"We are pleased with our first quarter performance with revenue, gross margin, operating margin and earnings per share all exceeding our expectations. Better than anticipated results were driven by strong momentum across all three luxury houses, reflecting the power of our brands as they continue to deepen consumer desire and engagement. Looking forward, we remain optimistic about the long-term growth potential for Versace, Jimmy Choo and Michael Kors. With our portfolio of iconic, founder-led fashion luxury brands, Capri Holdings is positioned to deliver multiple years of revenue and earnings growth", commented John D. Idol, the Company's Chairman and Chief Executive Officer.

First Quarter Results

In the first quarter of fiscal 2023, Capri's total revenue increased by 8.5%, as compared to the same period of last year, reaching 1.36 billion US dollars. On a constant currency basis, total revenue grew by 15.2%.

Net income totalled 201 million US dollars, or 1.40 US dollars diluted per share, in the first quarter of the current financial year, on a comparable basis to net income of 219 million US dollars, or 1.41 US dollars per diluted share, in the same quarter of fiscal 2022. Adjusted net income was 215 million US dollars, or 1.50 US dollars per diluted share, as compared to adjusted net income of 221 million US dollars, or 1.42 US dollars per diluted share.  

Versace

In the three months to the 2^nd of July, Versace's revenue increased by 14.6%, on a comparable basis to the same period of the prior year, amounting to 275 million US dollars. On a constant currency basis, total revenue was up by 29.6%. In this period, the brand's operating income was 52 million US dollars and the operating margin corresponded to 18.9%, as compared to 48 million US dollars and 20.0% in similar period of fiscal 2022.

Jimmy Choo

Jimmy Choo's revenue grew by 21.1% in the first quarter of fiscal 2023, as compared to the same quarter of financial 2022, reaching 172 million US dollars. On a constant currency basis, total revenue rose by 30.3%. Operating income totalled 19 million US dollars and operating margin was 11.0%, on a comparable basis to 11 million US dollars and 7.7% in the first quarter of the previous year.

Michael Kors

In this first quarter of fiscal 2023, Michael Kors' revenue was up by 4.8%, totalling 913 million US dollars, on a comparable basis to the same quarter of fiscal 2022. On a constant currency basis, it grew by 8.7%. The brand's operating income in this period was 222 million US dollars and operating margin was 24.3%, as compared to 240 million US dollars and 27.6% in the same period of fiscal 2022.

Fiscal 2023 Outlook

For fiscal 2023, Capri Holdings is anticipating total revenue of approximately 5.85 billion US dollars and diluted earnings per share of approximately 6.85 US dollars. For the second quarter alone, the company is expecting total revenue of approximately 1.4 billion US dollars and diluted earnings per share of 1.55 US dollars.