"We are pleased with our second quarter performance as we delivered strong revenue growth and record earnings per share. Results were driven by momentum across all three of our luxury houses reflecting the power of Versace, Jimmy Choo and Michael Kors as well as the continued execution of our strategic initiatives", commented John D. Idol, the Company's Chairman and Chief Executive Officer.

Second Quarter Results

In the second quarter of fiscal 2023, Capri Holdings' total revenue amounted to 1.41 billion US dollars, reflecting an increase of 8.6%, as compared to the same period of last year; on a constant currency basis, total revenue grew by 17.5%.

The company's net income totalled 224 million US dollars, or 1.63 US dollars per diluted share, in this second quarter, on a comparable basis to a 200 million US dollars net income, or 1.30 US dollars per diluted share in the same period of fiscal 2022. Adjusted net income was 245 million US dollars, or 1.79 US dollars per diluted share, as compared to adjusted net income of 235 million US dollars, or 1.53 US dollars per diluted share, in a similar period of the prior fiscal year.

Versace

In the second quarter of the current fiscal year, Versace's revenue grew by 9.2% (by 27.7% on a constant currency basis), reaching 308 million US dollars, on a comparable basis to the same period of last fiscal year. In this period, the brand's operating income was 62 million US dollars and the operating margin was 20.1%, as compared to 55 million US dollars and 19.5% in fiscal 2022.

Jimmy Choo

Jimmi Choo's revenue in the second quarter of fiscal 2023 totalled 142 million US dollars, up by 3.6% (by 15.3% on a constant currency basis), year-over-year. In this second quarter, the brand's operating income was 8 million US dollars and the operating margin was 5.6%, on a comparable basis to 1 million US dollars and 0.7% in the same quarter of the prior year.

Michael Kors

In the second quarter of fiscal 2023, Michael Kors posted revenue of 962 million US dollars, which reflects an increase of 9.2% (of 14.6% on a constant currency basis), as compared to the last financial year. In this period, the brand's operating income totalled 248 million euros and the operating margin was 25.8%, as compared to 220 million US dollars and 25.0% in the second quarter of fiscal 2022.

Outlook

"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. At the same time, we are pleased to maintain Capri's earnings per share guidance for the year, reflecting higher gross margin expectations, diligent expense management and reduced share count as a result of our ongoing share repurchase program", added Capri Holdings' CEO.

For the full year 2023, Capri Holdings is anticipating a total revenue of approximately 5.7 billion US dollars and diluted earnings per share of approximately 6.85 US dollars. For the third quarter alone, the company is expecting its revenue to reach 1.53 billion US dollars, and diluted earnings per share of approximately 2.20 US dollars.