLDINGS LIMITED AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(In millions, except share
data)
(Unaudited)
September 28, 2024
March 30, 2024
September 30, 2023
Assets
Current assets
Cash and cash equivalents
$
182
$
199
$
238
Receivables, net
298
332
383
Inventories, net
984
862
1,099
Prepaid expenses and other current
assets
203
215
270
Total current assets
1,667
1,608
1,990
Property and equipment, net
565
579
542
Operating lease right-of-use assets
1,375
1,438
1,307
Intangible assets, net
1,418
1,394
1,676
Goodwill
1,153
1,106
1,268
Deferred tax assets
410
352
308
Other assets
204
212
255
Total assets
$
6,792
$
6,689
$
7,346
Liabilities and Shareholders’
Equity
Current liabilities
Accounts payable
$
472
$
352
$
355
Accrued payroll and payroll related
expenses
108
107
95
Accrued income taxes
37
64
82
Short-term operating lease liabilities
377
400
406
Short-term debt
471
462
15
Accrued expenses and other current
liabilities
325
310
291
Total current liabilities
1,790
1,695
1,244
Long-term operating lease liabilities
1,387
1,452
1,291
Deferred tax liabilities
356
362
508
Long-term debt
1,237
1,261
2,079
Other long-term liabilities
536
319
312
Total liabilities
5,306
5,089
5,434
Commitments and contingencies
Shareholders’ equity
Ordinary shares, no par value; 650,000,000
shares authorized; 227,571,175 shares issued and 117,824,265
outstanding at September 28, 2024; 226,271,074 shares issued and
116,629,634 outstanding at March 30, 2024 and 225,768,777 shares
issued and 116,140,358 outstanding at September 30, 2023
—
—
—
Treasury shares, at cost (109,746,910
shares at September 28, 2024, 109,641,440 shares at March 30, 2024
and 109,628,419 shares at September 30, 2023)
(5,462
)
(5,458
)
(5,457
)
Additional paid-in capital
1,454
1,417
1,392
Accumulated other comprehensive income
3
161
130
Retained earnings
5,489
5,479
5,846
Total shareholders’ equity of Capri
1,484
1,599
1,911
Noncontrolling interest
2
1
1
Total shareholders’ equity
1,486
1,600
1,912
Total liabilities and shareholders’
equity
$
6,792
$
6,689
$
7,346
SCHEDULE 3
CAPRI HOLDINGS LIMITED AND
SUBSIDIARIES
CONSOLIDATED SEGMENT
DATA
($ in millions)
(Unaudited)
Three Months Ended
Six Months Ended
September 28, 2024
September 30, 2023
September 28, 2024
September 30, 2023
Revenue by Segment and Region:
Versace
The Americas
$
64
$
96
$
134
$
178
EMEA
90
125
180
241
Asia
47
59
106
120
Versace Revenue
201
280
420
539
Jimmy Choo
The Americas
35
38
87
87
EMEA
71
57
148
138
Asia
34
37
78
90
Jimmy Choo Revenue
140
132
313
315
Michael Kors
The Americas
492
556
943
1,057
EMEA
187
219
325
394
Asia
59
104
145
215
Michael Kors Revenue
738
879
1,413
1,666
Total Revenue
$
1,079
$
1,291
$
2,146
$
2,520
Income (loss) from Operations:
Versace
$
(3
)
$
35
$
(20
)
$
38
Jimmy Choo
(5
)
(9
)
(1
)
7
Michael Kors
87
169
162
299
Total segment income from operations
79
195
141
344
Less: Corporate expenses
(63
)
(71
)
(127
)
(142
)
Impairment of assets
(43
)
(20
)
(43
)
(20
)
Merger related costs
(10
)
(4
)
(15
)
(4
)
Restructuring and other (expense)
income
(1
)
—
(2
)
2
Total (Loss) Income from
Operations
$
(38
)
$
100
$
(46
)
$
180
Operating Margin:
Versace
(1.5
)%
12.5
%
(4.8
)%
7.1
%
Jimmy Choo
(3.6
)%
(6.8
)%
(0.3
)%
2.2
%
Michael Kors
11.8
%
19.2
%
11.5
%
17.9
%
Capri
(3.5
)%
7.7
%
(2.1
)%
7.1
%
SCHEDULE 4
CAPRI HOLDINGS LIMITED AND
SUBSIDIARIES
SUPPLEMENTAL RETAIL STORE
INFORMATION
(Unaudited)
As of
Retail Store Information:
September 28, 2024
September 30, 2023
Versace
236
230
Jimmy Choo
226
237
Michael Kors
755
802
Total number of retail stores
1,217
1,269
SCHEDULE 5
CAPRI HOLDINGS LIMITED AND
SUBSIDIARIES
CONSTANT CURRENCY DATA
(In millions)
(Unaudited)
Three Months Ended
% Change
September 28, 2024
September 30, 2023
As
Reported
Constant
Currency
Total Revenue:
Versace
$
201
$
280
(28.2
)%
(28.2
)%
Jimmy Choo
140
132
6.1
%
5.3
%
Michael Kors
738
879
(16.0
)%
(15.9
)%
Total Revenue
$
1,079
$
1,291
(16.4
)%
(16.4
)%
Six Months Ended
% Change
September 28, 2024
September 30, 2023
As
Reported
Constant
Currency
Total Revenue:
Versace
$
420
$
539
(22.1
)%
(21.5
)%
Jimmy Choo
313
315
(0.6
)%
—
%
Michael Kors
1,413
1,666
(15.2
)%
(14.7
)%
Total Revenue
$
2,146
$
2,520
(14.8
)%
(14.3
)%
SCHEDULE 6
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In millions, except per share
data)
(Unaudited)
Three Months Ended September
28, 2024
As
Reported
Impairment Charges
Restructuring and Other Charges
(1)
ERP Implementation(2)
Capri Transformation (3)
Merger Related Costs
As
Adjusted
Gross profit
$
694
$
—
$
—
$
—
$
—
$
—
$
694
Operating expenses
$
732
$
(43
)
$
(1
)
$
(4
)
$
(12
)
$
(10
)
$
662
Total (loss) income from operations
$
(38
)
$
43
$
1
$
4
$
12
$
10
$
32
(Loss) income before benefit for income
taxes
$
(11
)
$
43
$
1
$
4
$
12
$
10
$
59
(Benefit) provision for income taxes
$
(34
)
$
10
$
—
$
1
$
3
$
3
$
(17
)
Net income attributable to Capri
$
24
$
33
$
1
$
3
$
9
$
7
$
77
Diluted net income per ordinary share -
Capri
$
0.20
$
0.28
$
0.01
$
0.02
$
0.08
$
0.06
$
0.65
______________________
(1)
Amounts impacting operating
expenses primarily relate to Global Optimization Plan lease
termination and other store closure costs.
(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.
(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.
During Fiscal 2024, the remaining operational and IT projects were
paused and we will reassess this program, along with related
timing, during Fiscal 2025.
SCHEDULE 7
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In millions, except per share
data)
(Unaudited)
Six Months Ended September 28,
2024
As
Reported
Impairment Charges
Restructuring and Other Expense
(1)
ERP Implementation (2)
Capri Transformation (3)
Merger Related Costs
As
Adjusted
Gross profit
$
1,383
$
—
$
—
$
—
$
—
$
—
$
1,383
Operating expenses
$
1,429
$
(43
)
$
(2
)
$
(8
)
$
(26
)
$
(15
)
$
1,335
Total (loss) income from operations
$
(46
)
$
43
$
2
$
8
$
26
$
15
$
48
(Loss) income before benefit for income
taxes
$
(20
)
$
43
$
2
$
8
$
26
$
15
$
74
(Benefit) provision for income taxes
$
(31
)
$
10
$
—
$
2
$
7
$
4
$
(8
)
Net income attributable to Capri
$
10
$
33
$
2
$
6
$
19
$
11
$
81
Diluted net income per ordinary share -
Capri
$
0.09
$
0.28
$
0.02
$
0.05
$
0.16
$
0.09
$
0.69
______________________
(1)
Amounts impacting operating expenses
primarily relate to Global Optimization Plan lease termination and
store closure costs.
(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.
(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.
During Fiscal 2024, the remaining operational and IT projects were
paused and we will reassess this program, along with related
timing, during Fiscal 2025.
SCHEDULE 8
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In millions, except per share
data)
(Unaudited)
Three Months Ended September
30, 2023
As Reported
Impairment Charges
Restructuring and Other Charges
(1)
ERP Implementation (2)
Capri Transformation (3)
Merger Related Costs
As Adjusted
Gross profit
$
832
$
—
$
—
$
—
$
—
$
—
$
832
Operating expenses
$
732
$
(20
)
$
—
$
(4
)
$
(29
)
$
(4
)
$
675
Total income from operations
$
100
20
$
—
$
4
$
29
$
4
$
157
Foreign currency gain
$
(3
)
$
—
$
—
$
—
$
—
$
—
$
(3
)
Income before provision for income
taxes
$
101
$
20
$
—
$
4
$
29
$
4
$
158
Provision for income taxes
$
11
$
4
$
—
$
1
$
8
$
1
$
25
Net income attributable to Capri
$
90
$
16
$
—
$
3
$
21
$
3
$
133
Diluted net income per ordinary share -
Capri
$
0.77
$
0.13
$
—
$
0.03
$
0.18
$
0.02
$
1.13
______________________
(1)
Amounts impacting operating
expenses primarily include a gain related to the termination of
certain leases offset by expenses related to equity awards
associated with the acquisition of Gianni Versace S.r.l.
(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.
(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.
SCHEDULE 9
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In millions, except per share
data)
(Unaudited)
Six Months Ended September 30,
2023
As Reported
Impairment Charges
Restructuring and Other Charges
(1)
ERP
Implementation (2)
Capri
Transformation (3)
Merger Related Costs
As Adjusted
Gross profit
$
1,644
$
—
$
—
$
—
$
—
$
—
$
1,644
Operating expenses
$
1,464
$
(20
)
$
2
$
(9
)
$
(57
)
$
(4
)
$
1,376
Total income from operations
$
180
$
20
$
(2
)
$
9
$
57
$
4
$
268
Foreign currency loss
$
18
$
—
$
(17
)
$
—
$
—
$
—
$
1
Income before provision for income
taxes
$
151
$
20
$
15
$
9
$
57
$
4
$
256
Provision for income taxes
$
13
$
4
$
3
$
2
$
12
$
1
$
35
Net income attributable to Capri
$
138
$
16
$
12
$
7
$
45
$
3
$
221
Diluted net income per ordinary share -
Capri
$
1.17
$
0.14
$
0.10
$
0.06
$
0.38
$
0.02
$
1.87
______________________
(1)
Amounts impacting operating
expenses primarily includes a gain on the sale of a long-lived
corporate asset partially offset by expenses related to equity
awards associated with the acquisition of Gianni Versace S.r.l..
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.
(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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241107559622/en/
Investor Relations: Jennifer Davis +1 (201) 514-8234
Jennifer.Davis@CapriHoldings.com
Media: Press@CapriHoldings.com
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