The US fashion group Capri Holdings Limited closed the 2021/22 financial year with unexpectedly high growth. Accordingly, CEO John Idol was satisfied with the figures published on Wednesday: “When I look back on the 2021/22 financial year, I am proud of the progress we have made with all our luxury brands,” he said in a statement. “The results in terms of sales and profit have significantly exceeded our original expectations. Capri Holdings has delivered the highest revenue, gross margin and earnings per share in the company’s history.”
In the past fiscal year, which ended on April 2, the parent company of the brands Michael Kors, Versace and Jimmy Choo generated sales of 5.65 billion US dollars (5.28 billion euros), exceeding the previous year’s level by 39 Percent. Thanks to strong growth, Capri returned to profitability. Net income attributable to shareholders was $822 million after posting a loss of $62 million last year.
Capri was also able to exceed expectations in the final quarter: sales grew by 24.6 percent (currency-adjusted +28.4 percent) to 1.49 billion US dollars compared to the same period last year. However, the company benefited from an additional sales week. Adjusted for their contribution, revenues increased by 18.8 percent.
All group brands achieved double-digit growth rates: At Michael Kors, sales grew by 21.8 percent (currency-adjusted +23.8 percent) to 1.02 billion US dollars, at Versace by 34.0 percent (currency-adjusted +44.3 percent). $315 million and Jimmy Choo up 25.8 percent (+29.1 percent at constant currency) to $156 million.
Net income attributable to shareholders was $81 million for the fourth quarter. In the same period last year, a loss of 183 million US dollars was booked. Adjusted for special effects, the surplus rose from 59 to 152 million US dollars.
The group intends to continue growing in the current fiscal year: Management forecast sales growth of five percent (currency-adjusted +10 percent) to around 5.95 billion US dollars. Diluted earnings per share are expected to be approximately $6.85. Last year it was $5.39.