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Capri with revenue and earnings increase

Jun 3, 2022 United Kingdom
Capri with revenue and earnings increase
The luxury fashion group reported that revenue and earnings for the full year of 2022 exceeded expectations. Total revenue amounted to 5.65 billion US dollars
"Looking back on fiscal 2022, I am proud of the progress we made across all our luxury houses. Revenue and earnings results significantly exceeded our original 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 650 million US dollars to shareholders in fiscal 2022. Our ability to deliver record results while navigating the challenges of an unprecedented global pandemic is a testament to the strength of our brands and the success of our strategic growth initiatives", commented John D. Idol, the Company’s Chairman and Chief Executive Officer.

Fourth Quarter Results

In the fourth quarter of fiscal 2022*, Capri’s total revenue amounted to 1.49 billion US dollars, reflecting an increase of 24.6%, as compared to the same period of the prior year. On a constant currency basis, total revenue grew by 24.8%.

On a comparable basis to the last quarter of fiscal 2021. Versace’s revenue increased by 34.0% (by 44.3% on a constant currency basis) in the fourth quarter of financial 2022, reaching 315 million US dollars; Jimmy Choo’s revenue was up by 25.8% (by 29.1% on a constant currency basis), totalling 156 million euros; and Michael Kors revenue grew by 21.8% (by 23.8% on a constant currency basis), adding up to 1.02 billion US dollars.

The company’s net income for the period totalled 81 million US dollars, or 0.54 US dollars per diluted share, as compared to net loss of 183 million US dollars, or (1.21) US dollars per diluted share, in the fourth quarter of fiscal 2021. Adjusted net income was 152 million US dollars, or 1.02 US dollars per diluted share, as compared to 59 million US dollars, or 0.38 US dollars per diluted share, in similar period of the previous year.


Full Year Results

In the full year 2022, Capri’s total revenue reached 5.65 billion US dollars, as compared to revenue of 4.06 billion US dollars in the previous fiscal year. Net income for fiscal 2022 totalled 823 million US dollars, or 5.49 US dollars per diluted share, on a comparable to a net loss of 63 million US dollars, or 0.41 US dollars per diluted share, in the previous financial year.

Over fiscal 2022, Versace’s revenue amounted to 1.09 billion US dollars, as compared to 718 million US dollars in fiscal 2021; Jimmy Choo’s revenue amounted to 613.4 million US dollars, as compared to 418 million US dollars in the prior year; and Michael Kors’ revenue reached 3.95 billion US dollars, as compared to 2.92 billion US dollars over fiscal 2021.

Fiscal 2023 Outlook

For the full year 2023, the company is expecting total revenue of approximately 5.95 billion US dollars, that is, an increase of approximately 5% over the prior year (or 10% in a constant currency), and diluted earnings per share of about 6.85 US dollars.

Capri also detailed that is anticipating revenue of approximately 1.3 billion US dollars in the first quarter of fiscal 2023 (up by 4%, or about 9% on a constant currency basis over the first quarter of fiscal 2022), and diluted earnings per share of about 1.35 US dollars.


*Fiscal 2022 for Capri ran until the 2nd of April.

Image Credits: thefashionisto.com



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