Capri Holdings Limited (CPRI) experienced a significant decline of 14.69% in its stock price during Wednesday's trading, falling by $3.53 to settle at $20.50. This downturn is in the wake of the company's reported net loss of $546 million for the third quarter, a stark contrast to the net income of $105 million recorded in the same period the previous year.
Currently, CPRI shares are trading at $20.65, a decrease of $3.38 from the prior closing price of $24.03. The trading activity today has seen the stock reach a high of $22.60 and a low of $20.36, with an impressive surge in trading volume at 6.86 million shares, which is significantly above the average volume of 3.9 million shares. Despite the considerable drop in net income and revenue, the stock remains within its 52-week trading range of $18.70 to $47.80.
Additionally, the company's diluted earnings per share have decreased to $4.61, compared to $0.88 previously. Total revenue for the quarter has fallen from $1.43 billion to $1.26 billion. Despite these financial setbacks, CPRI's stock continues to trade within its established 52-week range.
