Shares of Capri Holdings, owner of the Michael Kors, Versace and Jimmy Choo brands, fell 10.3% in trading on Wednesday (May 31), the security’s price was $35.50. It has been reported WWD.
This comes as the company lowered its 2024 revenue guidance by $100 million, reporting a drop in revenue and an overall decline in sales in its final quarter 2022 financial report.
CEO John Idol said sales of luxury goods have fallen in North America.
“We’ve certainly seen consistent decline in North America. We first noticed this in department stores in North America, and it’s not just the Michael Kors part of it. We’ve seen this with luxury brands Versace and Jimmy Choo. “We noticed an acceleration in the first calendar quarter of this year,” the idol said at a press conference on Wednesday, May 31.
He expressed hope that the situation will improve this fall, especially as sales in Europe and China increase.
“While we think there will still be a small increase in the Americas, we are optimistic that Europe and Asia will move forward,” Idol said.
Previously reportedAdidas’ quarterly results were significantly better than analysts’ forecasts.
Source: Gazeta
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