Capri Holdings sees Q1 revenues reach $1.25bn
The owner of Jimmy Choo, Versace, and Michael Kors has in turn raised its full year adjusted earnings per share forecast to $4.50 (£3.23)
Multinational fashion company Capri Holdings has reported a 178% year-on-year spike in total group revenues to $1.25bn (£898m) for Q1 FY22.
The owner of Jimmy Choo, Versace, and Michael Kors has in turn raised its full-year adjusted earnings per share forecast to $4.50 (£3.23).
Adjusted profit for the quarter ended 26 June 2021 also jumped to $853m (£613m), up from $303m (£218m) in the same period last year.
Michael Kors represented the largest earner for the retail group, as its revenue climbed 184% year-on-year to $871m (£626m).
Whereas sales at Jimmy Choo and Versace also grew, but at a rate of 178% and 158% respectively, bringing respective revenues to $142m (£102m) and $240m (£172m) during the quarter.
John Idol, chairman and CEO at the company, said: “All of our luxury houses significantly exceeded our revenue and earnings expectations for the quarter, as they continued to deepen consumer desire and engagement.
“As a result of this encouraging start to the year, we are raising our fiscal 2022 revenue and earnings outlook.”
He added that the group is “positioned to deliver multiple years of revenue and earnings growth” as it continues to execute its “strategic initiatives”.
