Gross profit for the period was US$867 million and the gross margin was 64.9%, against US$956 million and 64.1% in the same period of the 2022 fiscal year.

The company reported a net loss for the period of US$34 million, compared to a net income of US$81 million in the prior year.

Versace brought in revenue of US$274 million in the period, falling by 13%, with operating income of US$14 million and a margin of 5.1%, down from US$50 million and 15.9%.

Meanwhile, Jimmy Choo saw a decline of 3.2% in the quarter to US$151 million with an operating loss of US$7 million and an operating margin of (4.6%), against US$15 million and (9.6%).

Finally, Michael Kors reported revenue of US$910 million, down by 10.9%, with operating income of $147 million and operating margin at 16.2%, compared to US$210 million and 20.6% in Q4 2022.

For the first quarter of fiscal 2024, Capri is expecting total revenue of around US$1.2 billion, with an operating margin of approximately 8.5%.

Versace is expected to bring in US$245 million with a break-even operating margin, while Jimmy Choo should achieve revenue of around US$180 million with an operating margin in the high-single-digit range and Michael Kors is forecasting revenue around US$775 million and an operating margin in the mid-teens.

Looking forward to the 2024 fiscal year, Capri Holdings is expecting revenue to total around US$5.7 billion with modest gross margin expansion.

Versace is forecasting revenue of around US$1.2 billion with an operating margin in the mid-teens, Jimmy Choo expects to achieve revenue of US$700 million and an operating margin in the high single digits and Michael Kors is predicting around US$3.8 billion and an operating margin in the low 20% range.

CEO John D Idol said: “We achieved several milestones in fiscal 2023, including record revenue at Versace and Jimmy Choo as well as mid-single-digit revenue growth at Michael Kors. Additionally, we generated strong free cash flow and returned US$1.35 billion to shareholders. These results demonstrate the power of our business model, the strength of our luxury houses and the execution of our strategic initiatives.

“With Versace, Jimmy Choo and Michael Kors, we have three incredibly powerful brands to drive our future growth. While we recognise that there are near-term uncertainties in the Americas, we are encouraged by the strong trends in Asia and continued growth in EMEA.”