Capri reports strong growth for second quarter

Worldwide
Published:  15 November, 2022
Credit: Versace

Capri Holdings has reported strong growth in its second quarter financial results for the 2023 fiscal year.

The company achieved a revenue increase of 8.6% year-on-year to US$1.41 billion, up by 17.5% on a constant currency basis. Capri achieved a net income of US$224 million, compared to US$200 million in the prior year.

Versace achieved revenue of US$308 million in the second quarter, up by 9.2% and 27.7% on a constant currency basis. Jimmy Choo reported a total of US$142 million in revenue, up by 3.6% and 15.3% on a constant currency basis.

Meanwhile, Michael Kors saw revenue increase by 9.2% year-on-year to US$962 million, with an increase of 14.6% on a constant currency basis.

Looking forward to the full 2023 fiscal year, Capri expects total revenue of around US$5.7 billion. Versace is expected to achieve revenues of US$1.15 billion, Jimmy Choo of US$640 million and Michael Kors should bring in US$3.91 billion.

John D. Idol, Chairman and CEO of Capri Holdings, said: "Looking at the remainder of fiscal 2023, we are now taking a more cautious view with our revenue outlook due to an increasingly uncertain macroeconomic environment, foreign currency headwinds and the ongoing impact of Covid related restrictions in China.”