New York-based Capri Holdings reported a 10.5% decline in sales in the final quarter of fiscal 2022-23. Thanks to the rebound in China, however, sales exceeded analysts’ forecasts.
Fashion group Capri Holdings, which owns the Michael Kors, Versace and Jimmy Choo brands, reported yesterday that its sales fell by 10.5% to $1.33 billion in the fourth quarter 2022-2023. Versace itself fell by 13%, Michael Kors by 11% and Jimmy Choo by 3%.
Nevertheless, the Group beat its fourth-quarter sales forecasts, thanks to a recovery in sales in China following the easing of health restrictions across the country. Analysts were expecting sales of just $1.28 billion.
Capri Holding reported adjusted earnings per share (EPS) of $0.97 for its final quarter 2022-2023, compared with $1.02 a year earlier. Adjusted operating margin was down 5.1 points to 9.1%.
For the current financial year 2023-2024, the American group forecasts sales of around $5.7 billion. It anticipates adjusted EPS of around $6.4 and an adjusted operating margin of 16.5%.
Featured photo : ©Michael Kors