With respective sales up +9.2% for its two flagship houses, the fashion group recorded sales of $1.41 billion in the second quarter of its 2023 financial year.
+8.6% growth for Capri Holdings.
Hugo Boss, Moncler, Kering, Hermès… It’s time for the financial balance sheet for fashion companies. After an increase in turnover of +8.5% in the first quarter of its 2023 financial year – from April to April -, Capri Holdings remained on an almost similar path for the following three months. The group ended its second financial quarter, from July to September, with a revenue increase of +8.6% in reported data, at $1.41 billion, compared to the same period last year. Adjusted net income was $245 million while the firm’s net inventory as of October 1 increased by +36%.
Sales driven by the flagship brand of Capri Holdings. Michael Kors has indeed increased by +9.2%, to 962 million dollars, thanks in particular to the performance in America. A percentage of growth equivalent to Versace, having recently collaborated with the students of the Parsons Paris school. Boosted by the popular spring-summer fashion show which led to +2,000% searches on the Lyst platform, the brand ended its quarter with $308 million in revenue. Finally, Jimmy Choo totaled $142 million in sales, an increase of +3.6% over last year. It should be noted that the Asia-Pacific region, although impacted by health restrictions in China, saw stable revenues for all brands.
Capri Holdings expects a strong third quarter.
“As for the remainder of fiscal 2023, we are now taking a more cautious view of our revenue outlook due to an increasingly uncertain macroeconomic environment, foreign currency headwinds and the impact continued COVID-related restrictions in China” said John D. Idol, president and CEO of the company. A caution that does not prevent the group from counting on a turnover of 1.53 billion dollars in the third quarter of its 2023 financial year.
While a few months ago the company was forecasting revenue of $5.85 billion for its 2023 annual report, these results have been revised down to $5.7 billion. A more modest growth but still on the rise compared to the 5.6 billion dollars in sales during the 2022 financial year.