Better than expected results for Capri in Q4 2022


Published: June 07, 2022

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The fashion group, which owns luxury brands such as Versace, Michael Kors and Jimmy Choo, has released its fourth quarter 2022 financial results.

In the fourth quarter of fiscal 2022, Capri Holdings achieved revenue growth of 24.6% to total US$1.49 billion.

Gross profit for the period was US$956 million and gross margin was 64.1%, compared to US$737 million and 61.6% a year earlier. Net income was US$81 million for the fourth quarter.

Versace posted sales of $315 million in the quarter, a growth of 34% over the previous year. The brand’s operating profit was $50 million and the operating margin was 15.9%.

For Jimmy Choo, fourth-quarter revenue rose 25.8% to $156 million. The brand posted an operating loss of US$15 million and an operating margin of -9.6%.

Meanwhile, Michael Kors achieved revenue of US$1.02 billion during the period, an increase of 21.8%. Operating profit was US$210 million and operating margin was 20.6%.

Capri Chairman and CEO John D Idol said: “I am proud of the progress we have made across all of our luxury homes. Revenues and results far exceeded our initial expectations. Capri Holdings achieved the highest revenue, gross margin and earnings per share in the company’s history. Additionally, we generated strong free cash flow and returned US$650 million to shareholders in fiscal 2022.

“Our ability to deliver record results while meeting the challenges of an unprecedented global pandemic is testament to the strength of our brands and the success of our strategic growth initiatives. Most importantly, we could not have achieved these results without the hard work, dedication and resilience of our teams around the world.”

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