CRV does less damage than expected, say Capri Holdings and Wolverine

CRV does less damage than expected, say Capri Holdings and Wolverine

Resumption of consumption in progress. And budget holes less deep than initially feared. So say Capri Holdings and Wolverine: CRV does less damage than expected. In fact, right after the reopening of stores, sales are gradually getting back to last year standards, considerably driven by online sales, whose support is undoubtedly more and more relevant. As regards Wolverine, they even enjoyed a positive trend in the second quarter of the year.

CRV proves less detrimental than expected

Capri Holdings have announced they will delay their statement over the quarterly business trend owing to the pandemic caused by Coronavirus outbreak. Yet, in the meantime, they have supplied a few updates. In China, sales are progressively picking up. According to the company, Versace and Jimmy Choo performance, in April and May, was pretty much the same compared to the same two-month period of 2019, whereas achievements carried out by Michael Kors reached around 80%, on annual basis. As regards e-commerce, “online sales, on Versace and Michael Kors websites, have nearly doubled compared to the same period, from April to May, of last year”, announced the group.

Wolverine statement

As we formerly said, Wolverine have made public their business improvement as well, mostly thanks to rewarding online sales. In fact, as publicly remarked by the company, from the end of March to April and May “the corporate e-commerce channel enjoyed a boost by over 90% compared to the same period of the previous year, therefore driving more than 40% of the company’s revenues”. Thanks to such accomplishment, “quarterly earnings went beyond expectations”. For the records, they were expecting revenues to decrease by over 50% in the period from April to June; by contrast, financial downturn will be lower than expected. Looking at June, Wolverine expect sales trend to be pretty much the same compared to the same month of last year. Blake Krueger, President and Chief Executive Officer of Wolverine Worldwide, pointed out: “Buyers are willingly responding to fresh products supply during this period, which proves to be dynamic”.

Picture taken from Wolverine Worldwide

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