Capri Holdings Q3 Loss Exceeds Expectations, Revenue Beats Forecasts
LONDON (AP) — Capri Holdings Limited (CPRI) reported a fiscal third-quarter loss of $547 million on Wednesday, a miss against analysts' estimates.
On a per-share basis, the London-based luxury retailer recorded a loss of $4.61. Adjusted for one-time items, earnings came in at 45 cents per share, below the consensus estimate of 63 cents from six analysts surveyed by Zacks Investment Research.
Revenue for the quarter reached $1.26 billion, surpassing Street forecasts. Four analysts surveyed by Zacks had projected revenue of $1.25 billion.
The company attributed the loss to ongoing supply chain disruptions and geopolitical uncertainties. Despite the challenges, Capri remained positive about its long-term prospects in the luxury market.
"We are cautiously optimistic about the remainder of the year and believe that our focus on delivering exceptional customer experiences will continue to drive our growth," said CEO John Idol.
Capri Holdings operates a portfolio of luxury brands including Versace, Jimmy Choo, and Michael Kors. Its stock price has declined approximately 15% year-to-date.