Friday, December 1, 2023
Home » Capri Tops Q4 Estimates and Posts Record Year

Capri Tops Q4 Estimates and Posts Record Year

by News Desk

John Idol is looking past the headwinds in the economy. 

Capri Holdings, which Idol leads as chairman and chief executive officer, just capped off its strongest fiscal year on record and is planning to extend its gains this year and keep growing despite broad worries over the pandemic, war and a possible recession. 

The company’s fourth-quarter net income tallied $81 million, or 54 cents a diluted share, and compared with  losses of $183 million, or $1.21 a year ago.

Adjusted earnings of $1.02 a share came in 20 cents ahead of the 82 cents analysts projected, helping push shares of Capri up 4.7 percent to $51.02 in premarket trading.

Revenues for the three months ended April 2 increased 24.6 percent to $1.5 billion from $1.2 billion. 

The growth came from across the Capri portfolio. 

  • Michael Kors’ revenue rose 21.8 percent to $1 billion, driving operating income of $210 million.
  • Versace’s revenues increased 34 percent to $315 million with operating income of $50 million. 
  • Jimmy Choo’s revenues increased 25.8 percent to $156 million with an operating loss of $15 million.

For the full year, Capri logged earnings of $822 million, or $5.39 a share, with sales increasing 39 percent to $5.7 billion.

Idol said: “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 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.”

John Idol

And Idol is looking to keep growing this year, projected that Capri would push revenues up another 5 percent to $6 billion with earnings per share of $6.85. 

“Longer term we are confident in our ability to resume double digit revenue increases as we move beyond the impact of current macro headwinds,” Idol said. “The power of Versace, Jimmy Choo and Michael Kors as well as the proven resilience of the luxury market reinforce our optimism for the future and our ability to achieve $7 billion in revenue and a 20 percent operating margin over time.”


More from WWD:

Tapestry Taps Brakes on Outlook With China Slowdown

Moody’s Sets Outlook to Negative for Retail, Apparel

Patrice Louvet Keeps Moving Ralph Lauren Higher

You may also like

Leave a Comment


Latest Women Business, Fashion, Style, Entertainment, and influencer news and updates exclusively on Women Trends, Follow us for the Latest News and Stories About Women around the world.

© 2022 Women Trends – All Right Reserved.