US’ Capri Holdings targets $5.7 bn in total revenue in FY24

Operating margins are projected to hit 16.5 per cent, and the company anticipates diluted earnings per share of approximately $6.40. The company is also planning for capital expenditures of around $260 million for the fiscal year, Capri Holdings said in a press release.

American fashion firm Capri Holdings Limited projects FY24 total revenue of $5.7 billion, with modest gross margin expansion.
Versace, Jimmy Choo, and Michael Kors are expected to contribute $1.2 billion, $700 million, and $3.8 billion respectively.
For Q1 FY24, the company aims for $1.2 billion in total revenue, and an operating margin of 8.5 per cent.

Versace is projected to record total revenue of approximately $1.2 billion, with an operating margin in the mid-teens range. On the other hand, Jimmy Choo is anticipated to bring in total revenue of approximately $700 million, with an operating margin in the high-single-digit range. The Michael Kors brand is expected to make a notable contribution, targeting total revenue of approximately $3.8 billion and an operating margin in the low-20-per cent range.

“Looking to fiscal 2024, we anticipate revenue will increase low-single-digits and earnings per share will increase mid-single-digits. Beyond fiscal 2024, 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 three powerful iconic brands and the talented group of employees executing our strategic initiatives,” said John D Idol, chairman and CEO.

For the first quarter (Q1) of fiscal 2024, Capri Holdings is targeting total revenue of approximately $1.2 billion, an operating margin of about 8.5 per cent, and a diluted earnings per share of approximately $0.70.

Versace aims to generate approximately $245 million in total revenue in Q1 FY24 and aims for a break-even operating margin. Jimmy Choo is expected to have total revenue of about $180 million, with an operating margin in the high-single-digit range. Finally, Michael Kors targets total revenue of approximately $775 million and an operating margin in the mid-teens range.

Fibre2Fashion News Desk (DP)