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Dec 31, 2022
Capri Q3 2023 Earnings Report
Financial performance was more challenging than anticipated, but growth in the own retail channel and strategic initiatives showed strength.
Key Takeaways
Capri Holdings Limited reported a decrease in total revenue by 6.0% to $1.51 billion, with a 0.5% decrease on a constant currency basis. Adjusted earnings per share were $1.84. The company's global wholesale business performance was disappointing, leading to expense deleverage and a lower operating margin.
Total revenue decreased 6.0% on a reported basis and 0.5% in constant currency.
Adjusted operating margin was 16.9%.
Adjusted earnings per share were $1.84.
Company repurchased approximately 5.7 million ordinary shares for approximately $300 million.
Revenue by Segment
Forward Guidance
For the fourth quarter of fiscal year 2023, Capri Holdings expects total revenue of approximately $1.275 billion and diluted earnings per share of $0.90-$0.95.
Positive Outlook
- Versace total revenue of approximately $280 million.
- Versace operating margin of approximately 10%.
- Michael Kors total revenue of approximately $865 million.
- Michael Kors operating margin of approximately 15%.
- Capri Holdings weighted average diluted shares outstanding of approximately 126 million.
Challenges Ahead
- Capri Holdings total revenue of approximately $1.275 billion.
- Capri Holdings operating margin of approximately 8.5%.
- Capri Holdings net interest expense of approximately $11 million.
- Capri Holdings effective tax rate of approximately (20)%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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