Capri Holdings revenues rise 15.2%

Capri Holdings Limited, owner of Versace, Jimmy Choo and Michael Kors, has released its financial results for the first quarter ending 2 July 2022, revealing a 15.2% revenue increase in constant currency to $1.36 billion.

Gross profit was $901 million and gross margin was 66.3%, compared to $856 million and 68.3% the year before.

Net income totalled $201 million, compared to $219 million. Income from operations was $231 million, compared to $258 million.

Versace First Quarter Fiscal 2023 Results:

• Revenue increased 29.6% on a constant currency basis to $275 million.
• Operating income was $52 million, compared to $48 million in the prior year.

Jimmy Choo First Quarter Fiscal 2023 Results:

• Revenue increased 30.3% on a constant currency basis to $172 million.
• Operating income was $19 million, compared to $11 million in the prior year.

Michael Kors First Quarter Fiscal 2023 Results:

• Revenue increased 8.7% on a constant currency basis to $913 million.
• Operating income was $222 million, compared to $240 million in the prior year.

Looking ahead to FY23, the group now expects revenue of $5.85 billion and gross margin to be flat on FY22. Capri Holdings also expects revenue from Versace of $1.175 billion, Jimmy Choo of $650 million and Michael Kors of $4.025 billion.

John D. Idol, Chairman and CEO of Capri Holdings Limited, said: "We are pleased with our first quarter performance with revenue, gross margin, operating margin and earnings per share all exceeding our expectations.

"Better than anticipated results were driven by strong momentum across all three luxury houses reflecting the power of our brands as they continue to deepen consumer desire and engagement.

"Looking forward, we remain optimistic about the long-term growth potential for Versace, Jimmy Choo and Michael Kors. With our portfolio of iconic, founder-led fashion luxury brands, Capri Holdings is positioned to deliver multiple years of revenue and earnings growth."