Solid Earnings, $1B Buyback, Detailed FY23 Outlook - Michael Kors Parent's Q4 Highlights - Capri Holdings (NYSE:CPRI)

Capri Holdings Ltd CPRI reported fourth-quarter FY22 sales growth of 24.6% to $1.49 billion, beating the consensus of $1.41 billion.
Versace revenue increased 34% Y/Y to $315 million, Jimmy Choo revenue rose 25.8% to $156 million, and Michael Kors revenue expanded 21.8% to $1.021 billion.
Gross profit rose 29.5% Y/Y to $956 million, and gross margin expanded 250 basis points to 64.1%. Adjusted gross margin expanded 20 basis points to 63.7%.
The operating margin was 8%, and operating income for the quarter amounted to $119 million.
Operating expenses decreased 4.6% Y/Y to $837 million.
The company held $169 million in cash and equivalents as of April 2, 2022.
Adjusted EPS of $1.02 beat the analyst consensus of $0.82.
Net inventory on April 2, 2022, was $1.096 billion, a 48.9% increase Y/Y.
Buyback: CPRI board of directors has announced a $1 billion share buyback.
Outlook: Capri sees FY23 sales of about $5.95 billion versus the consensus of $6.08 billion.
Capri expects FY23 EPS of about $6.85, against the consensus of $6.57.
Price Action: CPRI shares are trading higher by 1.13% at $49.29 on the last check Wednesday.
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