Michael Kors-Owner Capri Posts Quarterly Revenue Above Estimates
Capri has narrowed down its focus on Michael Kors fashion brand following a failed attempt to merge with rival and Coach-parent Tapestry last year. In April, the company sold its underperforming Versace label to Italian rival Prada in a $1.38 billion deal.
"We are confident in our ability to grow Michael Kors to $4 billion in revenue and Jimmy Choo to $800 million over time, while restoring operating margin to the double-digit range," Capri CEO John Idol said.
Consumers in North America have scaled back spending on high-end goods amid concerns over looming price hikes on everyday essentials and discretionary items in the coming months due to higher supply chain costs fueled by new tariffs.
The company now expects total annual revenue in the range of $3.3 billion to $3.4 billion, accounting for Versace now as part of discontinued operations.
The forecast excludes changes in global macroeconomic conditions, tariff rates, higher inflation or weakening consumer confidence, Capri said.
It posted a 15.4% drop in revenue to $1.04 billion for the quarter ended March 29, compared with analysts' average estimate of a 19.3% decline to $986.57 million, according to data compiled by LSEG.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Argaam
an hour ago
- Argaam
US oil inventories lose 3.2M barrels last week
US crude oil inventories witnessed a higher-than-anticipated slump of about 3.2 million barrels in the July 18-ended week, surpassing analyst expectations for an 800,000-barrel decline. Likewise, gasoline inventories fell by 1.7 million barrels for the same week, according to a report released by the Energy Information Administration (EIA). Meanwhile, distillate stocks — including diesel and heating oil — added 2.9 million barrels.
Al Arabiya
4 hours ago
- Al Arabiya
Trump administration not in a rush to replace Powell: Treasury chief Bessent
US Treasury Secretary Scott Bessent said on Wednesday that the Trump administration was not in a rush to nominate a new Federal Reserve Chair to replace Jerome Powell. 'We are getting the process underway. Obviously it's going to be President Trump's decision, and we're not in a rush,' Bessent told Bloomberg TV in an interview. Powell's term as chair ends in May 2026, although he is due to stay on as a Fed governor through January 2028. President Donald Trump has repeatedly called for Powell to resign but has said he would not fire him. In a separate interview aired on Tuesday, Bessent said there was no need for Powell to resign right now. When asked if Fed Governor Michelle Bowman was under consideration, Bessent said: 'I'm not going to name names, but there are candidates, as I said, on the board, several female regional bank presidents and there are fantastic women outside the Fed.' Bessent said he continued to have regular meetings with Powell and that Powell had not told him whether he would leave his board seat before 2028. 'My belief is that he will. And I think that it would be very good for the institution for him to do it and I think it'd be very good for him personally to do it,' Bessent said.
Asharq Al-Awsat
8 hours ago
- Asharq Al-Awsat
Apple Expands its Presence in Saudi Arabia with Launch of Arabic Online Store
Apple has officially launched its online store in Arabic for customers in Saudi Arabia, marking a significant step in the company's expansion strategy for the region. The move also aligns with its plans to open a physical retail store in the Kingdom as part of a broader effort to deepen its regional presence. According to Deirdre O'Brien, Senior Vice President of Retail and People at Apple, this step reflects the company's growing commitment to Saudi Arabia and its rapidly expanding customer base. The Arabic-language store is now accessible through Apple's website and via the Apple Store app on smart devices. In an interview with Asharq Al-Awsat, O'Brien expressed strong enthusiasm about bringing the Apple retail experience to Saudi Arabia. She emphasized the company's longstanding presence in the Kingdom and noted that Saudi customers are deeply passionate about Apple products. This launch, she said, will help strengthen Apple's direct relationship with communities across the country. She also explained that both the online store and the upcoming physical location are part of Apple's broader strategy in the Middle East. The company already operates several retail locations in the United Arab Emirates and continues to see strong demand for its products across the Gulf. Investing in local economy When asked about Apple's investment in the Saudi economy, O'Brien pointed to initiatives such as the Apple Developer Academy, which is focused on nurturing and empowering local talent. She described the company's investment as one that aims to inspire individuals and support creativity. By combining Apple's technology with passionate communities, she said, remarkable things can be achieved. Apple has tailored the online store to meet the specific needs of Saudi customers. Features include live chat with Apple specialists in Arabic, customizable product options for devices like Mac and Apple Watch, and the ability to engrave AirPods and other accessories in Arabic or with emojis. O'Brien highlighted the importance of making the full Apple experience accessible to customers in Saudi Arabia both online and in-store. She also noted that Apple offers device trade-in programs to accommodate users from different segments. With e-commerce on the rise in Saudi Arabia, Apple is aiming to deliver a seamless shopping journey that blends both digital and physical experiences. O'Brien stated that Apple's retail model has been designed to reflect modern shopping behavior, where customers move easily between online and in-store interactions. Whether a purchase begins online and ends in a store, or vice versa, Apple aims to provide consistent, high-quality support throughout. Landmark store in Riyadh Apple's first physical store in Saudi Arabia is set to open in Diriyah, a UNESCO World Heritage site and a prominent cultural destination in Riyadh. O'Brien described Diriyah as a unique and special location. She said Apple is committed to ensuring each of its stores reflects the local identity and culture, and that the new store in Saudi Arabia will be no exception. She encouraged local customers to visit once the store opens, expressing confidence that the experience will be both unique and memorable. Retail services Apple is continuing to strengthen its presence in Saudi Arabia by focusing on innovation, engaging more closely with the local community, and delivering a retail experience designed to support and serve users throughout the Kingdom. The new Arabic online store allows Saudi customers to browse and purchase Apple's full product lineup. The experience is personalized, offering product recommendations based on the customer's current devices. Customers can also compare models, access saved items, and track orders directly through the app. For the first time, Apple is offering free consultations in Arabic and English through the Saudi store website. These sessions allow users to personalize products like AirPods, Apple Pencil, and AirTag with Arabic or English text and numbers, enhancing the individuality of each device. Apple's retail offering also includes pre-purchase support through chat and phone to help users find the best product for their needs. Post-purchase, the company provides services like personalized setup, secure data transfer for those switching to iOS, and eSIM activation. As part of its long-term strategy, Apple has announced plans to open its first flagship retail store in Saudi Arabia by 2026. This store will be the first in a broader rollout of retail locations across the Kingdom.
