Capri Holdings begins fiscal 2023 with growth

Worldwide

Published: August 10, 2022




Credit: Michael Kors


Fashion group Capri Holdings has released its financial results for the first quarter of fiscal 2023.

The company posted revenue of $1.36 billion for the period, an 8.5% year-on-year increase, with gross profit of $901 million and gross margin of 66.3% . Operating income was US$231 million and operating margin was 17%, compared to US$258 million and 20.6% a year earlier.

For Versace, first quarter results were $275 million in revenue, an increase of 14.6%, while operating profit was $52 million and operating margin was 18.9. %, against 48 million dollars and 20% the previous year.

Jimmy Choo’s revenue rose 21.1% in the first quarter of 2023 to $172 million, while operating profit was $19 million and operating margin was 11%, from $11 million. dollars and 7.7% the previous year.

Meanwhile, Michael Kors achieved revenue growth of 4.8% to $913 million, with operating profit of $222 million and an operating margin of 24.3%, from $240 million. dollars and 27.6% the previous year.

Looking forward to the full 2023 fiscal year, Capri Holdings expects total revenue of approximately $5.85 billion and a roughly flat gross margin compared to 2022. The group expects a operating margin of approximately 18%.

John D. Idol, Chairman and Chief Executive Officer, 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 expected results were driven by strong momentum across all three houses reflecting the power of our brands as they continue to deepen consumer desire and engagement.


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