The net income of the company was $322 million in Q3 FY22 and the net inventory amounted to $978 million, a 24 per cent increase compared to the corresponding quarter in the previous fiscal, the company said in a press release.

Capri Holdings repurchased around 3.2 million ordinary shares for approximately $200 million in the open market transaction in Q3 FY22. As of December 25, 2021, the remaining availability under the company's share repurchase authorization was $800 million.

John D Idol, chairman and chief executive officer of Capri Holdings Limited, said, “We are pleased to report third-quarter performance exceeded our expectations for revenue, operating margin and earnings per share. Results were driven by strong momentum across all three luxury houses reflecting the power of Versace, Jimmy Choo and Michael Kors as well as the continued execution of our strategic initiatives. We are especially proud of our performance given the ongoing headwinds caused by the pandemic, including regional restrictions and supply chain challenges. Capri Holdings results are a testament to the dedication and agility of our teams across the globe.”

“We are raising fiscal 2022 revenue and earnings guidance based on the strength across all our luxury houses. Looking to fiscal 2023, we expect to generate double-digit revenue and earnings growth. This outlook reflects the success of our ongoing strategic initiatives as well as continued recovery from the global pandemic. Longer-term the power of Versace, Jimmy Choo and Michael Kors position Capri Holdings to deliver multiple years revenue and earnings growth,” he further stated.

For fiscal 2023, the company expects a revenue forecast of $1.35 billion in the first quarter, $1.45 billion in the second quarter, $1.75 billion in the third quarter and $1.55 billion in the fourth quarter.

Fibre2Fashion News Desk (SF)