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Capri Holdings Group on Wednesday raised its full-year 2022 profit forecast, thanks in part to strong results from its Versace and Michael Kors brands.
Capri Holdings Limited sees its total fourth-quarter revenue of $1.492 billion increase 24.6 percent from a year ago. Net income for the quarter was $81 million, causing John D. Idol, the company’s president and CEO, to celebrate, “Capri Holdings achieved the highest revenue, gross margin and earnings per share in the company’s history. In addition, we generated strong free cash flow and returned $650 million to shareholders in fiscal 2022.(…) The strength of Versace, Jimmy Choo and Michael Kors, as well as the proven resilience of the luxury market, reinforces our optimism for the future and our ability to achieve $7 billion in revenue and a 20% operating margin over time.”
Indeed, the company was driven by very strong results from its brands like Versace, which came in with $315 million in revenue, a 34% increase over the previous year. At Jimmy Choo, the turnover is 156 million, representing an increase of 25.8%. Finally, Michael Kors presents a turnover of $ 1.021 billion, an increase of 21.8% compared to 2021.
Therefore, Capri Holdings expects FY23 revenues to increase by 5% with a total revenue forecast of approximately $5.95 billion. The company remains cautious, however, and has lowered its 2023 revenue forecast to $5.95 billion from about $6.1 billion, in part due to the impact of store closures in China due to restrictions.
Read also > CAPRI HOLDINGS REVEALS THE RESIGNATION OF MICHAEL KORS CEO JOSHUA SCHULMAN
Featured photo : © Michael Kors[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
Capri Holdings Group on Wednesday raised its full-year 2022 profit forecast, thanks in part to strong results from its Versace and Michael Kors brands.
Capri Holdings Limited sees its total fourth-quarter revenue of $1.492 billion increase 24.6 percent from a year ago. Net income for the quarter was $81 million, causing John D. Idol, the company’s president and CEO, to celebrate, “Capri Holdings achieved the highest revenue, gross margin and earnings per share in the company’s history. In addition, we generated strong free cash flow and returned $650 million to shareholders in fiscal 2022.(…) The strength of Versace, Jimmy Choo and Michael Kors, as well as the proven resilience of the luxury market, reinforces our optimism for the future and our ability to achieve $7 billion in revenue and a 20% operating margin over time.”
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[/vc_cta][vc_column_text]Featured photo : © Michael Kors[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”people-in-the-roles” njt-role-user-roles=”subscriber,customer”][vc_column][vc_column_text]
Capri Holdings Group on Wednesday raised its full-year 2022 profit forecast, thanks in part to strong results from its Versace and Michael Kors brands.
Capri Holdings Limited sees its total fourth-quarter revenue of $1.492 billion increase 24.6 percent from a year ago. Net income for the quarter was $81 million, causing John D. Idol, the company’s president and CEO, to celebrate, “Capri Holdings achieved the highest revenue, gross margin and earnings per share in the company’s history. In addition, we generated strong free cash flow and returned $650 million to shareholders in fiscal 2022.(…) The strength of Versace, Jimmy Choo and Michael Kors, as well as the proven resilience of the luxury market, reinforces our optimism for the future and our ability to achieve $7 billion in revenue and a 20% operating margin over time.”
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[/vc_cta][vc_column_text]Featured photo © Michael Kors[/vc_column_text][/vc_column][/vc_row]
