Gross profit was $956 million in the fourth quarter and gross margin was 64.1%, compared with $ 737 million and 61.6% in the previous year. Adjusted gross profit was $951 million and adjusted gross margin was 63.7%, compared with $760 million and 63.5% in the prior year, the company said in a press release.
“Looking back to fiscal 2022, I’m proud of the progress we’ve made across all of our luxury homes. Revenue and earnings results far exceeded our initial expectations. Capri Holdings achieved the highest revenue, gross margin, and earnings per share in the company’s history.Additionally, we generated strong free cash flow and returned $650 million to the company. shareholders in fiscal 2022. Our ability to deliver record results while weathering the challenges of an unprecedented global pandemic is testament to the strength of our brands and our success. our strategic growth initiatives. Most importantly, we would not have been able to achieve these results without the hard work, dedication and resilience of our teams. globally,” John D Idol, president and CEO of the companyspeak.
Capri Holdings’ total revenue was recorded at $1.492 billion in the fourth quarter of fiscal 2022, up 24.6 percent year-on-year. On a constant currency basis, total revenue increased 28.4%. In 13 weeks, total sales increased 18.8%. The brand had better-than-expected results across all three luxury homes.
“Looking ahead to fiscal 2023, we expect another record year in terms of revenue and earnings per share. Over the long term, we’re confident in our ability to continue our double-digit revenue growth. The strength of Versace , Jimmy Choo and Michael Kors as well as the proven resilience of the luxury market reinforce our optimism for the future. future and the ability to achieve $7 billion in sales and 20% operating margins over time,” continued Idol.
For fiscal year 2023, the company expects total revenue of approximately $5.95 billion, up approximately 5% year over year on a reported basis and approximately 10% in constant currency. . Gross margin is expected to remain flat through fiscal 2022, reflecting gains from strategic initiatives offset by higher transport and input costs.
Fiber2 fashion news desk (RR)