The US fashion group Capri Holdings Limited, which owns brands such as Vesace and Michael Kors, had sales of $1.36 billion in the first quarter ended July 2, up 8.5 percent in the previous quarter Compared to the previous year or 15.2 percent on a constant currency basis.
Broken down by brand, Michael Kors reported sales of $913 million, up 4.8 percent year-on-year. Versace sales rose 14.6 percent to $275 million and Jimmy Choo sales rose 21.1 percent to $172 million.
Profit exceeds expectation
Net income was $201 million compared to $219 million last year.
“We are pleased with our first quarter performance as revenue, gross margin, operating margin and earnings per share all exceeded our expectations,” said Capri CEO John D. Idol. He said the better-than-expected results were driven by “strong momentum” at all three luxury properties.
For the 2023 financial year, the group now expects sales of around 5.85 billion US dollars.
This translated and edited post previously appeared on FashionUnited.uk.
