On February 28th, Capri Holdings Limited, a luxury goods group in the United States, released its financial data for the third quarter of fiscal year 2024 as of December 31, 2023. During the period, the group's sales revenue was 1.43 billion US dollars, a year-on-year decrease of 5.6%; The net profit was 105 million US dollars, lower than the same period last year's 225 million US dollars; The gross profit is 928 million US dollars, with a gross profit margin of 65%; The operating profit is 122 million US dollars, with an operating profit margin of 15.6%.
By brand, during the reporting period, the operating revenue of Versace, a brand under the group, was 227 million US dollars, a year-on-year decrease of 8.8%; The operating loss was $14 million, compared to a profit of $24 million in the same period last year. The brand's revenue in the American market decreased by 14% year-on-year; The revenue of the European, Middle Eastern, and African markets decreased by 13% year-on-year; The revenue in the Asian market increased by 10% year-on-year.
The shoe brand Jimmy Choo's revenue for the quarter decreased by 1.3% year-on-year to $166 million; The operating profit was 4 million US dollars, with a profit margin of 2.4%, lower than the same period last year's 18 million US dollars and 10.7%. Capri Group stated that the main reasons for the decrease in operating profit margin are a decrease in full price product sales, unfavorable channel combinations, and an increase in store related costs. From a market perspective, sales in the Asian region increased by 9% year-on-year; Sales in the European, Middle Eastern, and African markets remained unchanged year-on-year; The sales in the Americas market decreased by 11% year-on-year.
Michael Kors, another brand of Capri Group, saw a year-on-year decline of 5.6% in sales in the third quarter to $1.03 billion; The operating profit was 219 million US dollars, with a profit margin of 21.2%, lower than the same period last year's 251 million US dollars and 22.9%. The group stated that the decrease in operating profit margin is mainly related to the cost leverage effect caused by lower full price product sales and revenue decline. In addition, during the period, Macquarie's sales in all markets showed a single digit decline, with the Americas market experiencing a year-on-year decline of 7%; The European, Middle Eastern, and African markets experienced a year-on-year decline of 2%; The Asian market experienced a year-on-year decline of 2%.
At the end of the financial report, Capri Group stated, "Given that the group will complete a merger with another US luxury goods group, Tapestry, in this fiscal year, no financial performance expectations will be provided." In August last year, Tapestry Group announced its acquisition of Capri Group, and after the merger, Tapestry Group's global annual sales may exceed $12 billion, with operations in 75 countries and regions.