LONDON - Capri Holdings Limited (NYSE: CPRI ), home to luxury fashion brands such as Versace, Jimmy Choo, and Michael Kors, reported a decline in revenue for the fourth quarter of the fiscal year 2024. The company saw its revenue drop by 8.4% to $1.

223 billion, a significant decrease from the $1.335 billion reported in the same quarter of the previous year. This decline also fell short of the analyst consensus estimate of $1.

29 billion. Adjusted earnings per share (EPS) for the quarter stood at $0.42, which was below the analyst estimate of $0.

67. The company's adjusted operating margin also experienced a downturn, reported at 6.4% compared to 9.

1% in the prior year. John D. Idol, Chairman and Chief Executive Officer of Capri Holdings, expressed disappointment with the fourth-quarter performance, attributing the decline to a global softening in demand for luxury fashion goods.

Despite the dip in sales, Idol highlighted the addition of 11.6 million new consumers across the company's databases, marking a 14% growth compared to last year. He emphasized the strong brand equity and enduring value of the company's luxury houses.

The financial results provided a bleak picture of the company's performance, with net loss widening to $472 million, or -$4.03 per diluted share, impacted by non-cash impairments. This is a stark contrast to the net loss of $34 million, or -$0.

28 per diluted share, in the prior year. Gross profit margin saw a decrease, primarily driven by lower full-price s.