Global fashion luxury group Capri has announced that the China coronavirus outbreak could hit its revenues for the fourth quarter and full-year 2020. In its full-year fiscal 2020 outlook, Capri estimates revenue to decrease by around $100m and earnings a share by $0.40 to $0.45. Capri reported third-quarter revenue growth of 9.2 per cent gross profit of $932m and $210m net income, which exceeded expectations.
The group has also noted that brand comparable store sales guidance ranges will not be provided in the fourth quarter.
The parent company of fashion brands such as Michael Kors, Versace and Jimmy Choo has closed approximately 150 of its 225 stores in mainland China as of 5 February.The rest of the stores that remain open are operating with reduced hours and fewer customer visits.
Other major retailers who are victims of the outbreak include Ralph Lauren, Gap, Hugo Boss, Swatch and more. Additionally, Nike and Apple have both confirmed store closures this week across mainland China.
