Capri Holdings Limited · NYSE:CPRI
Capri — Q3 2023 Earnings Presentation
12 slides from Capri's earnings presentation, Feb 8, 2023
Slide 1: 3Q Fiscal Year 2023 Earnings Presentation
3Q Fiscal Year 2023 Earnings Presentation February 8, 2023
Slide 2: Third Quarter Fiscal 2023 Highlights
THIRD QUARTER FISCAL 2023 HIGHLIGHTS • Revenue decreased 6% (-0.5% Constant Currency) • Constant currency retail sales increased MSD • Increased customer database by 20% versus prior year o Representing the largest increase in history • Adjusted operating margin of 16.9%, below expectations • Delive
Slide 3: 3Q23 Highlights (Versace)
3Q23 HIGHLIGHTS • Revenue decreased 1% (+11% Constant Currency) • Constant currency retail sales increased MSD • Global database increased over 40% year-over-year • Women’s accessories retail sales increased ~ 40% • Operating margin of 9.6%, in line with expectations
Slide 4: 3Q23 Highlights (Jimmy Choo)
3Q23 HIGHLIGHTS • Revenue decreased 6% (+3% Constant Currency) • Constant currency retail sales increased LSD • Global database increased 20% year-over-year • Women’s accessories retail sales increased HSD • Operating margin of 10.7%, above expectations
Slide 5: 3Q23 Highlights (Michael Kors)
3Q23 HIGHLIGHTS • Revenue decreased 7% (-4% Constant Currency), impacted by wholesale decline • Constant currency retail sales increased LSD • Global database increased 17% year-over-year • Women’s accessories retail sales increased LSD • Operating margin of 22.9%, below expectations
Slide 6: Fiscal Year 2023 and 2024 Outlook
FISCAL YEAR 2023 AND 2024 OUTLOOK 4Q FY23 FY24 Revenue ~$1.275B ~$5.56B ~$5.8B Versace ~$280M ~$1.1B ~$1.25B Jimmy Choo ~$130M ~$610M ~$650M Michael Kors ~$865M ~$3.83B ~$3.9B Adjusted Operating Margin ~8.5% ~16% ~16.5% Versace ~10% ~15% mid-teens Jimmy Choo ~(14)% ~4% HSD Michael Kors ~15% ~22% low
Slide 7: Non-GAAP Measures
NON-GAAP MEASURES This presentation includes certain non-GAAP financial measures that exclude certain costs associated with COVID-19 related charges, the impact of the war in Ukraine, ERP implementation costs, Capri transformation costs, impairment charges, restructuring and other charges. The Compa
Slide 8: Reconciliation of GAAP to Non-GAAP Financial Measures
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except per share data) Three Months Ended December 31, 2022 Restructuring COVID-19 As Impairment and Other Related ERP Capri War in As Reported Charges Charges (1) Charges Implementation Transformation Ukraine Adjusted Gross profit
Slide 9: Reconciliation of GAAP to Non-GAAP Financial Measures
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except per share data) Nine Months Ended December 31, 2022 Restructuring COVID-19 As Impairment and Other Related ERP Capri War in As Reported Charges Charges(1) Charges Implementation Transformation Ukraine Adjusted Gross profit $
Slide 10: Reconciliation of GAAP to Non-GAAP Financial Measures
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except per share data) Three Months Ended December 25, 2021 Restructuring and Other COVID-19 ERP Capri As Reported Charges (1) Related Charges Implementation Transformation As Adjusted Gross profit $ 1,048 $ — $ (1) $ — $ — $ 1,047
Slide 11: Reconciliation of GAAP to Non-GAAP Financial Measures
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except per share data) Nine Months Ended December 25, 2021 Restructuring Impairment and Other COVID-19 ERP Capri As Reported Charges Charges(1) Related Charges Implementation Transformation As Adjusted Gross profit $ 2,788 $ — $ — $
Slide 12: Safe Harbor Statement
SAFE HARBOR STATEMENT This presentation contains statements which are, or may be deemed to be, “forward-looking statements.” Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Capri Holdi