Capri Holdings Fiscal First-Quarter Earnings Beat Views

Capri Holdings (CPRI) on Wednesday reported better-than-expected fiscal first-quarter earnings and reaffirmed its full-year guidance that despite currency and tariff headwinds.

The London-based parent company of luxury brands Michael Kors, Versace and Jimmy Choo said it earned an adjusted $0.95 per diluted share in the quarter ended June 29, down from $1.32 in the prior-year period but ahead of Capital IQ’s consensus of $0.90.

Revenue rose to $1.35 billion, up from $1.2 billion last year but below the Street’s view for $1.37 billion.

“We are pleased with our first-quarter results, which reflect 12% revenue growth as well as better-than-expected operating margin and earnings per share,” said Chief Executive John Idol. “These results continue to position our company to execute against our strategic initiatives.”

Capri, which was renamed in January from the former Michael Kors Holdings following its $2 billion acquisition of fashion house Gianni Versace last year, said revenue at the Michael Kors business slipped 4.8% to $981 million. On a constant currency basis, total revenue declined 3% and comparable-store sales slipped in the low single digits.

Jimmy Choo revenue fell 8.7% to $158 million. Total revenue was 5.8% lower and comparable-store sales were flat on a constant currency basis.

Versace revenue was $207 million while comparable-store sales rose double digits on a constant currency basis compared with the prior-year’s stand-alone results.

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