primeimages
Capri Holdings (NYSE:CPRI) reported revenue decreased 10.5% to $1.34B on a reported basis in Q4 and was down 3.0% on a 52-week constant currency basis.
Versace revenue fell 13.0% to $274M. On a constant currency basis, Versace revenue decreased 8.6%.
Jimmy Choo revenue dropped 3.2% to $151M. On a constant currency basis, Jimmy Choo revenue increased 5.6%.
Michael Kors declined 10.9% to $910M. On a constant currency basis, Michael Kors revenue decreased 2.2%.
Capri’s adjusted gross profit was $863M for the quarter, which was 64.6% of sales vs. 63.7% a year ago. Adjusted income from operations was $121M and operating margin was 9.1% vs. 14.2% a year ago.
Net inventory at the end of the quarter was down 3.6% to $1.057B.
CEO update: “We achieved several milestones in fiscal 2023, including record revenue at Versace and Jimmy Choo as well as mid-single-digit revenue growth at Michael Kors. Additionally, we generated strong free cash flow and returned $1.35 billion to shareholders. These results demonstrate the power of our business model, the strength of our luxury houses and the execution of our strategic initiatives.”
Looking ahead, Capri Holdings (CPRI) expects full-year revenue of ~$5.7B vs. $5.73B consensus and EPS of $6.40 vs. $6.28 consensus.
Shares of Capri Holdings (CPRI) gained 3.55% in premarket trading to $41.01.