Revenue for the period was US$1.51 billion, which the company noted was only down by 0.5% on a constant currency basis.

Gross profit totalled US$1.01 billion while the gross margin was 66.5%, down from US$1.05 billion and up from 65.1% a year prior. Net income for the period totalled US$225 million, down from US$322 million.

Versace achieved revenue of US$249 million in the third quarter, a drop of 0.8% on a reported basis and an 11.2% increase based on constant currency.

Meanwhile, Jimmy Choo reported revenue of US$169 million, down by 5.6% (up 3.4% on a constant currency basis), and Michael Kors achieved US$1.1 billion, down 7.2% and down 3.6% on a constant currency basis.

Looking forward to the full 2023 financial results, Capri Holdings is forecasting revenue of approximately US$5.56 billion, with “modest gross margin expansion”. Versace is expected to achieve revenue of US$1.1 billion, Jimmy Choo US$610 million and Michael Kors US$3.83 billion.

In the 2024 fiscal year, Capri is currently forecasting total revenue of around US$5.8 billion, with US$1.25 billion for Versace, US$650 million for Jimmy Choo and US$3.9 billion for Michael Kors.

Chairman and CEO John D Idol said: “Overall, our performance in the third quarter was more challenging than anticipated. However, many aspects of our business performed well, in particular we were pleased with the continued growth in our own retail channel across all three of our luxury houses. This is a testament to the strength of our powerful iconic brands, as well as the success of our strategic initiatives.

“However, we were disappointed with the performance of our global wholesale business in the quarter which resulted in expense deleverage and a lower operating margin. We have begun taking measures to better align operating expenses with the change in revenue by channel. At the same time, we will continue to make strategic investments to drive long-term growth.”