The company’s net income was $322 million in the third quarter of FY22 and net inventory was $978 million, an increase of 24% compared to the corresponding quarter of the previous fiscal year. the company said in a press release.
Capri Holdings repurchased approximately 3.2 million common shares for approximately $200 million in the open market transaction in Q3 FY22. As of December 25, 2021, the remaining availability under the company’s stock repurchase authorization was $800 million.
U.S. fashion company Capri Holdings Limited’s revenue reached $1.6 billion in the third quarter (Q3) of fiscal 2022 (FY22), up 24% from the same quarter last year. Gross profit fell from $848 million in Q3 FY21 to $1 billion in Q3 FY22. Its operating income was $331 million in the same quarter.
John D Idol, Chairman and CEO of Capri Holdings Limited, said, “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 in the three luxury houses reflecting the strength of Versace, Jimmy Choo and Michael Kors as well as the continued execution of our strategic initiatives. We are particularly proud of our performance given the continued headwinds caused by the pandemic, including regional restrictions and supply chain challenges. Capri Holdings’ results reflect the dedication and agility of our teams around the world.
“We are increasing revenue and earnings guidance for fiscal 2022 based on the strength of all of our luxury homes. Looking to fiscal 2023, we expect to deliver double-digit revenue and profit growth. This outlook reflects the success of our ongoing strategic initiatives as well as the continued recovery from the global pandemic. Longer term, the power of Versace, Jimmy Choo and Michael Kors positions Capri Holdings to deliver multi-year revenue and earnings growth,” he added.
For fiscal year 2023, the company forecasts revenue forecasts of $1.35 billion in the first quarter, $1.45 billion in the second quarter, $1.75 billion in the third quarter and $1.55 billion in the fourth trimester.
Fibre2Fashion (SF) News Desk