Capri Holdings Group’s turnover increased by 8.6% in the second quarter ended 1 October.
Capri Holdings, the group that owns the Michael Kors and Versace brands, has released its second quarter 2022 results. Its total revenues increased by 8.6% to $1.41 billion at current exchange rates compared to last year. On a constant currency basis, its total revenue increased by 17.5%.
Adjusted operating profit was $280 million and the operating margin was 19.8%.
Adjusted net profit increased by 4% to $245 million from $235 million in 2021.
Versace reports second quarter revenue of $308 million, up 9.2% from 2021. Jimmy Choo reported second quarter revenue of $142 million (+3.6%) and Michael Kors reported $962 million, up 5.6% from last year.
John D. Idol, the company’s chairman and chief executive officer, said in a statement, “We are pleased with our performance in the second quarter, as we delivered strong revenue growth and record earnings per share. The results were driven by the momentum of our three luxury houses, reflecting the strength of Versace, Jimmy Choo and Michael Kors, as well as continued sales growth. (…) For the remainder of fiscal 2023, we are now more cautious in our revenue guidance due to an increasingly uncertain macroeconomic environment.” But he is positive: “Our strong brands have enduring value and proven resilience, which reinforces our confidence in the ability to deliver strong results.”
Capri Holding’s full-year guidance calls for total revenue of approximately $5.7 billion, with a gross margin increase of 50 basis points and an operating margin of approximately 18.3%.
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Featured photo : © Versace
