- Capri press release ( NYSE: CPRI ): Q3 Non-GAAP EPS of $1.84 misses by $0.40 .
- Revenue of $1.51B (-6.2% Y/Y) misses by $30M .
- Revenue decreased 6.0% on a reported basis and 0.5% in constant currency
- 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.
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Fiscal Year 2023 Outlook
For Capri Holdings, the Company expects the following:
- Total revenue of approximately $5.56 billion from prior guidance of $5.7B vs. $5.72B consensus
- 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 from prior guidance of $6.85 vs. $6.87 consensus
- 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 vs. $1.41B consensus
- 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 vs. $1.39 consensus
For further details see:
Capri Non-GAAP EPS of $1.84 misses by $0.40, revenue of $1.51B misses by $30M