By Exec Edge Editorial Staff
Capri Holdings Ltd. (NYSE: CPRI), owner of Versace and Jimmy Choo as well as Michael Kors, posted a surge in revenue during its second fiscal quarter on strength across brands. The strong results led the shares to jump 5% in early trading.
Total revenue reached $1.41 billion in the quarter ended Oct. 1, an 8.6% increase from a year earlier. On a constant currency basis, total revenue increased 17.5%.
Adjusted net income was $245 million, or $1.79 per diluted share, compared to $235 million or, $1.53 per diluted share, in the prior year.
“Looking at the remainder of Fiscal 2023, we are now taking a more cautious view with our revenue outlook due to an increasingly uncertain macroeconomic environment, foreign currency headwinds and the ongoing impact of COVID related restrictions in China,” said John D. Idol, Chairman and CEO. “At the same time, we are pleased to maintain Capri’s earnings per share guidance for the year, reflecting higher gross margin expectations, diligent expense management and reduced share count as a result of our ongoing share repurchase program.”