Capri Holdings subsidiaries (NYSE-CPRI) Tops Estimates, Raises Guidance

Capri Holdings subsidiaries

Luxury fashion company Capri Holdings subsidiaries (NYSE: CPRI)

Capri Holdings Subsidiaries On Wednesday, the company reported results for the fourth quarter of fiscal 2023, above analysts’ estimates.

The business also increased its full-year sales and profits per share projections.

Capri Holdings Subsidiaries reported $1.34 billion in sales for the fourth quarter year 2023, a 10.5% decrease from the previous year 2022.

Capri Holdings
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Capri Holdings Subsidiaries Revenue earnings per share

Revenue fell down 3.0% in constant currency.

The Capri Holdings company’s adjusted earnings per share were $0.97, above the $0.96 average forecast.

Versace, Jimmy Choo, and Michael Kors, Capri Holdings’ three brands, all suffered sales reductions in the fourth quarter.

Versace’s revenue dropped fourth quarter by 13.0%, Jimmy Choo’s sales dropped by 3.2%, and Michael Kors’ revenue dropped by 10.9%.

Capri Holdings CEO

However, Capri Holdings CEO John Idol said that he was pleased with the company’s results, given the challenging economic environment.

Idol said in a statement on Wednesday that “we have achieved several milestones in the fiscal year 2023, including the record revenue at Versace and Jimmy Choo sales as well as the mid-single-digit growth at Michael Kors revenue.”

We also produced substantial free cash flow and gave $1.35 billion back to owners.

Looking ahead, Capri Holdings subsidiaries are expecting full-year 2023 revenue of $5.7 billion, up 3.0% from its previous guidance.

The Capri Holdings company is also expecting earnings per share of $6.40, up 1.5% shares from its previous guidance.

Shares of Capri Holdings subsidiaries were up 3.55% in premarket trading on Wednesday.

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.

In premarket trading, shares of Capri Holdings subsidiaries (CPRI) increased 3.55% to $41.01.

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