Capri Shares Fall Despite Tariff Refunds
Capri Shares Fall Despite Tariff Refunds
Capri Holdings, the owner of Michael Kors and Jimmy Choo, reported another quarter of declining sales. The company narrowed its net loss with the help of tariff refunds, but shares fell 6.8% in pre-market trading.
Tariff Refunds and Financial Impact
Capri stated it is entitled to a refund of approximately $65 million in IEEPA tariffs. It recorded $40 million as a reduction to the recently completed fiscal year's cost of goods sold and $25 million as an inventory reduction.
The net loss narrowed, aided by 28 cents per share in tariff refunds. However, the ongoing sales decline continues to worry investors.
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