Capri Holdings reports Q2 results

Worldwide
Published:  04 November, 2021
Credit: Jimmy Choo

The fashion group, which owns luxury brands such as Versace, Michael Kors and Jimmy Choo, has reported its second quarter financial results.

Capri Holdings saw revenue grow by 17% to US$1.3 billion, gross profit of US$884 million and a gross margin of 68.0%, compared to US$710 million and 64.0% in the prior year.

Versace saw revenue jump 45% year-on-year to US$282 million, with operating income of US$55 million and an operating margin of 19.5%.

Revenue for Jimmy Choo was US$137 million, an increase of 12%, while operating income was US$1 million with an operating margin of 0.7%.

Meanwhile, Michael Kors achieved revenue of US$881 million, increasing 11% on the same period last year, operating income of US$220 million and an operating margin of 25%.

During the second quarter, Capri Holdings repurchased approximately 1.8 million ordinary shares for around US$100 million in open market transactions.

The Board of Directors approved a new share repurchase program of up to US$1 billion of its outstanding ordinary shares, providing additional capacity to return cash to shareholders over the longer term. This new two-year program will replace the existing US$500 million share repurchase program which had US$250 million of availability remaining.

For the full 2022 fiscal year, the group is forecasting total revenue of US$5.4 billion, including approximately US$75 million associated with an extra 53rd week.