Revenue and Earnings Exceed
Expectations
Raises Full Year Adjusted Earnings Per Share
Outlook to Highest Level in Company's History
Provides Outlook for Fiscal 2023 Revenue and
Earnings Per Share to Increase Double Digits
http://www.capriholdings.com/3Q22Presentation
Capri Holdings Limited (NYSE:CPRI), a global fashion luxury
group, today announced its financial results for the third quarter
of Fiscal 2022 ended December 25, 2021.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220202005266/en/
Versace (Photo: Business Wire)
Third Quarter Fiscal 2022 Highlights
- Revenue increased 24%, with better than anticipated results
across all three luxury houses
- Adjusted gross margin expanded 40 basis points versus prior
year
- Adjusted operating margin of 22.3%
- Adjusted earnings per share of $2.22
- Raised full year adjusted earnings per share outlook to
$6.00
John D. Idol, the Company's Chairman and Chief Executive
Officer, 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."
Mr. Idol continued, "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 a 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."
Third Quarter Fiscal 2022 Results
Financial Results and non-GAAP Reconciliation
The Company’s results are reported in this press release in
accordance with accounting principles generally accepted in the
United States ("GAAP") and on an adjusted, non-GAAP basis. A
reconciliation of GAAP to non-GAAP financial information is
provided at the end of this press release. Due to the current and
ongoing impact of the COVID-19 pandemic, the Company will not be
providing comparable store sales results. The Company believes the
most comprehensive measure of performance in this environment is
total revenues compared to the same period in the prior year.
Overview of Capri Holdings Third Quarter Fiscal 2022
Results:
- Total revenue of $1.6 billion increased 24% compared to last
year. On a constant currency basis, total revenue increased
25%.
- Gross profit was $1.0 billion and gross margin was 65.1%,
compared to $848 million and 65.1% in the prior year. Adjusted
gross profit was $1.0 billion and adjusted gross margin was 65.1%,
compared to $843 million and 64.7% in the prior year. Adjusted
gross margin expansion reflected the strong ongoing benefits of the
Company’s strategic initiatives, largely offset by approximately
400 basis points of higher supply chain costs compared to prior
year.
- Income from operations was $331 million and operating margin
was 20.6%, compared to $167 million and 12.8% in the prior year.
Adjusted income from operations was $359 million and operating
margin was 22.3%, compared to $257 million and 19.7% in the prior
year.
- Net income was $322 million, or $2.11 per diluted share,
compared to $179 million, or $1.18 per diluted share, in the prior
year. Adjusted net income was $339 million, or $2.22 per diluted
share, compared to $250 million or, $1.65 per diluted share, in the
prior year.
- Net inventory on December 25, 2021 was $978 million, a 24.0%
increase compared to the prior year. This includes a significant
increase in in-transit inventory. On-hand inventory levels were
lower than expected which constrained the Company’s ability to
deliver higher revenue in the quarter.
Versace Third Quarter Fiscal 2022 Results:
- Versace revenue of $251 million increased 29% compared to the
prior year. On a constant currency basis, total revenue increased
34%.
- Versace operating income was $32 million and operating margin
was 12.7%, compared to $13 million and 6.7% in the prior year.
Jimmy Choo Third Quarter Fiscal 2022 Results:
- Jimmy Choo revenue of $178 million increased 47% compared to
the prior year. On a constant currency basis, total revenue
increased 43%.
- Jimmy Choo operating income was $16 million and operating
margin was 9.0%, compared to $(8) million and (6.6)% in the prior
year.
Michael Kors Third Quarter Fiscal 2022 Results:
- Michael Kors revenue of $1.18 billion increased 20% compared to
the prior year. On a constant currency basis, total revenue
increased 21%.
- Michael Kors operating income was $335 million and operating
margin was 28.4%, compared to $281 million and 28.5% in the prior
year.
Share Repurchase Program
During the third quarter, the Company repurchased approximately
3.2 million ordinary shares for approximately $200 million in open
market transactions. As of December 25, 2021, the remaining
availability under the Company's share repurchase authorization was
$800 million.
Outlook
The following guidance is provided on an adjusted, non-GAAP
basis. Due to the ongoing dynamic nature of the COVID-19 pandemic,
financial results could differ materially from the current outlook
due to a number of external events which are not reflected in our
guidance, including any significant additional store closures or
new government restrictions that could further impact traffic and
sales trends as well as any greater supply chain disruptions that
could further extend inventory delays or increase transportation
expenses.
The Company also notes that Fiscal 2022 includes a 53rd week in
its fiscal fourth quarter.
Given the impact of the pandemic and ongoing supply chain
challenges, the Company is also providing its preliminary view of
Fiscal 2023.
Fiscal Year 2022 Outlook
For Capri Holdings, the Company expects the following:
- Total revenue of approximately $5.56 billion, including
approximately $75 million from the 53rd week
- Operating margin of approximately 19%
- Net interest income of approximately $17 million
- Effective tax rate of approximately 14%
- Weighted average diluted shares outstanding of approximately
153 million
- Diluted earnings per share of approximately $6.00
For Versace, the Company expects the following:
- Total revenue of approximately $1.08 billion
- Operating margin of approximately 17%
For Jimmy Choo, the Company expects the following:
- Total revenue of approximately $600 million
- Operating margin of approximately 2%
For Michael Kors, the Company expects the following:
- Total revenue of approximately $3.88 billion
- Operating margin of approximately 25%
Fourth Quarter Fiscal 2022 Outlook
For Capri Holdings, the Company expects the following:
- Total revenue of approximately $1.4 billion
- Operating margin of approximately 13.5%
- Net interest income of approximately $5 million
- Effective tax rate of approximately 38%
- Weighted average diluted shares outstanding of approximately
151 million
- Diluted earnings per share of approximately $0.80
For Versace, the Company expects the following:
- Total revenue of approximately $310 million
- Operating margin of approximately 15%
For Jimmy Choo, the Company expects the following:
- Total revenue of approximately $140 million
- Operating margin of approximately (10)%
For Michael Kors, the Company expects the following:
- Total revenue of approximately $950 million
- Operating margin of approximately 20%
Fiscal Year 2023 Outlook
For Capri Holdings, the Company expects the following:
- Total revenue of approximately $6.1 billion
- Gross margin expansion of approximately 50 basis points
reflecting benefits from strategic initiatives partially offset by
higher supply chain costs
- Operating margin of approximately 19%
- Diluted earnings per share of approximately $6.60
For Versace, the Company expects the following:
- Total revenue of approximately $1.3 billion
- Operating margin of approximately 18%
For Jimmy Choo, the Company expects the following:
- Total revenue of approximately $675 million
- Operating margin of approximately 8%
For Michael Kors, the Company expects the following:
- Total revenue of approximately $4.125 billion
- Operating margin of approximately 25%
Fiscal Year 2023 Quarterly Outlook
For Capri Holdings, the Company expects the following:
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Revenue
~$1.35B
~$1.45B
~$1.75B
~$1.55B
Adjusted Operating Margin
~18.5%
~18.0%
~23.5%
~15.0%
Adjusted EPS
~$1.45
~$1.60
~$2.50
~$1.05
Conference Call Information
A conference call to discuss third quarter Fiscal 2022 results
is scheduled for today, February 2, 2022 at 8:30 a.m. ET. A live
webcast of the conference call will be available on the Company’s
website, www.capriholdings.com. In addition, a replay will be
available shortly after the conclusion of the call and remain
available until February 9, 2022. To access the telephone replay,
listeners should dial 1-844-512-2921 or 1-412-317-6671 for
international callers. The access code for the replay is 13726173.
A replay of the webcast will also be available within two hours of
the conclusion of the call.
Use of Non-GAAP Financial Measures
Constant currency effects are non-GAAP financial measures, which
are provided to supplement our reported operating results to
facilitate comparisons of our operating results and trends in our
business, excluding the effects of foreign currency rate
fluctuations. Because we are a global company, foreign currency
exchange rates may have a significant effect on our reported
results. We calculate constant currency measures and the related
foreign currency impacts by translating the current year’s reported
amounts into comparable amounts using prior year’s foreign exchange
rates for each currency. All constant currency performance measures
discussed below should be considered a supplement to and not in
lieu of our operating performance measures calculated in accordance
with U.S. GAAP. Additionally, this earnings release includes
certain non-GAAP financial measures that exclude certain costs
associated with COVID-19 related charges, long-lived asset
impairments, ERP implementation costs, Capri transformation costs,
restructuring and other charges. The Company uses non-GAAP
financial measures, among other things, to evaluate its operating
performance and in order to represent the manner in which the
Company conducts and views its business. The Company believes that
excluding these items helps its management and investors compare
operating performance based on its ongoing operations. While the
Company considers the non-GAAP measures to be useful supplemental
measures in analyzing its results, they are not intended to
replace, nor act as a substitute for, any amounts presented in its
consolidated financial statements prepared in conformity with U.S.
GAAP and may be different from non-GAAP measures reported by other
companies.
About Capri Holdings Limited
Capri Holdings Limited is a global fashion luxury group,
consisting of iconic brands that are industry leaders in design,
style and craftsmanship. Its brands cover the full spectrum of
fashion luxury categories including women’s and men’s accessories,
footwear and ready-to-wear as well as wearable technology, watches,
jewelry, eyewear and a full line of fragrance products. The
Company’s goal is to continue to extend the global reach of its
brands while ensuring that they maintain their independence and
exclusive DNA. Capri Holdings Limited is publicly listed on the New
York Stock Exchange under the ticker CPRI.
Forward-Looking Statements
This press release 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 Holdings Limited (the
“Company”) about future events, and are therefore subject to risks
and uncertainties which could cause actual results to differ
materially from the future results expressed or implied by the
forward-looking statements. All statements other than statements of
historical facts included herein, may be forward-looking
statements. Without limitation, any statements preceded or followed
by or that include the words “plans”, “believes”, “expects”,
“intends”, “will”, “should”, “could”, “would”, “may”,
“anticipates”, “might” or similar words or phrases, are
forward-looking statements. These forward-looking statements are
not guarantees of future financial performance. Such
forward-looking statements involve known and unknown risks and
uncertainties that could significantly affect expected results and
are based on certain key assumptions, which could cause actual
results to differ materially from those projected or implied in any
forward-looking statements. These risks, uncertainties and other
factors include the effect of the COVID-19 pandemic and its
potential material and significant impact on the Company’s future
financial and operational results if retail stores are forced to
close again and the pandemic is prolonged, including that our
estimates could materially differ if the severity of the COVID-19
situation worsens, or if there are further supply chain
disruptions, including additional production delays and increased
costs, the length and severity of such outbreak across the globe
and the pace of recovery following the COVID-19 pandemic; levels of
cash flow and future availability of credit; compliance with
restrictive covenants under the Company’s credit agreement; the
Company’s ability to integrate successfully and to achieve
anticipated benefits of any acquisition and to successfully execute
our growth strategies; the risk of disruptions to the Company’s
businesses; risks associated with operating in international
markets and our global sourcing activities; the risk of
cybersecurity threats and privacy or data security breaches; the
negative effects of events on the market price of the Company’s
ordinary shares and its operating results; significant transaction
costs; unknown liabilities; the risk of litigation and/or
regulatory actions related to the Company’s businesses;
fluctuations in demand for the Company’s products; levels of
indebtedness (including the indebtedness incurred in connection
with acquisitions); the timing and scope of future share buybacks,
which may be made in open market or privately negotiated
transactions, and are subject to market conditions, applicable
legal requirements, trading restrictions under the Company’s
insider trading policy and other relevant factors, and such share
repurchases may be suspended or discontinued at any time; the level
of other investing activities and uses of cash; changes in consumer
traffic and retail trends; loss of market share and industry
competition; fluctuations in the capital markets; fluctuations in
interest and exchange rates; the occurrence of unforeseen epidemics
and pandemics, disasters or catastrophes; political or economic
instability in principal markets; adverse outcomes in litigation;
and general, local and global economic, political, business and
market conditions, as well as those risks set forth in the
Company’s filings with the U.S. Securities and Exchange Commission,
including the Company’s Annual Report on Form 10-K for the fiscal
year ended March 27, 2021 (File No. 001-35368). Any forward-looking
statement in this press release speaks only as of the date made and
the Company disclaims any obligation to update or revise any
forward-looking or other statements contained herein other than in
accordance with legal and regulatory obligations.
SCHEDULE 1
CAPRI HOLDINGS LIMITED AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In millions, except share and
per share data)
(Unaudited)
Three Months Ended
Nine Months Ended
December 25, 2021
December 26, 2020
December 25, 2021
December 26, 2020
Total revenue
$
1,609
$
1,302
$
4,162
$
2,863
Cost of goods sold
561
454
1,374
1,003
Gross profit
1,048
848
2,788
1,860
Total operating expenses
717
681
2,004
1,702
Income from operations
331
167
784
158
Other income, net
—
(3
)
(2
)
(4
)
Interest (income) expense, net
(7
)
10
(11
)
39
Foreign currency (gain) loss
(4
)
(13
)
1
(16
)
Income before income taxes
342
173
796
139
Provision for (benefit from) income
taxes
19
(5
)
54
20
Net income
323
178
742
119
Less: Net income (loss) attributable to
noncontrolling interests
1
(1
)
1
(2
)
Net income attributable to Capri
$
322
$
179
$
741
$
121
Weighted average ordinary shares
outstanding:
Basic
149,717,485
150,661,252
150,975,773
150,236,612
Diluted
152,375,294
151,958,057
153,834,120
151,417,457
Net income per ordinary share:
Basic
$
2.15
$
1.19
$
4.91
$
0.80
Diluted
$
2.11
$
1.18
$
4.82
$
0.80
SCHEDULE 2
CAPRI HOLDINGS LIMITED AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(In millions, except share
data)
(Unaudited)
December 25, 2021
March 27, 2021
December 26, 2020
Assets
Current assets
Cash and cash equivalents
$
261
$
232
$
229
Receivables, net
449
373
369
Inventories, net
978
736
789
Prepaid expenses and other current
assets
384
205
106
Total current assets
2,072
1,546
1,493
Property and equipment, net
460
485
518
Operating lease right-of-use assets
1,401
1,504
1,575
Intangible assets, net
1,895
1,992
2,102
Goodwill
1,447
1,498
1,615
Deferred tax assets
178
278
283
Other assets
227
178
179
Total assets
$
7,680
$
7,481
$
7,765
Liabilities and Shareholders’
Equity
Current liabilities
Accounts payable
$
593
$
512
$
495
Accrued payroll and payroll related
expenses
149
116
107
Accrued income taxes
166
126
66
Short-term operating lease liabilities
437
447
448
Short-term debt
26
123
169
Accrued expenses and other current
liabilities
381
297
309
Total current liabilities
1,752
1,621
1,594
Long-term operating lease liabilities
1,503
1,657
1,724
Deferred tax liabilities
443
397
444
Long-term debt
976
1,219
1,243
Other long-term liabilities
231
430
405
Total liabilities
4,905
5,324
5,410
Commitments and contingencies
Shareholders’ equity
Ordinary shares, no par value; 650,000,000
shares authorized; 221,322,510 shares issued and 147,252,018
outstanding at December 25, 2021; 219,222,937 shares issued and
151,280,011 outstanding at March 27, 2021 and 218,624,581 shares
issued and 150,682,036 outstanding at December 26, 2020
—
—
—
Treasury shares, at cost (74,070,492
shares at December 25, 2021, 67,942,926 shares at March 27, 2021
and 67,942,545 shares at December 26, 2020)
(3,686
)
(3,326
)
(3,326
)
Additional paid-in capital
1,238
1,158
1,138
Accumulated other comprehensive income
213
56
91
Retained earnings
5,011
4,270
4,453
Total shareholders’ equity of Capri
2,776
2,158
2,356
Noncontrolling interest
(1
)
(1
)
(1
)
Total shareholders’ equity
2,775
2,157
2,355
Total liabilities and shareholders’
equity
$
7,680
$
7,481
$
7,765
SCHEDULE 3
CAPRI HOLDINGS LIMITED AND
SUBSIDIARIES
CONSOLIDATED SEGMENT
DATA
($ in millions)
(Unaudited)
Three Months Ended
Nine Months Ended
December 25, 2021
December 26, 2020
December 25, 2021
December 26, 2020
Revenue by Segment and Region:
Versace
The Americas
$
89
$
57
$
283
$
132
EMEA
99
76
304
183
Asia
63
62
186
168
Versace Revenue
251
195
773
483
Jimmy Choo
The Americas
51
32
127
71
EMEA
69
40
175
102
Asia
58
49
155
121
Jimmy Choo Revenue
178
121
457
294
Michael Kors
The Americas
814
671
1,960
1,321
EMEA
237
183
616
447
Asia
129
132
356
318
Michael Kors Revenue
1,180
986
2,932
2,086
Total Revenue
$
1,609
$
1,302
$
4,162
$
2,863
Income (Loss) from Operations:
Versace
$
32
$
13
$
135
$
(8
)
Jimmy Choo
16
(8
)
28
(37
)
Michael Kors
335
281
795
423
Total segment income from operations
383
286
958
378
Less: Corporate expenses
(37
)
(29
)
(123
)
(90
)
Restructuring and other charges
(14
)
(1
)
(25
)
(18
)
Impairment of assets
—
(90
)
(33
)
(110
)
COVID-19 related charges
(1
)
1
7
(2
)
Total Income from Operations
$
331
$
167
$
784
$
158
Operating Margin:
Versace
12.7
%
6.7
%
17.5
%
(1.7
)%
Jimmy Choo
9.0
%
(6.6
)%
6.1
%
(12.6
)%
Michael Kors
28.4
%
28.5
%
27.1
%
20.3
%
Capri Operating Margin
20.6
%
12.8
%
18.8
%
5.5
%
SCHEDULE 4
CAPRI HOLDINGS LIMITED AND
SUBSIDIARIES
SUPPLEMENTAL RETAIL STORE
INFORMATION
(Unaudited)
As of
Retail Store Information:
December 25, 2021
December 26, 2020
Versace
212
217
Jimmy Choo
240
231
Michael Kors
834
831
Total number of retail stores
1,286
1,279
SCHEDULE 5
CAPRI HOLDINGS LIMITED AND
SUBSIDIARIES
CONSTANT CURRENCY DATA
(In millions)
(Unaudited)
Three Months Ended
% Change
December 25, 2021
December 26, 2020
As
Reported
Constant
Currency
Total Revenue:
Versace
$
251
$
195
28.7
%
33.8
%
Jimmy Choo
178
121
47.1
%
43.0
%
Michael Kors
1,180
986
19.7
%
20.7
%
Total Revenue
$
1,609
$
1,302
23.6
%
24.7
%
Nine Months Ended
% Change
December 25, 2021
December 26, 2020
As
Reported
Constant
Currency
Total Revenue:
Versace
$
773
$
483
60.0
%
56.9
%
Jimmy Choo
457
294
55.4
%
45.2
%
Michael Kors
2,932
2,086
40.6
%
39.3
%
Total Revenue
$
4,162
$
2,863
45.4
%
42.9
%
SCHEDULE 6
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In millions, except per share
data)
(Unaudited)
Three Months Ended December
25, 2021
As
Reported
Impairment
Charges
Restructuring
and Other
Charges (1)
COVID-19
Related
Charges
ERP
Implementation
Capri
Transformation
As
Adjusted
Gross profit
$
1,048
$
—
$
—
$
(1
)
$
—
$
—
$
1,047
Operating expenses
$
717
$
—
$
(14
)
$
(2
)
$
(3
)
$
(10
)
$
688
Total income from operations
$
331
$
—
$
14
$
1
$
3
$
10
$
359
Income before provision for income
taxes
$
342
$
—
$
14
$
1
$
3
$
10
$
370
Provision for income taxes
$
19
$
—
$
1
$
1
$
1
$
8
$
30
Net income attributable to Capri
$
322
$
—
$
13
$
—
$
2
$
2
$
339
Diluted net income per ordinary share
-
Capri
$
2.11
$
—
$
0.09
$
—
$
0.01
$
0.01
$
2.22
______________________
- Includes store closure costs which have been incorporated into
the Capri Retail Store Optimization Program, other restructuring
initiatives and other costs recorded in connection with the
acquisitions of Gianni Versace S.r.l. and Jimmy Choo Group Limited.
SCHEDULE 7
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In millions, except per share
data)
(Unaudited)
Nine Months Ended December 25,
2021
As
Reported
Impairment
Charges
Restructuring
and Other
Charges(1)
COVID-19
Related
Charges
ERP
Implementation
Capri
Transformation
As
Adjusted
Gross profit
$
2,788
$
—
$
—
$
(9
)
$
—
$
—
$
2,779
Operating expenses
$
2,004
$
(33
)
$
(25
)
$
(2
)
$
(11
)
$
(15
)
$
1,918
Total income from operations
$
784
$
33
$
25
$
(7
)
$
11
$
15
$
861
Income before provision for income
taxes
$
796
$
33
$
25
$
(7
)
$
11
$
15
$
873
Provision for income taxes
$
54
$
8
$
2
$
—
$
4
$
9
$
77
Net income attributable to Capri
$
741
$
25
$
23
$
(7
)
$
7
$
6
$
795
Diluted net income per ordinary share
-
Capri
$
4.82
$
0.16
$
0.15
$
(0.05
)
$
0.05
$
0.04
$
5.17
______________________
- Includes store closure costs which have been incorporated into
the Capri Retail Store Optimization Program, other restructuring
initiatives, and other costs recorded in connection with the
acquisitions of Gianni Versace S.r.l. and Jimmy Choo Group Limited.
SCHEDULE 8
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In millions, except per share
data)
(Unaudited)
Three Months Ended December
26, 2020
As Reported
Impairment Charges
Restructuring and
Other Charges (1)
COVID-19 Related
Charges
As Adjusted
Gross profit
$
848
$
—
$
—
$
(5
)
$
843
Operating expenses
$
681
$
(90
)
$
(1
)
$
(4
)
$
586
Total income from operations
$
167
90
1
$
(1
)
$
257
Income before provision for income
taxes
$
173
$
90
$
1
$
(1
)
$
263
(Benefit) provision for income taxes
$
(5
)
$
19
$
(1
)
$
1
$
14
Net income attributable to Capri
$
179
$
71
$
2
$
(2
)
$
250
Diluted net income per ordinary share
-
Capri
$
1.18
$
0.47
$
0.01
$
(0.01
)
$
1.65
______________________
- Includes store closure costs which have been incorporated into
the Capri Retail Store Optimization Program, other restructuring
initiatives, and other costs recorded in connection with the
acquisitions of Gianni Versace S.r.l. and Jimmy Choo Group Limited.
SCHEDULE 9
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In millions, except per share
data)
(Unaudited)
Nine Months Ended December 26,
2020
As Reported
Impairment
Charges
Restructuring
and Other
Charges(1)
COVID-19
Related
Charges
Capri
Transformation
ERP
Implementation
As Adjusted
Gross profit
$
1,860
$
—
$
—
$
(13
)
$
—
$
—
$
1,847
Total operating expenses
$
1,702
$
(110
)
$
(18
)
$
(15
)
$
(2
)
$
(2
)
$
1,555
Total income from operations
$
158
$
110
$
18
$
2
$
2
$
2
$
292
Income before provision for income
taxes
$
139
$
110
$
18
$
2
$
2
$
2
$
273
Provision for income taxes
$
20
$
28
$
(2
)
$
(2
)
$
1
$
(1
)
$
44
Net income attributable to Capri
$
121
$
82
$
20
$
4
$
1
$
3
$
231
Diluted net income per ordinary share
-
Capri
$
0.80
$
0.53
$
0.13
$
0.03
$
0.01
$
0.02
$
1.52
______________________
- Includes store closure costs recorded in connection with the
Capri Retail Store Optimization Program, other restructuring
initiatives, and other costs recorded in connection with the
acquisitions of Gianni Versace S.r.l and Jimmy Choo Group
Limited.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220202005266/en/
Investor Relations: Jennifer Davis +1 (201) 514-8234
Jennifer.Davis@CapriHoldings.com
Media: Dinesh Kandiah +1 (917) 934-2427
Press@CapriHoldings.com
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