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HomeFashionWatch US Capri Holdings' earnings rose 24.6% in FY22

Watch US Capri Holdings’ earnings rose 24.6% in FY22

Capri Holdings recorded total revenue of $ 1.49 million in the fourth quarter (Q4) of 2022. Which is an increase of 24.6 percent over the previous year. On a fixed currency basis, total revenue increased by 26.4 percent. On a 13-week basis, total revenue increased by 18.8 percent. The brand saw better than expected results across three luxury homes.

The fourth-quarter gross profit was $ 956 million and grossed 64.1 percent, compared to $ 737 million and 61.6 percent in the previous year. Consistent gross profit was $ 951 Total profit was $ 951 million and adjusted gross margin was 63.7 percent, compared to $ 760 million and 63.5 percent in the previous year, the company said in a press release.

Looking back on the fiscal year 2022, I’m proud of the progress we’ve made in all of our luxury homes. Revenue and earnings results have significantly exceeded our expectations. Capri has the highest earnings in the company’s history and gross margins and earnings per share. In addition, we have created strong free cash flows and returned  650 million to shareholders in the 2022 and the fiscal year. Our ability to deliver record results while navigating the challenge of an unprecedented global epidemic is a testament to the strength of our brand and the success of our strategic growth initiatives.

Looking ahead to the fiscal year 2023, we expect to achieve record revenue and earnings per share for one more year. In the long run, we are confident in our ability to resume double-digit revenue growth as we move beyond the influence of the current macro headwind. The strength of Versace, Jimmy Choo, and Michael Kors, as well as the proven resilience of the luxury market, strengthens our optimism for the future and our ability to achieve $ 7 billion in revenue and 20 percent operating margin over time, ”Idol continued.

For fiscal year 2023, the company expects total revenue of approximately $ 5.95 billion, an increase of about 5 percent over the previous year, according to the report, and about 10 percent in fixed currency. Gross margins are expected to be flat for FY 2022, reflecting the benefits of offset strategic initiatives by higher transportation and input costs.

 

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