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     237  0 Kommentare Capri Holdings Limited Announces Third Quarter Fiscal 2023 Results

    Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today announced its financial results for the third quarter of Fiscal 2023 ended December 31, 2022.

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230208005359/en/

    (Photo: Business Wire)

    (Photo: Business Wire)

    Third Quarter Fiscal 2023 Highlights

    • Revenue decreased 6.0% on a reported basis and 0.5% in constant currency
    • Adjusted operating margin of 16.9%
    • Adjusted earnings per share of $1.84

    John D. Idol, the Company's Chairman and Chief Executive Officer, said, "Overall, our performance in the third quarter was more challenging than anticipated. However, many aspects of our business performed well, in particular we were pleased with the continued growth in our own retail channel across all three of our luxury houses. This is a testament to the strength of our powerful iconic brands, as well as the success of our strategic initiatives."

    Mr. Idol continued, "However, we were disappointed with the performance of our global wholesale business in the quarter which resulted in expense deleverage and a lower operating margin. We have begun taking measures to better align operating expenses with the change in revenue by channel. At the same time we will continue to make strategic investments to drive long term growth."

    Mr. Idol concluded, "As we look to fiscal 2024 we expect Capri Holdings to generate mid-single-digit revenue and earnings growth. We remain confident in our ability to achieve our long-term goals over time due to the resilience of the luxury industry, the strength of our portfolio of luxury houses and the talented group of employees executing our strategic initiatives."

    Third Quarter Fiscal 2023 Results

    Financial Results and non-GAAP Reconciliation

    The Company’s results are reported in this press release in accordance with accounting principles generally accepted in the United States ("GAAP") and on an adjusted, non-GAAP basis. A reconciliation of GAAP to non-GAAP financial information is provided at the end of this press release.

    Overview of Capri Holdings Third Quarter Fiscal 2023 Results:

    • Total revenue of $1.51 billion decreased 6.0% compared to last year. On a constant currency basis, total revenue decreased 0.5%.
    • Gross profit was $1.01 billion and gross margin was 66.5%, compared to $1.05 billion and 65.1% in the prior year. Adjusted gross profit was $1.00 billion and adjusted gross margin was 66.3%, compared to $1.05 billion and 65.1% in the prior year.
    • Income from operations was $236 million and operating margin was 15.6%, compared to $331 million and 20.6% in the prior year. Adjusted income from operations was $256 million and operating margin was 16.9%, compared to $359 million and 22.3% in the prior year.
    • Net income was $225 million, or $1.72 per diluted share, compared to $322 million, or $2.11 per diluted share, in the prior year. Adjusted net income was $240 million, or $1.84 per diluted share, compared to $339 million, or $2.22 per diluted share, in the prior year.
    • Net inventory as of December 31, 2022 was $1.188 billion, a 21% increase compared to the prior year. This represents a sequential improvement and management continues to expect inventory levels to be below prior year by the end of the fourth quarter.

    Versace Third Quarter Fiscal 2023 Results:

    • Versace revenue of $249 million decreased 0.8% compared to the prior year. On a constant currency basis, total revenue increased 11.2%.
    • Versace operating income was $24 million and operating margin was 9.6%, compared to $32 million and 12.7% in the prior year.

    Jimmy Choo Third Quarter Fiscal 2023 Results:

    • Jimmy Choo revenue of $168 million decreased 5.6% compared to the prior year. On a constant currency basis, total revenue increased 3.4%.
    • Jimmy Choo operating income was $18 million and operating margin was 10.7%, compared to $16 million and 9.0% in the prior year.

    Michael Kors Third Quarter Fiscal 2023 Results:

    • Michael Kors revenue of $1.095 billion decreased 7.2% compared to the prior year. On a constant currency basis, total revenue decreased 3.6%.
    • Michael Kors operating income was $251 million and operating margin was 22.9%, compared to $335 million and 28.4% in the prior year.

    Share Repurchase Program

    During the third quarter, the Company repurchased approximately 5.7 million ordinary shares for approximately $300 million in open market transactions.

    Outlook

    The following guidance is provided on an adjusted, non-GAAP basis. Financial results could differ materially from the current outlook due to a number of external events which are not reflected in our guidance, including changes in global macroeconomic conditions, greater than anticipated inflationary pressures, further considerable fluctuations in foreign currency exchange rates, COVID-19 variants and other COVID related disruptions.

    Fiscal Year 2023 Outlook

    For Capri Holdings, the Company expects the following:

    • Total revenue of approximately $5.56 billion
    • Modest gross margin expansion
    • Operating margin of approximately 16.0%
    • Net interest expense and foreign currency gains of approximately $12 million
    • Effective tax rate of approximately 7%
    • Weighted average diluted shares outstanding of approximately 134 million
    • Diluted earnings per share of approximately $6.10
    • Ending inventory to be below prior year

    For Versace, the Company expects the following:

    • Total revenue of approximately $1.1 billion
    • Operating margin of approximately 15%

    For Jimmy Choo, the Company expects the following:

    • Total revenue of approximately $610 million
    • Operating margin of approximately 4%

    For Michael Kors, the Company expects the following:

    • Total revenue of approximately $3.83 billion
    • Operating margin of approximately 22%

    Fourth Quarter Fiscal 2023 Outlook

    For Capri Holdings, the Company expects the following:

    • Total revenue of approximately $1.275 billion
    • Operating margin of approximately 8.5%
    • Net interest expense of approximately $11 million
    • Effective tax rate of approximately (20)%
    • Weighted average diluted shares outstanding of approximately 126 million
    • Diluted earnings per share of $0.90-$0.95

    For Versace, the Company expects the following:

    • Total revenue of approximately $280 million
    • Operating margin of approximately 10%

    For Jimmy Choo, the Company expects the following:

    • Total revenue of approximately $130 million
    • Operating margin of approximately (14)%

    For Michael Kors, the Company expects the following:

    • Total revenue of approximately $865 million
    • Operating margin of approximately 15%

    Fiscal Year 2024 Outlook

    For Capri Holdings, the Company expects the following:

    • Total revenue of approximately $5.8 billion
    • Modest gross margin expansion
    • Operating margin of approximately 16.5%
    • Effective tax rate in the mid-teens range
    • Diluted earnings per share of approximately $6.40

    For Versace, the Company expects the following:

    • Total revenue of approximately $1.25 billion
    • Operating margin in the mid-teens range

    For Jimmy Choo, the Company expects the following:

    • Total revenue of approximately $650 million
    • Operating margin in the high-single-digit range

    For Michael Kors, the Company expects the following:

    • Total revenue of approximately $3.9 billion
    • Operating margin in the low-20% range

    Conference Call Information

    A conference call to discuss third quarter Fiscal 2023 results is scheduled for today, February 8, 2023 at 8:30 a.m. ET. A live webcast of the conference call will be available on the Company’s website, www.capriholdings.com. In addition, a replay will be available shortly after the conclusion of the call and remain available until February 15, 2023. To access the telephone replay, listeners should dial 1-844-512-2921 or 1-412-317-6671 for international callers. The access code for the replay is 13735207. A replay of the webcast will also be available within two hours of the conclusion of the call.

    Use of Non-GAAP Financial Measures

    Constant currency effects are non-GAAP financial measures, which are provided to supplement our reported operating results to facilitate comparisons of our operating results and trends in our business, excluding the effects of foreign currency rate fluctuations. Because we are a global company, foreign currency exchange rates may have a significant effect on our reported results. We calculate constant currency measures and the related foreign currency impacts by translating the current year’s reported amounts into comparable amounts using prior year’s foreign exchange rates for each currency. All constant currency performance measures discussed should be considered a supplement to and not in lieu of our operating performance measures calculated in accordance with U.S. GAAP. Additionally, this earnings release includes certain non-GAAP financial measures that exclude certain costs associated with COVID-19 related charges, the impact of the war in Ukraine, ERP implementation costs, Capri transformation costs, impairment charges, restructuring and other charges. The Company uses non-GAAP financial measures, among other things, to evaluate its operating performance and in order to represent the manner in which the Company conducts and views its business. The Company believes that excluding these items helps its management and investors compare operating performance based on its ongoing operations. While the Company considers the non-GAAP measures to be useful supplemental measures in analyzing its results, they are not intended to replace, nor act as a substitute for, any amounts presented in its consolidated financial statements prepared in conformity with U.S. GAAP and may be different from non-GAAP measures reported by other companies.

    About Capri Holdings Limited

    Capri Holdings is a global fashion luxury group consisting of iconic, founder-led brands Versace, Jimmy Choo and Michael Kors. Our commitment to glamorous style and craftsmanship is at the heart of each of our luxury brands. We have built our reputation on designing exceptional, innovative products that cover the full spectrum of fashion luxury categories. Our strength lies in the unique DNA and heritage of each of our brands, the diversity and passion of our people and our dedication to the clients and communities we serve. Capri Holdings Limited is publicly listed on the New York Stock Exchange under the ticker CPRI.

    Forward-Looking Statements

    This press release contains statements which are, or may be deemed to be, “forward-looking statements.” Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Capri Holdings Limited (the “Company”) about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. All statements other than statements of historical facts included herein, may be forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “plans”, “believes”, “expects”, “intends”, “will”, “should”, “could”, “would”, “may”, “anticipates”, “might” or similar words or phrases, are forward-looking statements. These forward-looking statements are not guarantees of future financial performance. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions, which could cause actual results to differ materially from those projected or implied in any forward-looking statements. These risks, uncertainties and other factors include the impact of the COVID-19 pandemic; changes in consumer traffic and retail trends; high consumer debt levels, recession and inflationary pressures; levels of cash flow and future availability of credit; compliance with restrictive covenants under the Company’s credit agreement; the Company’s ability to integrate successfully and to achieve anticipated benefits of any acquisition and to successfully execute our growth strategies; the risk of disruptions to the Company’s businesses; risks associated with operating in international markets and our global sourcing activities, including disruptions or delays in manufacturing or shipments; the risk of cybersecurity threats and privacy of data security breaches; the negative effects of events on the market price of the Company’s ordinary shares and its operating results; significant transaction costs; unknown liabilities; the risk of litigation and/or regulatory actions related to the Company’s businesses; fluctuations in demand for the Company’s products; levels of indebtedness (including the indebtedness incurred in connection with acquisitions); the timing and scope of future share buybacks, which may be made in open market or privately negotiated transactions, and are subject to market conditions, applicable legal requirements, trading restrictions under the Company’s insider trading policy and other relevant factors, and which share repurchases may be suspended or discontinued at any time; the level of other investing activities and uses of cash; loss of market share and industry competition; fluctuations in the capital markets; fluctuations in interest and exchange rates; the occurrence of unforeseen epidemics and pandemics, disasters or catastrophes; extreme weather conditions and natural disasters; political or economic instability in principal markets; adverse outcomes in litigation; and general, local and global economic, political, business and market conditions including acts of war and other geopolitical conflicts; as well as those risks set forth in the Company’s filings with the U.S. Securities and Exchange Commission (the "SEC"), including the Company’s Annual Report on Form 10-K for the fiscal year ended April 2, 2022 (File No. 001-35368). Any forward-looking statement in this press release speaks only as of the date made and the Company disclaims any obligation to update or revise any forward-looking or other statements contained herein other than in accordance with legal and regulatory obligations.

    SCHEDULE 1

    CAPRI HOLDINGS LIMITED AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In millions, except share and per share data)

    (Unaudited)

     

     

     

    Three Months Ended

     

    Nine Months Ended

     

     

    December 31,
    2022

     

    December 25,
    2021

     

    December 31,
    2022

     

    December 25,
    2021

    Total revenue

     

    $

    1,512

     

     

    $

    1,609

     

     

    $

    4,284

     

     

    $

    4,162

     

    Cost of goods sold

     

     

    507

     

     

     

    561

     

     

     

    1,427

     

     

     

    1,374

     

    Gross profit

     

     

    1,005

     

     

     

    1,048

     

     

     

    2,857

     

     

     

    2,788

     

    Total operating expenses

     

     

    769

     

     

     

    717

     

     

     

    2,138

     

     

     

    2,004

     

    Income from operations

     

     

    236

     

     

     

    331

     

     

     

    719

     

     

     

    784

     

    Other income, net

     

     

    (1

    )

     

     

     

     

     

    (2

    )

     

     

    (2

    )

    Interest expense (income), net

     

     

    12

     

     

     

    (7

    )

     

     

    13

     

     

     

    (11

    )

    Foreign currency (gain) loss

     

     

    (3

    )

     

     

    (4

    )

     

     

    (10

    )

     

     

    1

     

    Income before income taxes

     

     

    228

     

     

     

    342

     

     

     

    718

     

     

     

    796

     

    Provision for income taxes

     

     

    3

     

     

     

    19

     

     

     

    66

     

     

     

    54

     

    Net income

     

     

    225

     

     

     

    323

     

     

     

    652

     

     

     

    742

     

    Less: Net income attributable to noncontrolling
    interest

     

     

     

     

     

    1

     

     

     

    2

     

     

     

    1

     

    Net income attributable to Capri

     

    $

    225

     

     

    $

    322

     

     

    $

    650

     

     

    $

    741

     

    Weighted average ordinary shares outstanding:

     

     

     

     

     

     

     

     

    Basic

     

     

    128,849,793

     

     

     

    149,717,485

     

     

     

    135,600,276

     

     

     

    150,975,773

     

    Diluted

     

     

    130,364,919

     

     

     

    152,375,294

     

     

     

    137,050,159

     

     

     

    153,834,120

     

    Net income per ordinary share:

     

     

     

     

     

     

     

     

    Basic

     

    $

    1.74

     

     

    $

    2.15

     

     

    $

    4.79

     

     

    $

    4.91

     

    Diluted

     

    $

    1.72

     

     

    $

    2.11

     

     

    $

    4.74

     

     

    $

    4.82

     

     

    SCHEDULE 2

    CAPRI HOLDINGS LIMITED AND SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS

    (In millions, except share data)

    (Unaudited)

     

     

     

    December 31,
    2022

     

    April 2,
    2022

     

    December 25,
    2021

    Assets

     

     

     

     

     

     

    Current assets

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    281

     

     

    $

    169

     

     

    $

    261

     

    Receivables, net

     

     

    372

     

     

     

    434

     

     

     

    449

     

    Inventories, net

     

     

    1,188

     

     

     

    1,096

     

     

     

    978

     

    Prepaid expenses and other current assets

     

     

    243

     

     

     

    192

     

     

     

    384

     

    Total current assets

     

     

    2,084

     

     

     

    1,891

     

     

     

    2,072

     

    Property and equipment, net

     

     

    546

     

     

     

    476

     

     

     

    460

     

    Operating lease right-of-use assets

     

     

    1,369

     

     

     

    1,358

     

     

     

    1,401

     

    Intangible assets, net

     

     

    1,743

     

     

     

    1,847

     

     

     

    1,895

     

    Goodwill

     

     

    1,358

     

     

     

    1,418

     

     

     

    1,447

     

    Deferred tax assets

     

     

    247

     

     

     

    240

     

     

     

    178

     

    Other assets

     

     

    207

     

     

     

    250

     

     

     

    227

     

    Total assets

     

    $

    7,554

     

     

    $

    7,480

     

     

    $

    7,680

     

    Liabilities and Shareholders’ Equity

     

     

     

     

     

     

    Current liabilities

     

     

     

     

     

     

    Accounts payable

     

    $

    519

     

     

    $

    555

     

     

    $

    593

     

    Accrued payroll and payroll related expenses

     

     

    131

     

     

     

    165

     

     

     

    149

     

    Accrued income taxes

     

     

    65

     

     

     

    52

     

     

     

    166

     

    Short-term operating lease liabilities

     

     

    412

     

     

     

    414

     

     

     

    437

     

    Short-term debt

     

     

    19

     

     

     

    29

     

     

     

    26

     

    Accrued expenses and other current liabilities

     

     

    413

     

     

     

    351

     

     

     

    381

     

    Total current liabilities

     

     

    1,559

     

     

     

    1,566

     

     

     

    1,752

     

    Long-term operating lease liabilities

     

     

    1,392

     

     

     

    1,467

     

     

     

    1,503

     

    Deferred tax liabilities

     

     

    531

     

     

     

    432

     

     

     

    443

     

    Long-term debt

     

     

    1,521

     

     

     

    1,131

     

     

     

    976

     

    Other long-term liabilities

     

     

    328

     

     

     

    326

     

     

     

    231

     

    Total liabilities

     

     

    5,331

     

     

     

    4,922

     

     

     

    4,905

     

    Commitments and contingencies

     

     

     

     

     

     

    Shareholders’ equity

     

     

     

     

     

     

    Ordinary shares, no par value; 650,000,000 shares authorized;
    223,781,728 shares issued and 125,398,217 outstanding at
    December 31, 2022; 221,967,599 shares issued and
    142,806,269 outstanding at April 2, 2022 and 221,322,510 shares
    issued and 147,252,018 outstanding at December 25, 2021

     

     

     

     

     

     

     

     

     

    Treasury shares, at cost (98,383,511 shares at December 31,
    2022, 79,161,330 shares at April 2, 2022 and 74,070,492 shares
    at December 25, 2021)

     

     

    (4,951

    )

     

     

    (3,987

    )

     

     

    (3,686

    )

    Additional paid-in capital

     

     

    1,327

     

     

     

    1,260

     

     

     

    1,238

     

    Accumulated other comprehensive income

     

     

    105

     

     

     

    194

     

     

     

    213

     

    Retained earnings

     

     

    5,742

     

     

     

    5,092

     

     

     

    5,011

     

    Total shareholders’ equity of Capri

     

     

    2,223

     

     

     

    2,559

     

     

     

    2,776

     

    Noncontrolling interest

     

     

     

     

     

    (1

    )

     

     

    (1

    )

    Total shareholders’ equity

     

     

    2,223

     

     

     

    2,558

     

     

     

    2,775

     

    Total liabilities and shareholders’ equity

     

    $

    7,554

     

     

    $

    7,480

     

     

    $

    7,680

     

    SCHEDULE 3

    CAPRI HOLDINGS LIMITED AND SUBSIDIARIES

    CONSOLIDATED SEGMENT DATA

    ($ in millions)

    (Unaudited)

     

     

     

    Three Months Ended

     

    Nine Months Ended

     

     

    December 31,
    2022

     

    December 25,
    2021

     

    December 31,
    2022

     

    December 25,
    2021

    Revenue by Segment and Region:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Versace

     

    The Americas

     

    $

    85

     

     

    $

    89

     

     

    $

    320

     

     

    $

    283

     

     

     

    EMEA

     

     

    113

     

     

     

    99

     

     

     

    350

     

     

     

    304

     

     

     

    Asia

     

     

    51

     

     

     

    63

     

     

     

    162

     

     

     

    186

     

    Versace Revenue

     

     

    249

     

     

     

    251

     

     

     

    832

     

     

     

    773

     

     

     

     

     

     

     

     

     

     

     

     

    Jimmy Choo

     

    The Americas

     

     

    54

     

     

     

    51

     

     

     

    151

     

     

     

    127

     

     

     

    EMEA

     

     

    70

     

     

     

    69

     

     

     

    193

     

     

     

    175

     

     

     

    Asia

     

     

    44

     

     

     

    58

     

     

     

    138

     

     

     

    155

     

    Jimmy Choo Revenue

     

     

    168

     

     

     

    178

     

     

     

    482

     

     

     

    457

     

     

     

     

     

     

     

     

     

     

     

     

    Michael Kors

     

    The Americas

     

     

    777

     

     

     

    814

     

     

     

    2,045

     

     

     

    1,960

     

     

     

    EMEA

     

     

    212

     

     

     

    237

     

     

     

    616

     

     

     

    616

     

     

     

    Asia

     

     

    106

     

     

     

    129

     

     

     

    309

     

     

     

    356

     

    Michael Kors Revenue

     

     

    1,095

     

     

     

    1,180

     

     

     

    2,970

     

     

     

    2,932

     

     

     

     

     

     

     

     

     

     

    Total Revenue

     

    $

    1,512

     

     

    $

    1,609

     

     

    $

    4,284

     

     

    $

    4,162

     

     

     

     

     

     

     

     

     

     

    Income from Operations:

     

     

     

     

     

     

     

     

    Versace

     

     

     

    $

    24

     

     

    $

    32

     

     

    $

    138

     

     

    $

    135

     

    Jimmy Choo

     

     

     

     

    18

     

     

     

    16

     

     

     

    45

     

     

     

    28

     

    Michael Kors

     

     

     

     

    251

     

     

     

    335

     

     

     

    721

     

     

     

    795

     

    Total segment income from operations

     

     

    293

     

     

     

    383

     

     

     

    904

     

     

     

    958

     

    Less: Corporate expenses

     

     

    (56

    )

     

     

    (37

    )

     

     

    (171

    )

     

     

    (123

    )

    Impairment of assets

     

     

    (1

    )

     

     

     

     

     

    (12

    )

     

     

    (33

    )

    Restructuring and other charges

     

     

    (5

    )

     

     

    (14

    )

     

     

    (11

    )

     

     

    (25

    )

    COVID-19 related charges

     

    2

     

     

     

    (1

    )

     

     

    6

     

     

     

    7

     

    Impact of war in Ukraine

     

    3

     

     

     

     

     

     

    3

     

     

     

     

    Total Income from Operations

     

    $

    236

     

     

    $

    331

     

     

    $

    719

     

     

    $

    784

     

     

     

     

     

     

     

     

     

     

     

     

    Operating Margin:

     

     

     

     

     

     

     

     

     

     

    Versace

     

     

     

     

    9.6

    %

     

     

    12.7

    %

     

     

    16.6

    %

     

     

    17.5

    %

    Jimmy Choo

     

     

     

     

    10.7

    %

     

     

    9.0

    %

     

     

    9.3

    %

     

     

    6.1

    %

    Michael Kors

     

     

     

     

    22.9

    %

     

     

    28.4

    %

     

     

    24.3

    %

     

     

    27.1

    %

    Capri Operating Margin

     

     

     

     

    15.6

    %

     

     

    20.6

    %

     

     

    16.8

    %

     

     

    18.8

    %

    SCHEDULE 4

    CAPRI HOLDINGS LIMITED AND SUBSIDIARIES

    SUPPLEMENTAL RETAIL STORE INFORMATION

    (Unaudited)

     

     

     

     

     

    As of

    Retail Store Information:

     

    December 31,
    2022

     

    December 25,
    2021

    Versace

     

    225

     

    212

    Jimmy Choo

     

    242

     

    240

    Michael Kors

     

    827

     

    834

    Total number of retail stores

     

     

     

    1,294

     

    1,286

    SCHEDULE 5

    CAPRI HOLDINGS LIMITED AND SUBSIDIARIES

    CONSTANT CURRENCY DATA

    (In millions)

    (Unaudited)

     

     

     

    Three Months Ended

     

    % Change

     

     

    December 31,
    2022

     

    December 25,
    2021

     

    As

    Reported

     

    Constant

    Currency

    Total Revenue:

     

     

     

     

     

     

     

     

    Versace

     

    $

    249

     

    $

    251

     

    (0.8

    ) %

     

    11.2

    %

    Jimmy Choo

     

     

    168

     

     

    178

     

    (5.6

    ) %

     

    3.4

    %

    Michael Kors

     

     

    1,095

     

     

    1,180

     

    (7.2

    ) %

     

    (3.6

    ) %

    Total Revenue

     

    $

    1,512

     

    $

    1,609

     

    (6.0

    ) %

     

    (0.5

    ) %

     

     

    Nine Months Ended

     

    % Change

     

     

    December 31,
    2022

     

    December 25,
    2021

     

    As

    Reported

     

    Constant

    Currency

    Total Revenue:

     

     

     

     

     

     

     

     

    Versace

     

    $

    832

     

    $

    773

     

    7.6

    %

     

    22.9

    %

    Jimmy Choo

     

     

    482

     

     

    457

     

    5.5

    %

     

    15.1

    %

    Michael Kors

     

     

    2,970

     

     

    2,932

     

    1.3

    %

     

    5.6

    %

    Total Revenue

     

    $

    4,284

     

    $

    4,162

     

    2.9

    %

     

    9.9

    %

    SCHEDULE 6

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

    (In millions, except per share data)

    (Unaudited)

     

     

     

    Three Months Ended December 31, 2022

     

     

    As
    Reported

     

    Impairment
    Charges

     

    Restructuring
    and Other
    Charges (1)

     

    COVID-19
    Related
    Charges

     

    ERP
    Implementation

     

    Capri
    Transformation

     

    War in
    Ukraine

     

    As
    Adjusted

    Gross profit

     

    $

    1,005

     

    $

     

     

    $

     

     

    $

    (2

    )

     

    $

     

     

    $

     

     

    $

     

     

    $

    1,003

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating expenses

     

    $

    769

     

    $

    (1

    )

     

    $

    (5

    )

     

    $

     

     

    $

    (4

    )

     

    $

    (15

    )

     

    $

    3

     

     

    $

    747

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total income from operations

     

    $

    236

     

    $

    1

     

     

    $

    5

     

     

    $

    (2

    )

     

    $

    4

     

     

    $

    15

     

     

    $

    (3

    )

     

    $

    256

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income before provision for income taxes

     

    $

    228

     

    $

    1

     

     

    $

    5

     

     

    $

    (2

    )

     

    $

    4

     

     

    $

    15

     

     

    $

    (3

    )

     

    $

    248

    Provision for income taxes

     

    $

    3

     

    $

     

     

    $

    1

     

     

    $

     

     

    $

    1

     

     

    $

    4

     

     

    $

    (1

    )

     

    $

    8

    Net income attributable to Capri

     

    $

    225

     

    $

    1

     

     

    $

    4

     

     

    $

    (2

    )

     

    $

    3

     

     

    $

    11

     

     

    $

    (2

    )

     

    $

    240

    Diluted net income per ordinary share -
       Capri

     

    $

    1.72

     

    $

    0.01

     

     

    $

    0.03

     

     

    $

    (0.02

    )

     

    $

    0.02

     

     

    $

    0.09

     

     

    $

    (0.01

    )

     

    $

    1.84

    1. Primarily Includes other charges recorded in connection with the acquisition of Gianni Versace S.r.l.

    SCHEDULE 7

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

    (In millions, except per share data)

    (Unaudited)

     

     

     

    Nine Months Ended December 31, 2022

     

     

    As
    Reported

     

    Impairment
    Charges

     

    Restructuring
    and Other
    Charges(1)

     

    COVID-19
    Related
    Charges

     

    ERP
    Implementation

     

    Capri
    Transformation

     

    War in
    Ukraine

     

    As
    Adjusted

    Gross profit

     

    $

    2,857

     

    $

     

     

    $

     

     

    $

    (6

    )

     

    $

     

     

    $

     

     

    $

     

     

    $

    2,851

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating expenses

     

    $

    2,138

     

    $

    (12

    )

     

    $

    (11

    )

     

    $

     

     

    $

    (20

    )

     

    $

    (34

    )

     

    $

    3

     

     

    $

    2,064

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total income from operations

     

    $

    719

     

    $

    12

     

     

    $

    11

     

     

    $

    (6

    )

     

    $

    20

     

     

    $

    34

     

     

    $

    (3

    )

     

    $

    787

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income before provision for income taxes

     

    $

    718

     

    $

    12

     

     

    $

    11

     

     

    $

    (6

    )

     

    $

    20

     

     

    $

    34

     

     

    $

    (3

    )

     

    $

    786

    Provision for income taxes

     

    $

    66

     

    $

    2

     

     

    $

    3

     

     

    $

    (1

    )

     

    $

    5

     

     

    $

    10

     

     

    $

    (1

    )

     

    $

    84

    Net income attributable to Capri

     

    $

    650

     

    $

    10

     

     

    $

    8

     

     

    $

    (5

    )

     

    $

    15

     

     

    $

    24

     

     

    $

    (2

    )

     

    $

    700

    Diluted net income per ordinary share -
       Capri

     

    $

    4.74

     

    $

    0.07

     

     

    $

    0.06

     

     

    $

    (0.04

    )

     

    $

    0.11

     

     

    $

    0.18

     

     

    $

    (0.01

    )

     

    $

    5.11

    1. Primarily Includes other charges recorded in connection with the acquisition of Gianni Versace S.r.l. 

    SCHEDULE 8

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

    (In millions, except per share data)

    (Unaudited)

     

     

     

    Three Months Ended December 25, 2021

     

     

    As Reported

     

    Restructuring
    and Other
    Charges (1)

     

    COVID-19
    Related Charges

     

    ERP
    Implementation

     

    Capri
    Transformation

     

    As Adjusted

    Gross profit

     

    $

    1,048

     

    $

     

     

    $

    (1

    )

     

    $

     

     

    $

     

     

    $

    1,047

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating expenses

     

    $

    717

     

    $

    (14

    )

     

    $

    (2

    )

     

    $

    (3

    )

     

    $

    (10

    )

     

    $

    688

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total income from operations

     

    $

    331

     

    $

    14

     

     

    $

    1

     

     

    $

    3

     

     

    $

    10

     

     

    $

    359

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income before provision for income taxes

     

    $

    342

     

    $

    14

     

     

    $

    1

     

     

    $

    3

     

     

    $

    10

     

     

    $

    370

    Provision for income taxes

     

    $

    19

     

    $

    1

     

     

    $

    1

     

     

    $

    1

     

     

    $

    8

     

     

    $

    30

    Net income attributable to Capri

     

    $

    322

     

    $

    13

     

     

    $

     

     

    $

    2

     

     

    $

    2

     

     

    $

    339

    Diluted net income per ordinary share -
       Capri

     

    $

    2.11

     

    $

    0.09

     

     

    $

     

     

    $

    0.01

     

     

    $

    0.01

     

     

    $

    2.22

    1. Includes store closure costs which have been incorporated into the Capri Retail Store Optimization Program, other restructuring initiatives, and other costs recorded in connection with the acquisitions of Gianni Versace S.r.l and Jimmy Choo Group Limited.

    SCHEDULE 9

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

    (In millions, except per share data)

    (Unaudited)

     

     

     

    Nine Months Ended December 25, 2021

     

     

    As Reported

     

    Impairment
    Charges

     

    Restructuring
    and Other
    Charges(1)

     

    COVID-19
    Related Charges

     

    ERP
    Implementation

     

    Capri
    Transformation

     

    As Adjusted

    Gross profit

     

    $

    2,788

     

    $

     

     

    $

     

     

    $

    (9

    )

     

    $

     

     

    $

     

     

    $

    2,779

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating expenses

     

    $

    2,004

     

    $

    (33

    )

     

    $

    (25

    )

     

    $

    (2

    )

     

    $

    (11

    )

     

    $

    (15

    )

     

    $

    1,918

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total income from operations

     

    $

    784

     

    $

    33

     

     

    $

    25

     

     

    $

    (7

    )

     

    $

    11

     

     

    $

    15

     

     

    $

    861

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income before provision for income taxes

     

    $

    796

     

    $

    33

     

     

    $

    25

     

     

    $

    (7

    )

     

    $

    11

     

     

    $

    15

     

     

    $

    873

    Provision for income taxes

     

    $

    54

     

    $

    8

     

     

    $

    2

     

     

    $

     

     

    $

    4

     

     

    $

    9

     

     

    $

    77

    Net income attributable to Capri

     

    $

    741

     

    $

    25

     

     

    $

    23

     

     

    $

    (7

    )

     

    $

    7

     

     

    $

    6

     

     

    $

    795

    Diluted net income per ordinary share -
       Capri

     

    $

    4.82

     

    $

    0.16

     

     

    $

    0.15

     

     

    $

    (0.05

    )

     

    $

    0.05

     

     

    $

    0.04

     

     

    $

    5.17

    1. Includes store closure costs which have been incorporated into the Capri Retail Store Optimization Program, other restructuring initiatives, and other costs recorded in connection with the acquisitions of Gianni Versace S.r.l and Jimmy Choo Group Limited. 

     


    The Capri Holdings Stock at the time of publication of the news with a fall of -12,10 % to 54,00EUR on Tradegate stock exchange (08. Februar 2023, 12:47 Uhr).

    Business Wire (engl.)
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    Capri Holdings Limited Announces Third Quarter Fiscal 2023 Results Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today announced its financial results for the third quarter of Fiscal 2023 ended December 31, 2022. This press release features multimedia. View the full release here: …