Capri Holdings Shares Plummet 52% in After-Hours Trading

Shares of Capri Holdings Limited (CPRI) have experienced a significant decline, plummeting by 52% to $19.98 in after-hours trading on Thursday, October 24, 2024. This drastic drop has sent shockwaves through the financial markets, with the stock losing $21.62 in value.

Capri Holdings, a global fashion luxury group, is known for its iconic brands including Versace, Jimmy Choo, and Michael Kors. Despite its strong brand portfolio and commitment to corporate social responsibility, the company’s financial performance has apparently raised concerns among investors.

The company has recently announced that it will report its financial results for the second quarter of fiscal year 2025 on Thursday, November 7, 2024, following the market close. Notably, Capri Holdings will not be conducting a conference call to discuss these financial outcomes.

This announcement comes on the heels of a downgrade by Wells Fargo, which changed its rating for Capri Holdings from Overweight to Equal Weight, although maintaining a target price of $42. This downgrade, along with other market factors, may have contributed to the sharp decline in the company’s stock price).