Capri Holdings on track for second quarter

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%.

Featured photo : © Versace

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Hélène Cougot

Passionnée depuis son plus jeune âge par l’art et la mode, Hélène s’oriente vers une école de stylisme, l’Atelier Chardon-Savard à Paris, avec une option Communication. Afin d’ajouter des cordes à son arc, elle décide de compléter sa formation par un MBA en Management du Luxe et Marketing Expérientiel à l’Institut Supérieur de Gestion à Paris dont elle sort diplômée en 2020. Elle a notamment écrit des articles lifestyle et beauté pour le magazine Do it in Paris et se spécialise en rédaction d’articles concernant le luxe, l’art et la mode au sein du magazine Luxus Plus.********** [EN] Passionate about art and fashion from a young age, Hélène went to a fashion design school, Atelier Chardon-Savard in Paris, with a Communication option. In order to add more strings to her bow, she decided to complete her education with an MBA in Luxury Management and Experiential Marketing at the Institut Supérieur de Gestion in Paris from which she graduated in 2020. She has written lifestyle and beauty articles for Do it in Paris magazine and specializes in writing articles about luxury, art and fashion for Luxus Plus magazine.