"We are pleased with our second quarter results with revenue, gross margin, operating margin and earnings per share all exceeding our expectations. This performance reflects the power of Versace, Jimmy Choo and Michael Kors as well as the execution of our strategic initiatives. Capri Holdings strong results are a testament to the dedication, resilience and agility of the entire team across the globe”, commented John D. Idol, the Company's Chairman and Chief Executive Officer.

Capri Holdings

In the second quarter of fiscal 2022, which ended on the 25th of September 2021, Capri’s total revenue grew by 17%, reaching 1.3 billion US dollars, as compared to the similar quarter last year. On a constant currency basis, total revenue increased by 15%.

Net income totalled 200 million US dollars, or 1.30 dollars per diluted share, in the second quarter of the current year, as compared to 122 million US dollars, or 0.81 dollars per diluted share, in the same period of the prior year. Adjusted net income was 235 million US dollars, or 1.53 dollars per diluted share, as compared to 137 million US dollars, or 0.90 dollars per diluted share, in the same quarter of fiscal 2021.

Versace

In the second quarter of fiscal 2022, Versace revenue increased by 45%, reaching 282 million US dollars, as compared to similar period last year. On a constant currency basis, total revenue grew by 43%. Operating income corresponded to 55 million US dollars and operating margin was of 19.5%, as compared to 20 million dollars and operating margin of 10.3% in the second quarter of fiscal 2021.

Jimmy Choo

Jimmy Choo’s revenue increased by 12% in the second quarter of the current year, totalling 137 million US dollars, as compared to similar period of fiscal 2021. On a constant currency basis, total revenue increased by 5%. Operating income was 1 million US dollars and operating margin corresponded to 0.7%, as compared to break even the same period of last year.

Michael Kors

In the three-months period ended on the 25th of September 2021, Michael Kors’ revenue grew by 11%, adding up to 881 million US dollars, as compared to the same period in the prior year. On a constant currency basis, total revenue increased by 10%. Operating income totalled 220 million US dollars and operating margin was of 25%, as compared to 190 million US dollars and operating margin of 24% in the second quarter of fiscal 2021.

Fiscal Year 2022 Outlook

"We remain confident in the strength of our luxury houses and are pleased to be raising revenue and earnings guidance for the year. Our new outlook reflects both stronger revenue performance as well as greater than anticipated gross margin expansion driven by the execution of our strategic initiatives. The success of these initiatives is currently offsetting the COVID-19 related industry headwinds including supply chain delays and increased transportation costs”, added John D. Idol, the Company's Chairman and Chief Executive Officer.

For the fiscal year of 2022, Capri is expecting total revenue of approximately 5.4 billion US dollars (as compared to the prior estimation of 5.3 billion US dollars), including approximately 75 million US dollars associated with the 53rd week.