16 December, 2021 - 16 December, 2021
15 January, 2022 - 18 January, 2022
Riva del Garda, Italy
20 January, 2022 - 22 January, 2022
26 January, 2022 - 27 January, 2022
New York, U.S.
01 February, 2022 - 03 February, 2022
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.