Capri Holdings Limited Announces First Quarter Fiscal 2020 Results
First Quarter Adjusted Earnings Per Share Exceeds Expectations
Reaffirm Fiscal 2020 Adjusted Earnings Per Share Guidance
Announces New $500 Million Share Repurchase Program
London — August 7, 2019 — Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today announced its financial results for the first quarter of fiscal 2020 ended June 29, 2019.
First Quarter Fiscal 2020 Highlights
First quarter revenue growth of 11.9%
First quarter adjusted earnings per share of $0.95
Reaffirm Fiscal 2020 adjusted earnings per share guidance of $4.95
John D. Idol, the Company’s Chairman and Chief Executive Officer, said, “We are pleased with our first quarter results, which reflect 12% revenue growth as well as better than expected operating margin and earnings per share. These results continue to position our company to execute against our strategic initiatives. Based on our first quarter performance, we are reaffirming our earnings per share guidance for Fiscal 2020, which includes the impact of the strengthening U.S. dollar and additional tariffs on imports from China.”
Mr. Idol continued, “As previously stated, Fiscal 2020 will be an investment year for Capri Holdings. We are investing in Versace and Jimmy Choo to position these preeminent luxury houses for long term revenue growth and margin expansion. We are also executing on our strategic initiatives at Michael Kors to return the brand to growth. With the power of Versace and Jimmy Choo, and the strength of Michael Kors, we remain confident that our three iconic, founder-led fashion brands position Capri Holdings to grow revenue to $8 billion over time and deliver multiple years of earnings growth."
First Quarter Fiscal 2020 Results
Financial Results and non-GAAP Reconciliation
The Company’s results are reported in this press release in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and on an adjusted, non-GAAP basis. A reconciliation of GAAP to non-GAAP financial information is provided at the end of this press release.
The following information was filed by Capri Holdings Ltd (CPRI) on Wednesday, August 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Form Type: 10-Q Quarterly Report Accession Number: 0001530721-19-000068 Submitted to the SEC: Tue Aug 13 2019 12:04:25 PM EST Accepted by the SEC: Tue Aug 13 2019 Period: Saturday, June 29, 2019 Industry: Leather And Leather Products