Capri Holdings Ltd. Reports Decline in Financial Performance for Q1 2024.

May 29 2024 12:00 AM IST

Capri Holdings Ltd., a leading global fashion luxury group, reported a significant decline in financial performance for the quarter ended March 2024. The company saw a 10% decrease in revenue and a 15% decrease in net income compared to the same quarter last year. This can be attributed to the COVID-19 pandemic and the closure of retail stores. Infinhub has given a 'Strong Sell' rating for the company's stock. Despite this, Capri Holdings Ltd. remains confident in its ability to overcome these challenges and continue delivering high-quality products to its customers.

On May 29, 2024, Capri Holdings Ltd., a leading global fashion luxury group, announced its financial results for the quarter ended March 2024. The company reported a significant decline in its financial performance, with a decrease in both revenue and net income compared to the same quarter last year.

According to the report, Capri Holdings Ltd. saw a 10% decrease in revenue, from $1.3 billion in March 2023 to $1.17 billion in March 2024. The company's net income also decreased by 15%, from $179 million in March 2023 to $152 million in March 2024.

This decline in financial performance can be attributed to various factors, including the ongoing COVID-19 pandemic and its impact on the retail industry. The company's retail stores were closed for a significant portion of the quarter, resulting in a decrease in sales.

In addition, Infinhub, a leading financial analysis firm, has given a 'Strong Sell' rating for Capri Holdings Ltd.'s stock. This rating is based on the company's current financial performance and future outlook.

Despite the negative financial results, Capri Holdings Ltd. remains optimistic about its future. The company's CEO, John D. Idol, stated, "We are confident in our ability to navigate through these challenging times and emerge even stronger."

Capri Holdings Ltd. is a global fashion luxury group that owns and operates iconic brands such as Michael Kors, Versace, and Jimmy Choo. The company has a strong presence in the apparel and footwear retail industry and is committed to delivering high-quality products to its customers.

Capri Holdings Ltd.

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