"We are pleased to report that third quarter performance exceeded our expectations for revenue, operating margin and earnings per share. Results were driven by strong momentum across all three luxury houses reflecting the power of Versace, Jimmy Choo and Michael Kors as well as the continued execution of our strategic initiatives. We are especially proud of our performance given the ongoing headwinds caused by the pandemic, including regional restrictions and supply chain challenges. Capri Holdings results are a testament to the dedication and agility of our teams across the globe", commented John D. Idol, the Company's Chairman and Chief Executive Officer.

Third Quarter Results

In the third quarter of fiscal 2022, which ended on the 25^th of September, Capri’s total revenue increased by 24%, reaching 1.6 billion US dollars, as compared to the same period of last year. On a constant currency basis, total revenue rose by 25%.

Net income for the period totalled 322 million US dollars, or 2.11 US dollars per diluted share, on a comparable basis to net income of 179 million US dollars, or 1.18 US dollars per diluted share, in similar period of the prior year. Adjusted net income corresponded to 339 million US dollars, or 2.22 US  dollars per diluted share, as compared to net income  of 250 million US dollars, or 1.65 US dollars per diluted share in the third quarter of fiscal 2021.

Versace

In the third quarter of fiscal 2022, Versace’s revenue amounted to 251 million US dollars, which reflects an increase of 29%, as compared to similar period last year. On a constant currency basis, total revenue increased by 34%. Operating income in this period totalled 32 million US dollars and operating margin was 12.7% US dollars, as compared to operating income of 13 million US dollars and operating margin of 6.7% the third quarter of fiscal 2021.

Jimmy Choo

Jimmy Choo’s revenue grew by 47% in the third quarter of the current fiscal year, reaching 178 million US dollars, on a comparable basis to the same period of the prior year. On a constant currency basis, total revenue increased by 43%. Operating income corresponded to 16 million US dollars and operating margin to 9.0%, as compared to operating margin of 8 million US dollars and operating margin of 6.6% in similar period of fiscal 2021.

Michael Kors

In the three-months period ended on the 25^th of December 2021, Michael Kors revenue totalled 1.18 billion US dollars, indicating an increase of 20%, on a comparable basis to the same period of fiscal 2021. On a constant currency basis, total revenue rose by 21%. In this period, Michael Kors operating income added up to 335 million US dollars and operating margin was of 28.4%, on a comparable basis to operating income of 281 million US dollars and operating margin of 28.5% in the same period of last year.

Fiscal Years 2022 and 2023 Outlook

"We are raising fiscal 2022 revenue and earnings guidance based on the strength across all our luxury houses. Looking to fiscal 2023, we expect to generate double-digit revenue and earnings growth. This outlook reflects the success of our ongoing strategic initiatives as well as a continued recovery from the global pandemic. Longer term the power of Versace, Jimmy Choo and Michael Kors position Capri Holdings to deliver multiple years revenue and earnings growth", added John D. Idol, the Company's Chairman and Chief Executive Officer.

For the fiscal year of 2022, Capri Holdings is expecting total revenue of 5.56 billion US dollars, including approximately 75 million US dollars from the 53^rd week. The company has also advanced that is forecasting total revenue for the fiscal year of 2023 to be approximately of 6.1 billion US dollars.

Fiscal 2022 for Capri's runs until the end of March 2022.