Capri, the luxury fashion group owning Versace, Jimmy Choo and Michael Kors, has reported a notable 8.4% decrease in total revenue for the fourth quarter (Q4) of fiscal 2024 (FY24), amounting to $1.22bn.  

The decline compares to the $1.33bn revenue reported in the same period of FY23.

During the quarter ending 31 March 2024, Capri’s retail sales experienced a mid-single-digit decline, reflecting a global softening in demand for luxury fashion goods.  

Retail sales for Versace saw a mid-single-digit increase over the quarter, whereas Jimmy Choo and Michael Kors faced low-single-digit and high-single-digit decreases respectively in the same period. 

Capri’s net loss significantly widened to $472m in Q4 FY24, a stark contrast to the $34m net loss reported in the corresponding quarter of the previous year.  

Its diluted net loss per share also escalated to $4.03, compared to a loss of $0.28 per share in Q4 FY23. 

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Capri’s gross profit for the quarter stood at $767m, a decrease from $867m in the same period of 2023.

The retailer’s gross margin also saw a reduction to 62.7% in Q4 FY24 from 64.9% in Q4 FY24.  

The loss from operations for the quarter was substantial, at $543m compared to a $40m loss a year previously.

Capri chairman and chief executive officer John Idol said: “Overall, we were disappointed with our results as performance in the fourth quarter continued to be impacted by softening demand globally for fashion luxury goods. 

“In our retail channel, sales trends improved sequentially in the Americas and EMEA [Europe, the Middle East and Africa] while trends slowed in Asia. In our wholesale channel, sales remained challenged.” 

For the full fiscal year 2024, Capri’s total revenue declined to $5.17bn from $5.61bn in FY23.  

The company also reported a net loss of $229m for the year, a significant downturn from a net income of $619m in the previous year.  

Its gross profit for FY24 was reported at $3.33bn, down from $3.72bn in FY23. 

Capri has not provided financial guidance due to its pending merger transaction with Tapestry, which was announced in August 2023.

The deal, valued at $8.5bn, faces challenges as the US Federal Trade Commission initiated legal action in April 2023 to block the deal, citing competition concerns.