Michael Kors parent company’s second-quarter net profit fell more than 32%

On November 8th, Michael Kors’ parent company, Capri, a new luxury goods group in the United States, reported its second-quarter earnings, and its net profit fell 32.1% year-on-year to $137.6 million.

According to its financial report, its revenue increased by 9.3% year-on-year to US$1.25 billion in the three months ended September 30, slightly lower than market expectations, with a gross margin of 60.9% and a net profit of 32.1% year-on-year to 137.6 million. Dollar.

In addition, in the second quarter, the core brand Michael Kors retail sales almost equal to last year recorded 643.8 million US dollars, wholesale sales decreased 1.3% year-on-year to 458 million US dollars, franchise business income fell 6.8% to 35.4 million Dollar.

The group said in its earnings report that Michael Kors’s revenue was less than expected due to insufficient inventory of best-selling products, streamlining of operations in Europe and higher price cuts for certain slow-moving products in the Americas.