Capri Holdings Limited Announces Second Quarter Fiscal 2024 Results

Rhea-AI Summary

Capri Holdings Limited (CPRI) announces Q2 Fiscal 2024 financial results with an 8.6% revenue decrease. The company also reports an adjusted operating margin of 12.2% and adjusted earnings per share of $1.13. Challenges related to macro-economic headwinds and Ecommerce implementation affected the results.

Positive

• Capri Holdings reports an adjusted operating margin of 12.2%, indicating efficient cost management.
• The announcement of a new Ecommerce platform for Michael Kors in the Americas shows the company's commitment to digital expansion.

Negative

• Revenue decreased by 8.6% on a reported basis and 10.1% in constant currency, reflecting a decline in sales performance.

LONDON--(BUSINESS WIRE)-- Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today announced its financial results for the second quarter of Fiscal 2024 ended September 30, 2023.

(Photo: Business Wire)

Second Quarter Fiscal 2024 Highlights

• Revenue decreased 8.6% on a reported basis and 10.1% in constant currency
• Adjusted operating margin of 12.2%
• Adjusted earnings per share of $1.13

John D. Idol, the Company's Chairman and Chief Executive Officer, said, "Capri Holdings' second quarter results were below our expectations due to macro-economic headwinds as well as Ecommerce implementation related challenges. In early July, we implemented a new Ecommerce platform for Michael Kors in the Americas. While we are excited about the long-term benefits, the transition negatively impacted our second quarter results. Additionally, during the quarter consumer demand for fashion luxury goods softened primarily in the Americas.”

Mr. Idol continued, “Despite near-term challenges, we remain focused on executing our strategic initiatives to drive long term sustainable growth at all three of our luxury houses. Versace, Jimmy Choo and Michael Kors continued to resonate with consumers as evidenced by the 11.4 million new consumers added across our databases, representing 15% growth over the last year. This reflects the strong brand equity and enduring value of our three iconic houses.”

Mr. Idol concluded, “We look forward to the successful completion of the merger transaction with Tapestry in calendar year 2024. We are confident that this combination will deliver value to our shareholders as well as provide new opportunities for our dedicated employees around the world as Capri Holdings becomes part of a larger and more diversified company. By joining with Tapestry, we will have greater resources and capabilities to accelerate the expansion of our global reach while preserving the unique DNA of our brands.”

Michael Kors Americas New Ecommerce Platform Implementation Update

In July 2023 the Company implemented a new state of the art Ecommerce platform for Michael Kors in the Americas. While the new platform is designed to improve the user experience and enhance consumer engagement, the transition created greater than anticipated challenges which negatively impacted Michael Kors revenue by approximately $50 million in the quarter. While trends have begun to improve, third quarter revenue will continue to be impacted. We believe the situation will be fully resolved during the fourth quarter.

Second Quarter Fiscal 2024 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.

Overview of Capri Holdings Second Quarter Fiscal 2024 Results

• Total revenue of $1.29 billion decreased 8.6% compared to last year. On a constant currency basis, total revenue decreased 10.1%. Total company retail sales declined in the high-single-digits with trends being impacted by softening consumer demand primarily in the Americas as well as the Michael Kors Americas Ecommerce implementation issues discussed above. In wholesale, revenue decreased low-double-digits given softer demand in the Americas.
• Gross profit was $832 million and gross margin was 64.4%, compared to $951 million and 67.4% in the prior year. Adjusted gross profit was $832 million and adjusted gross margin was 64.4%, compared to $948 million and 67.1% in the prior year. Gross profit margin decreased relative to prior year primarily related to lower full price sell throughs, mainly in the Americas, partially offset by lower supply chain costs.
• Income from operations was $100 million and operating margin was 7.7%, compared to $252 million and 17.8% in the prior year. Adjusted income from operations was $157 million and operating margin was 12.2%, compared to $280 million and 19.8% in the prior year. The decline in operating margin reflects lower gross margin, increased marketing investments and expense deleverage on lower revenue.
• Net income was $90 million, or $0.77 per diluted share, compared to $224 million, or $1.63 per diluted share, in the prior year. Adjusted net income was $133 million, or $1.13 per diluted share, compared to $245 million, or $1.79 per diluted share, in the prior year period.
• Net inventory as of September 30, 2023 was $1.1 billion, a 7% decrease compared to the prior year reflecting the Company's ongoing diligent inventory management. Management expects inventory levels to remain below prior year in the back half of fiscal 2024.
• On an annual basis, Capri Holdings expects to generate strong free cash flow, in line with historical levels. As a result, the Company expects to significantly reduce net debt by the end of the fiscal year.

Versace Second Quarter Fiscal 2024 Results

• Versace revenue of $280 million decreased 9.1% on a reported basis and 11.7% on a constant currency basis. The decline was primarily driven by softening consumer demand, mainly in the Americas, as well as the lapping of the successful Spring 22 Fendace collaboration. Revenue in the Americas declined 20.0%, while revenue in EMEA decreased 3.8% and revenue in Asia increased 1.7%. Versace’s global database increased by 1.6 million new names, representing 30% growth over the last year.
• Versace operating income was $35 million and operating margin was 12.5%, compared to $62 million and 20.1% in the prior year. The decline in operating margin rate was primarily due to the lapping of strong Fendace full-price sell-throughs in the prior year and the deleveraging of operating expenses on lower revenues.

Jimmy Choo Second Quarter Fiscal 2024 Results

• Jimmy Choo revenue of $132 million decreased 7.0% on a reported basis and 9.2% on a constant currency basis driven primarily by softening consumer demand, mainly in the Americas. Revenue in the Americas declined 11.6%, while revenue in EMEA was flat and revenue in Asia declined 11.9%. Jimmy Choo’s global database increased by 0.8 million new names, representing 16% growth over the last year.
• Jimmy Choo operating loss was $9 million and operating margin was (6.8)%, compared to operating income of $8 million and 5.6% in the prior year. The decline in operating margin rate was primarily due to higher store related costs and the deleveraging of operating expenses on lower revenues.

Michael Kors Second Quarter Fiscal 2024 Results

• Michael Kors revenue of $879 million decreased 8.6% on a reported basis and 9.7% on a constant currency basis. The decline versus prior year was primarily attributable to softening consumer demand, mainly in the Americas, as well as the Michael Kors Americas Ecommerce implementation issues discussed above. Revenue in the Americas declined 13.5%, while revenue in EMEA increased 2.8% and revenue in Asia decreased 1.9%. Michael Kors’ global database increased by 9.0 million new names, representing 14% growth over the last year.
• Michael Kors operating income was $169 million and operating margin was 19.2%, compared to $248 million and 25.8% in the prior year. The decline in operating margin rate was primarily related to lower full price sell throughs, mainly in the Americas, as well as increased marketing investments, and the deleveraging of operating expenses on lower revenues.

Outlook

Given the proposed merger transaction of Capri Holdings Limited by Tapestry, Inc., the Company does not intend to provide financial guidance.

Use of Non-GAAP Financial Measures

Constant currency effects are non-GAAP financial measures, which are provided to supplement our reported operating results to facilitate comparisons of our operating results and trends in our business, excluding the effects of foreign currency rate fluctuations. Because we are a global company, foreign currency exchange rates may have a significant effect on our reported results. We calculate constant currency measures and the related foreign currency impacts by translating the current year’s reported amounts into comparable amounts using prior year’s foreign exchange rates for each currency. All constant currency performance measures discussed below should be considered a supplement to and not in lieu of our operating performance measures calculated in accordance with U.S. GAAP. Additionally, this earnings release includes certain non-GAAP financial measures that exclude certain costs associated with restructuring and other charges, ERP implementation costs, Capri transformation costs, merger related costs and long-lived asset impairments. The Company uses non-GAAP financial measures, among other things, to evaluate its operating performance and in order to represent the manner in which the Company conducts and views its business. The Company believes that excluding these items helps its management and investors compare operating performance based on its ongoing operations. While the Company considers the non-GAAP measures to be useful supplemental measures in analyzing its results, they are not intended to replace, nor act as a substitute for, any amounts presented in its consolidated financial statements prepared in conformity with U.S. GAAP and may be different from non-GAAP measures reported by other companies.

About Capri Holdings Limited

Capri Holdings is a global fashion luxury group consisting of iconic, founder-led brands Versace, Jimmy Choo and Michael Kors. Our commitment to glamorous style and craftsmanship is at the heart of each of our luxury brands. We have built our reputation on designing exceptional, innovative products that cover the full spectrum of fashion luxury categories. Our strength lies in the unique DNA and heritage of each of our brands, the diversity and passion of our people and our dedication to the clients and communities we serve. Capri Holdings Limited is publicly listed on the New York Stock Exchange under the ticker CPRI.

Forward-Looking Statements

This report contains statements which are, or may be deemed to be, “forward-looking statements.” Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Capri about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. All statements other than statements of historical facts included herein, may be forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “plans”, “believes”, “expects”, “intends”, “will”, “should”, “could”, “would”, “may”, “anticipates”, “might” or similar words or phrases, are forward-looking statements. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions, which could cause actual results to differ materially from those projected or implied in any forward-looking statements, including regarding the proposed merger transaction with a wholly-owned subsidiary of Tapestry, Inc. (the "Merger"). These risks, uncertainties and other factors include the impact of the COVID-19 pandemic; changes in consumer traffic and retail trends; the timing, receipt and terms and conditions of any required governmental and regulatory approvals for the proposed Merger that could delay or result in the termination of the proposed Merger, the occurrence of any other event, change or other circumstances that could give rise to the termination of the merger agreement entered into in connection with the proposed Merger, the risk that the parties to the merger agreement may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the proposed Merger, the risk that any announcements relating to the proposed Merger could have adverse effects on the market price of Capri's shares, the risk of any unexpected costs or expenses resulting from the proposed Merger, the risk of any litigation relating to the proposed Merger, the risk that the proposed Merger and its announcement could have an adverse effect on the ability of Capri to retain customers and retain and hire key personnel and maintain relationships with customers, suppliers, employees, shareholders and other business relationships and on its operating results and business generally, and the risk the pending proposed Merger could divert the attention of Capri’s management; as well as those risks that are outlined in Capri’s disclosure filings and materials, which you can find on http://www.capriholdings.com, such as its Form 10-K, Form 10-Q and Form 8-K reports that have been filed with the SEC. Please consult these documents for a more complete understanding of these risks and uncertainties. Any forward-looking statement in this press release speaks only as of the date made and Capri disclaims any obligation to update or revise any forward-looking or other statements contained herein other than in accordance with legal and regulatory obligations.

SCHEDULE 1

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share data)
(Unaudited)
		Three Months Ended								Six Months Ended
		September 30, 2023				October 1, 2022				September 30, 2023			October 1, 2022
Total revenue		$	1,291			$	1,412			$	2,520		$	2,772
Cost of goods sold			459				461				876			920
Gross profit			832				951				1,644			1,852
Total operating expenses			732				699				1,464			1,369
Income from operations			100				252				180			483
Other income, net			(1	)			(1	)			—			(1	)
Interest expense, net			3				5				11			1
Foreign currency (gain) loss			(3	)			(11	)			18			(7	)
Income before income taxes			101				259				151			490
Provision for income taxes			11				35				13			63
Net income			90				224				138			427
Less: Net income attributable to noncontrolling interest			—				—				—			2
Net income attributable to Capri		$	90			$	224			$	138		$	425
Weighted average ordinary shares outstanding:
Basic			116,674,030				136,037,449				117,052,986			138,975,518
Diluted			117,563,573				137,051,575				117,923,103			140,392,780
Net income per ordinary share:
Basic		$	0.77			$	1.64			$	1.18		$	3.06
Diluted		$	0.77			$	1.63			$	1.17		$	3.03

SCHEDULE 2

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)
		September 30, 2023				April 1, 2023				October 1, 2022
Assets
Current assets
Cash and cash equivalents		$	238			$	249			$	215
Receivables, net			383				369				441
Inventories, net			1,099				1,057				1,180
Prepaid expenses and other current assets			270				195				249
Total current assets			1,990				1,870				2,085
Property and equipment, net			542				552				470
Operating lease right-of-use assets			1,307				1,330				1,333
Intangible assets, net			1,676				1,728				1,634
Goodwill			1,268				1,293				1,256
Deferred tax assets			308				296				228
Other assets			255				226				196
Total assets		$	7,346			$	7,295			$	7,202
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable		$	355			$	475			$	370
Accrued payroll and payroll related expenses			95				154				117
Accrued income taxes			82				73				68
Short-term operating lease liabilities			406				429				396
Short-term debt			15				5				15
Accrued expenses and other current liabilities			291				314				312
Total current liabilities			1,244				1,450				1,278
Long-term operating lease liabilities			1,291				1,348				1,387
Deferred tax liabilities			508				508				513
Long-term debt			2,079				1,822				1,585
Other long-term liabilities			312				318				296
Total liabilities			5,434				5,446				5,059
Commitments and contingencies
Shareholders’ equity
Ordinary shares, no par value; 650,000,000 shares authorized; 225,768,777 shares issued and 116,140,358 outstanding at September 30, 2023; 224,166,250 shares issued and 117,347,045 outstanding at April 1, 2023 and 223,706,873 shares issued and 131,088,991 outstanding at October 1, 2022			—				—				—
Treasury shares, at cost (109,628,419 shares at September 30, 2023, 106,819,205 shares at April 1, 2023 and 92,617,882 shares at October 1, 2022)			(5,457	)			(5,351	)			(4,650	)
Additional paid-in capital			1,392				1,344				1,311
Accumulated other comprehensive income			130				147				(35	)
Retained earnings			5,846				5,708				5,517
Total shareholders’ equity of Capri			1,911				1,848				2,143
Noncontrolling interest			1				1				—
Total shareholders’ equity			1,912				1,849				2,143
Total liabilities and shareholders’ equity		$	7,346			$	7,295			$	7,202

SCHEDULE 3

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED SEGMENT DATA
($ in millions)
(Unaudited)
				Three Months Ended								Six Months Ended
				September 30, 2023				October 1, 2022				September 30, 2023				October 1, 2022
Revenue by Segment and Region:
Versace		The Americas		$	96			$	120			$	178			$	235
		EMEA			125				130				241				237
		Asia			59				58				120				111
Versace Revenue					280				308				539				583
Jimmy Choo		The Americas			38				43				87				97
		EMEA			57				57				138				123
		Asia			37				42				90				94
Jimmy Choo Revenue					132				142				315				314
Michael Kors		The Americas			556				643				1,057				1,268
		EMEA			219				213				394				404
		Asia			104				106				215				203
Michael Kors Revenue					879				962				1,666				1,875
Total Revenue				$	1,291			$	1,412			$	2,520			$	2,772
Income (loss) from Operations:
Versace				$	35			$	62			$	38			$	114
Jimmy Choo					(9	)			8				7				27
Michael Kors					169				248				299				470
Total segment income from operations					195				318				344				611
Less: Corporate expenses					(71	)			(55	)			(142	)			(115	)
Impairment of assets					(20	)			(11	)			(20	)			(11	)
Merger related costs					(4	)			—				(4	)			—
Restructuring and other (expense) income					—				(3	)			2				(6	)
COVID-19 related charges					—				3				—				4
Total Income from Operations				$	100			$	252			$	180			$	483
Operating Margin (Loss):
Versace					12.5	%			20.1	%			7.1	%			19.6	%
Jimmy Choo					(6.8	)%			5.6	%			2.2	%			8.6	%
Michael Kors					19.2	%			25.8	%			17.9	%			25.1	%
Capri					7.7	%			17.8	%			7.1	%			17.4	%

SCHEDULE 4

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES
SUPPLEMENTAL RETAIL STORE INFORMATION
(Unaudited)
				As of
Retail Store Information:				September 30, 2023		October 1, 2022
Versace				230		217
Jimmy Choo				237		238
Michael Kors				802		821
Total number of retail stores				1,269		1,276

SCHEDULE 5

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES
CONSTANT CURRENCY DATA
(In millions)
(Unaudited)
		Three Months Ended						% Change
		September 30, 2023			October 1, 2022			As Reported			Constant Currency
Total Revenue:
Versace		$	280		$	308		(9.1	)%		(11.7	)%
Jimmy Choo			132			142		(7.0	)%		(9.2	)%
Michael Kors			879			962		(8.6	)%		(9.7	)%
Total Revenue		$	1,291		$	1,412		(8.6	)%		(10.1	)%

		Six Months Ended						% Change
		September 30, 2023			October 1, 2022			As Reported			Constant Currency
Total Revenue:
Versace		$	539		$	583		(7.5	)%		(9.1	)%
Jimmy Choo			315			314		0.3	%		(0.3	)%
Michael Kors			1,666			1,875		(11.1	)%		(11.5	)%
Total Revenue		$	2,520		$	2,772		(9.1	)%		(9.7	)%

SCHEDULE 6

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share data)
(Unaudited)
		Three Months Ended September 30, 2023
		As Reported				Impairment Charges				Restructuring and Other Expense (1)			ERP Implementation(2)				Capri Transformation (3)				Merger Related Costs				As Adjusted
Gross profit		$	832			$	—			$	—		$	—			$	—			$	—			$	832
Operating expenses		$	732			$	(20	)		$	—		$	(4	)		$	(29	)		$	(4	)		$	675
Total income from operations		$	100			$	20			$	—		$	4			$	29			$	4			$	157
Foreign currency gain		$	(3	)		$	—			$	—		$	—			$	—			$	—			$	(3	)
Income before provision for income taxes		$	101			$	20			$	—		$	4			$	29			$	4			$	158
Provision for income taxes		$	11			$	4			$	—		$	1			$	8			$	1			$	25
Net income attributable to Capri		$	90			$	16			$	—		$	3			$	21			$	3			$	133
Diluted net income per ordinary share - Capri		$	0.77			$	0.13			$	—		$	0.03			$	0.18			$	0.02			$	1.13

______________________

(1)		Amounts impacting operating expenses primarily include a gain related to the termination of certain leases offset by expenses related to equity awards associated with the acquisition of Gianni Versace S.r.l.
(2)		Represents a multi-year ERP implementation which includes accounting, finance and wholesale and retail inventory solutions in order to create standardized finance IT applications across our organization. This ERP implementation will continue through Fiscal 2026 and we expect expenditures up to $170 million.
(3)		The Capri transformation program represents a multi-year, multi-project initiative extending through Fiscal 2026 intended to improve the operating effectiveness and efficiency of our organization by creating best in class shared platforms across our brands and by expanding our digital capabilities. These initiatives cover multiple aspects of our operations including supply chain, marketing, omni-channel customer experience, e-commerce, data analytics and IT infrastructure. Through Fiscal 2026, we expect expenditures up to $220 million related to these efforts.

SCHEDULE 7

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share data)
(Unaudited)
		Six Months Ended September 30, 2023
		As Reported			Impairment Charges				Restructuring and Other Expense (1)				ERP Implementation (2)				Capri Transformation (3)				Merger Related Costs				As Adjusted
Gross profit		$	1,644		$	—			$	—			$	—			$	—			$	—			$	1,644
Operating expenses		$	1,464		$	(20	)		$	2			$	(9	)		$	(57	)		$	(4	)		$	1,376
Total income from operations		$	180		$	20			$	(2	)		$	9			$	57			$	4			$	268
Foreign currency loss		$	18		$	—			$	(17	)		$	—			$	—			$	—			$	1
Income before provision for income taxes		$	151		$	20			$	15			$	9			$	57			$	4			$	256
Provision for income taxes		$	13		$	4			$	3			$	2			$	12			$	1			$	35
Net income attributable to Capri		$	138		$	16			$	12			$	7			$	45			$	3			$	221
Diluted net income per ordinary share - Capri		$	1.17		$	0.14			$	0.10			$	0.06			$	0.38			$	0.02			$	1.87

______________________

(1)		Amounts impacting operating expenses primarily includes a gain on the sale of a long-lived corporate asset partially offset by expenses related to equity awards associated with the acquisition of Gianni Versace S.r.l.. The foreign currency exchange loss represents a charge recognized in conjunction with restructuring activities to rationalize certain legal entities within our structure.
(2)		Represents a multi-year ERP implementation which includes accounting, finance and wholesale and retail inventory solutions in order to create standardized finance IT applications across our organization. This ERP implementation will continue through Fiscal 2026 and we expect expenditures up to $170 million.
(3)		The Capri transformation program represents a multi-year, multi-project initiative extending through Fiscal 2026 intended to improve the operating effectiveness and efficiency of our organization by creating best in class shared platforms across our brands and by expanding our digital capabilities. These initiatives cover multiple aspects of our operations including supply chain, marketing, omni-channel customer experience, e-commerce, data analytics and IT infrastructure. Through Fiscal 2026, we expect expenditures up to $220 million related to these efforts.

SCHEDULE 8

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share data)
(Unaudited)
		Three Months Ended October 1, 2022
		As Reported			Impairment Charges				Restructuring and Other Expense (1)				COVID-19 Related Expenses				ERP Implementation				Capri Transformation				As Adjusted
Gross profit		$	951		$	—			$	—			$	(3	)		$	—			$	—			$	948
Operating expenses		$	699		$	(11	)		$	(3	)		$	—			$	(7	)		$	(10	)		$	668
Total income from operations		$	252			11			$	3			$	(3	)		$	7			$	10			$	280
Income before provision for income taxes		$	259		$	11			$	3			$	(3	)		$	7			$	10			$	287
Provision for income taxes		$	35		$	2			$	1			$	(1	)		$	2			$	3			$	42
Net income attributable to Capri		$	224		$	9			$	2			$	(2	)		$	5			$	7			$	245
Diluted net income per ordinary share - Capri		$	1.63		$	0.07			$	0.01			$	(0.01	)		$	0.04			$	0.05			$	1.79

______________________

(1)

Primarily Includes expenses related to equity award associated with the acquisition of Gianni Versace S.r.l.

SCHEDULE 9

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share data)
(Unaudited)
		Six Months Ended October 1, 2022
		As Reported			Impairment Charges				Restructuring and Other Charges(1)				COVID-19 Related Charges				ERP Implementation				Capri Transformation				As Adjusted
Gross profit		$	1,852		$	—			$	—			$	(4	)		$	—			$	—			$	1,848
Operating expenses		$	1,369		$	(11	)		$	(6	)		$	—			$	(16	)		$	(19	)		$	1,317
Total income from operations		$	483		$	11			$	6			$	(4	)		$	16			$	19			$	531
Income before provision for income taxes		$	490		$	11			$	6			$	(4	)		$	16			$	19			$	538
Provision for income taxes		$	63		$	2			$	2			$	(1	)		$	4			$	6			$	76
Net income attributable to Capri		$	425		$	9			$	4			$	(3	)		$	12			$	13			$	460
Diluted net income per ordinary share - Capri		$	3.03		$	0.06			$	0.03			$	(0.02	)		$	0.09			$	0.09			$	3.28

______________________

(1)

Primarily Includes expenses related to equity award associated with the acquisition of Gianni Versace S.r.l.

 

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Investor Relations:

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Jennifer.Davis@CapriHoldings.com

Media:

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Source: Capri Holdings Limited

FAQ

What are Capri Holdings Limited's (CPRI) Q2 Fiscal 2024 revenue highlights?

The revenue decreased by 8.6% on a reported basis and 10.1% in constant currency.

What is the adjusted operating margin for Capri Holdings Limited (CPRI) in Q2 Fiscal 2024?

The adjusted operating margin is 12.2%.

What challenges affected Capri Holdings Limited's (CPRI) Q2 results?

Macro-economic headwinds and Ecommerce implementation related challenges affected the results.

Who is the Chairman and CEO of Capri Holdings Limited (CPRI)?

John D. Idol is the Chairman and Chief Executive Officer of the company.