– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Achieved Highest Revenue, Gross Margin and EPS Levels in the Company's History
Authorized New $1 Billion Share Repurchase Program
http://www.capriholdings.com/4Q22Presentation
LONDON--(BUSINESS WIRE)--Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today announced its financial results for the fourth quarter and full year fiscal 2022 ended April 2, 2022.
Fourth Quarter Fiscal 2022 Highlights
John D. Idol, the Company’s Chairman and Chief Executive Officer, said, "Looking back on fiscal 2022, I am proud of the progress we made across all our luxury houses. Revenue and earnings results significantly exceeded our original expectations. Capri Holdings achieved the highest revenue, gross margin and earnings per share in the company’s history. Additionally, we generated strong free cash flow and returned $650 million to shareholders in fiscal 2022. Our ability to deliver record results while navigating the challenges of an unprecedented global pandemic is a testament to the strength of our brands and the success of our strategic growth initiatives. Most importantly, we would not have been able to achieve these results if not for the hard work, dedication and resiliency of our teams across the globe."
Mr. Idol continued, "Looking forward in fiscal 2023 we expect to achieve another year of record revenue and earnings per share. Longer term we are confident in our ability to resume double digit revenue increases as we move beyond the impact of current macro headwinds. The power of Versace, Jimmy Choo and Michael Kors as well as the proven resilience of the luxury market reinforce our optimism for the future and our ability to achieve $7 billion in revenue and a 20% operating margin over time."
Fourth 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 (“U.S. 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 revenue compared to the same period in the prior year.
Overview of Capri Holdings Fourth Quarter Fiscal 2022 Results
The Company noted that fiscal year 2022 had 53 weeks versus 52 weeks in fiscal year 2021. As a result, the Company's results for the fiscal 2022 fourth quarter and fiscal year ended April 2, 2022, include approximately $70 million in sales related to the 53rd week.
Versace Fourth Quarter Fiscal 2022 Results
Jimmy Choo Fourth Quarter Fiscal 2022 Results
Michael Kors Fourth Quarter Fiscal 2022 Results
Share Repurchase Authorization
During the fourth quarter, the Company repurchased approximately 5.1 million ordinary shares for approximately $300 million in open market transactions.
On June 1, 2022, the Company’s Board of Directors approved a new share repurchase program of up to $1 billion of its outstanding ordinary shares, providing additional capacity to return cash to shareholders over the longer term. This new two-year program will replace the Company’s existing $1 billion share repurchase program which had $500 million of availability remaining.
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.
Fiscal Year 2023 Outlook
For Capri Holdings, the Company expects the following:
For Versace, the Company expects the following:
For Jimmy Choo, the Company expects the following:
For Michael Kors, the Company expects the following:
First Quarter Fiscal 2023 Outlook
For Capri Holdings, the Company expects the following:
For Versace, the Company expects the following:
For Jimmy Choo, the Company expects the following:
For Michael Kors, the Company expects the following:
Fiscal Year 2023 Quarterly Outlook
For Capri Holdings, the Company expects the following:
|
First Quarter |
|
Second Quarter |
|
Third Quarter |
|
Fourth Quarter |
|
Revenue |
~$1.30B |
|
~$1.425B |
|
~$1.725B |
|
~$1.50B |
|
Adjusted Operating Margin |
~16.5% |
|
~17.0% |
|
~23.5% |
|
~14.5% |
|
Adjusted EPS |
~$1.35 |
|
~$1.60 |
|
~$2.55 |
|
~$1.35 |
Conference Call Information
A conference call to discuss fourth quarter and full year fiscal 2022 results is scheduled for today, June 1, 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 June 8, 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 13729782. A replay of the webcast will also be available within two hours of the conclusion of the call and will remain on the website for 90 days. Additionally, a fourth quarter fiscal 2022 earnings highlights presentation is posted on the company's website.
Investor Meeting
The Company will host an Investor Meeting on Wednesday, July 20, 2022. Additional details about the event will be included in a subsequent announcement.
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, charitable donations and the war in Ukraine. 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 impact of 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, including disruptions or delays in manufacturing or shipments; the risk of cybersecurity threats and privacy of 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 which 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; high consumer debt levels, recession and inflationary pressures; 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; extreme weather conditions and natural disasters; political or economic instability in principal markets; adverse outcomes in litigation; and general, local and global economic, political, business and market conditions including acts of war and other geopolitical conflicts; as well as those risks set forth in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), 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 |
|
Fiscal Years Ended |
||||||||||||
|
|
April 2,
|
|
March 27,
|
|
April 2,
|
|
March 27,
|
||||||||
Total revenue |
|
$ |
1,492 |
|
|
$ |
1,197 |
|
|
$ |
5,654 |
|
|
$ |
4,060 |
|
Cost of goods sold |
|
|
536 |
|
|
|
460 |
|
|
|
1,910 |
|
|
|
1,463 |
|
Gross profit |
|
|
956 |
|
|
|
737 |
|
|
|
3,744 |
|
|
|
2,597 |
|
Total operating expenses |
|
|
837 |
|
|
|
876 |
|
|
|
2,841 |
|
|
|
2,578 |
|
Income (loss) from operations |
|
|
119 |
|
|
|
(139 |
) |
|
|
903 |
|
|
|
19 |
|
Other income, net |
|
|
— |
|
|
|
(3 |
) |
|
|
(2 |
) |
|
|
(7 |
) |
Interest (income) expense, net |
|
|
(7 |
) |
|
|
4 |
|
|
|
(18 |
) |
|
|
43 |
|
Foreign currency loss (gain) |
|
|
7 |
|
|
|
(4 |
) |
|
|
8 |
|
|
|
(20 |
) |
Income (loss) before provision for income taxes |
|
|
119 |
|
|
|
(136 |
) |
|
|
915 |
|
|
|
3 |
|
Provision for income taxes |
|
|
38 |
|
|
|
46 |
|
|
|
92 |
|
|
|
66 |
|
Net income (loss) |
|
|
81 |
|
|
|
(182 |
) |
|
|
823 |
|
|
|
(63 |
) |
Less: Net income (loss) attributable to noncontrolling interests |
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
(1 |
) |
Net income (loss) attributable to Capri |
|
$ |
81 |
|
|
$ |
(183 |
) |
|
$ |
822 |
|
|
$ |
(62 |
) |
Weighted average ordinary shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
146,239,474 |
|
|
|
151,104,434 |
|
|
|
149,724,675 |
|
|
|
150,453,568 |
|
Diluted |
|
|
148,757,360 |
|
|
|
151,104,434 |
|
|
|
152,497,907 |
|
|
|
150,453,568 |
|
Net income (loss) per ordinary share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.55 |
|
|
$ |
(1.21 |
) |
|
$ |
5.49 |
|
|
$ |
(0.41 |
) |
Diluted |
|
$ |
0.54 |
|
|
$ |
(1.21 |
) |
|
$ |
5.39 |
|
|
$ |
(0.41 |
) |
SCHEDULE 2 |
||||||||
CAPRI HOLDINGS LIMITED AND SUBSIDIARIES |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(In millions, except share data) |
||||||||
(Unaudited) |
||||||||
|
|
April 2,
|
|
March 27,
|
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
169 |
|
|
$ |
232 |
|
Receivables, net |
|
|
434 |
|
|
|
373 |
|
Inventories, net |
|
|
1,096 |
|
|
|
736 |
|
Prepaid expenses and other current assets |
|
|
192 |
|
|
|
205 |
|
Total current assets |
|
|
1,891 |
|
|
|
1,546 |
|
Property and equipment, net |
|
|
476 |
|
|
|
485 |
|
Operating lease right-of-use assets |
|
|
1,358 |
|
|
|
1,504 |
|
Intangible assets, net |
|
|
1,847 |
|
|
|
1,992 |
|
Goodwill |
|
|
1,418 |
|
|
|
1,498 |
|
Deferred tax assets |
|
|
240 |
|
|
|
278 |
|
Other assets |
|
|
250 |
|
|
|
178 |
|
Total assets |
|
$ |
7,480 |
|
|
$ |
7,481 |
|
Liabilities and Shareholders’ Equity |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Accounts payable |
|
$ |
555 |
|
|
$ |
512 |
|
Accrued payroll and payroll related expenses |
|
|
165 |
|
|
|
116 |
|
Accrued income taxes |
|
|
52 |
|
|
|
126 |
|
Short-term operating lease liabilities |
|
|
414 |
|
|
|
447 |
|
Short-term debt |
|
|
29 |
|
|
|
123 |
|
Accrued expenses and other current liabilities |
|
|
351 |
|
|
|
297 |
|
Total current liabilities |
|
|
1,566 |
|
|
|
1,621 |
|
Long-term operating lease liabilities |
|
|
1,467 |
|
|
|
1,657 |
|
Deferred tax liabilities |
|
|
432 |
|
|
|
397 |
|
Long-term debt |
|
|
1,131 |
|
|
|
1,219 |
|
Other long-term liabilities |
|
|
326 |
|
|
|
430 |
|
Total liabilities |
|
|
4,922 |
|
|
|
5,324 |
|
Commitments and contingencies |
|
|
|
|
||||
Shareholders’ equity |
|
|
|
|
||||
Ordinary shares, no par value; 650,000,000 shares authorized; 221,967,599 shares issued and 142,806,269 outstanding at April 2, 2022; 219,222,937 shares issued and 151,280,011 outstanding at March 27, 2021 |
|
|
— |
|
|
|
— |
|
Treasury shares, at cost (79,161,330 shares at April 2, 2022 and 67,942,926 shares at March 27, 2021) |
|
|
(3,987 |
) |
|
|
(3,326 |
) |
Additional paid-in capital |
|
|
1,260 |
|
|
|
1,158 |
|
Accumulated other comprehensive income |
|
|
194 |
|
|
|
56 |
|
Retained earnings |
|
|
5,092 |
|
|
|
4,270 |
|
Total shareholders’ equity of Capri |
|
|
2,559 |
|
|
|
2,158 |
|
Noncontrolling interest |
|
|
(1 |
) |
|
|
(1 |
) |
Total shareholders’ equity |
|
|
2,558 |
|
|
|
2,157 |
|
Total liabilities and shareholders’ equity |
|
$ |
7,480 |
|
|
$ |
7,481 |
|
SCHEDULE 3 |
||||||||||||||||||
CAPRI HOLDINGS LIMITED AND SUBSIDIARIES |
||||||||||||||||||
CONSOLIDATED SEGMENT DATA |
||||||||||||||||||
($ in millions) |
||||||||||||||||||
(Unaudited) |
||||||||||||||||||
|
|
Three Months Ended |
|
Fiscal Years Ended |
||||||||||||||
|
|
April 2,
|
|
March 27,
|
|
April 2,
|
|
March 27,
|
||||||||||
Revenue by Segment and Region: |
|
|
|
|
|
|
|
|
||||||||||
Versace |
|
The Americas |
|
$ |
125 |
|
|
$ |
69 |
|
|
$ |
408 |
|
|
$ |
201 |
|
|
|
EMEA |
|
|
121 |
|
|
|
93 |
|
|
|
425 |
|
|
|
276 |
|
|
|
Asia |
|
|
69 |
|
|
|
73 |
|
|
|
255 |
|
|
|
241 |
|
Versace Revenue |
|
|
315 |
|
|
|
235 |
|
|
|
1,088 |
|
|
|
718 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Jimmy Choo |
|
The Americas |
|
|
48 |
|
|
|
31 |
|
|
|
175 |
|
|
|
102 |
|
|
|
EMEA |
|
|
54 |
|
|
|
44 |
|
|
|
229 |
|
|
|
146 |
|
|
|
Asia |
|
|
54 |
|
|
|
49 |
|
|
|
209 |
|
|
|
170 |
|
Jimmy Choo Revenue |
|
|
156 |
|
|
|
124 |
|
|
|
613 |
|
|
|
418 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Michael Kors |
|
The Americas |
|
|
667 |
|
|
|
548 |
|
|
|
2,627 |
|
|
|
1,869 |
|
|
|
EMEA |
|
|
219 |
|
|
|
160 |
|
|
|
835 |
|
|
|
607 |
|
|
|
Asia |
|
|
135 |
|
|
|
130 |
|
|
|
491 |
|
|
|
448 |
|
Michael Kors Revenue |
|
|
1,021 |
|
|
|
838 |
|
|
|
3,953 |
|
|
|
2,924 |
|
||
|
|
|
|
|
|
|
|
|
||||||||||
Total Revenue |
|
$ |
1,492 |
|
|
$ |
1,197 |
|
|
$ |
5,654 |
|
|
$ |
4,060 |
|
||
|
|
|
|
|
|
|
|
|
||||||||||
Income (Loss) from Operations: |
|
|
|
|
|
|
|
|
||||||||||
Versace |
|
$ |
50 |
|
|
$ |
29 |
|
|
$ |
185 |
|
|
$ |
21 |
|
||
Jimmy Choo |
|
|
(15 |
) |
|
|
(18 |
) |
|
|
13 |
|
|
|
(55 |
) |
||
Michael Kors |
|
|
210 |
|
|
|
172 |
|
|
|
1,005 |
|
|
|
595 |
|
||
Total segment income from operations |
|
|
245 |
|
|
|
183 |
|
|
|
1,203 |
|
|
|
561 |
|
||
Less: Corporate expenses |
|
|
(67 |
) |
|
|
(62 |
) |
|
|
(190 |
) |
|
|
(152 |
) |
||
Restructuring and other charges |
|
|
(17 |
) |
|
|
(14 |
) |
|
|
(42 |
) |
|
|
(32 |
) |
||
Impairment of long-lived assets |
|
|
(40 |
) |
|
|
(206 |
) |
|
|
(73 |
) |
|
|
(316 |
) |
||
Impact of war in Ukraine |
|
|
(9 |
) |
|
|
— |
|
|
|
(9 |
) |
|
|
— |
|
||
COVID-19 related charges |
|
7 |
|
|
|
(40 |
) |
|
|
14 |
|
|
|
(42 |
) |
|||
Total Income (Loss) from Operations |
|
$ |
119 |
|
|
$ |
(139 |
) |
|
$ |
903 |
|
|
$ |
19 |
|
||
|
|
|
|
|
|
|
|
|
||||||||||
Operating Margin: |
|
|
|
|
|
|
|
|
||||||||||
Versace |
|
|
15.9 |
% |
|
|
12.3 |
% |
|
|
17.0 |
% |
|
|
2.9 |
% |
||
Jimmy Choo |
|
|
(9.6 |
)% |
|
|
(14.5 |
)% |
|
|
2.1 |
% |
|
|
(13.2 |
)% |
||
Michael Kors |
|
|
20.6 |
% |
|
|
20.5 |
% |
|
|
25.4 |
% |
|
|
20.3 |
% |
||
Capri Operating Margin |
|
|
8.0 |
% |
|
|
(11.6 |
)% |
|
|
16.0 |
% |
|
|
0.5 |
% |
||
SCHEDULE 4 |
||||
CAPRI HOLDINGS LIMITED AND SUBSIDIARIES |
||||
SUPPLEMENTAL RETAIL STORE INFORMATION |
||||
(Unaudited) |
||||
|
As of |
|||
Retail Store Information: |
April 2, 2022 |
March 27, 2021 |
||
Versace |
209 |
210 |
||
Jimmy Choo |
237 |
227 |
||
Michael Kors |
825 |
820 |
||
Total number of retail stores |
1,271 |
1,257 |
||
SCHEDULE 5 |
||||||||||||
CAPRI HOLDINGS LIMITED AND SUBSIDIARIES |
||||||||||||
CONSTANT CURRENCY DATA |
||||||||||||
(In millions) |
||||||||||||
(Unaudited) |
||||||||||||
|
|
Three Months Ended |
|
% Change |
||||||||
|
|
April 2,
|
|
March 27,
|
|
As
|
|
Constant
|
||||
Total revenue: |
|
|
|
|
|
|
|
|
||||
Versace |
|
$ |
315 |
|
|
235 |
|
34.0 |
% |
|
44.3 |
% |
Jimmy Choo |
|
|
156 |
|
|
124 |
|
25.8 |
% |
|
29.1 |
% |
Michael Kors |
|
|
1,021 |
|
|
838 |
|
21.8 |
% |
|
23.8 |
% |
Total revenue |
|
$ |
1,492 |
|
$ |
1,197 |
|
24.6 |
% |
|
28.4 |
% |
|
|
Fiscal Years Ended |
|
% Change |
||||||||
|
|
April 2,
|
|
March 27,
|
|
As
|
|
Constant
|
||||
Total revenue: |
|
|
|
|
|
|
|
|
||||
Versace |
|
$ |
1,088 |
|
$ |
718 |
|
51.5 |
% |
|
52.8 |
% |
Jimmy Choo |
|
|
613 |
|
|
418 |
|
46.7 |
% |
|
40.4 |
% |
Michael Kors |
|
|
3,953 |
|
|
2,924 |
|
35.2 |
% |
|
34.9 |
% |
Total revenue |
|
$ |
5,654 |
|
$ |
4,060 |
|
39.3 |
% |
|
38.6 |
% |
SCHEDULE 6 |
||||||||||||||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
||||||||||||||||||||||||||||||||||
(In millions, except share and per share data) |
||||||||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||||||||
|
|
Three Months Ended April 2, 2022 |
||||||||||||||||||||||||||||||||
|
|
As
|
|
Impairment
|
|
Restructuring
and Other
|
|
Charitable
|
|
COVID-19
|
|
ERP
|
|
Capri
|
|
War in
|
|
As
|
||||||||||||||||
Gross profit |
|
$ |
956 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(7 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2 |
|
|
$ |
951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating expenses |
|
$ |
837 |
|
$ |
(40 |
) |
|
$ |
(17 |
) |
|
$ |
(10 |
) |
|
$ |
— |
|
|
$ |
(8 |
) |
|
$ |
(16 |
) |
|
$ |
(7 |
) |
|
$ |
739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total income from operations |
|
$ |
119 |
|
$ |
40 |
|
|
$ |
17 |
|
|
$ |
10 |
|
|
$ |
(7 |
) |
|
$ |
8 |
|
|
$ |
16 |
|
|
$ |
9 |
|
|
$ |
212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income before provision for income taxes |
|
$ |
119 |
|
$ |
40 |
|
|
$ |
17 |
|
|
$ |
10 |
|
|
$ |
(7 |
) |
|
$ |
8 |
|
|
$ |
16 |
|
|
$ |
9 |
|
|
$ |
212 |
Provision for income taxes |
|
$ |
38 |
|
$ |
8 |
|
|
$ |
6 |
|
|
$ |
— |
|
|
$ |
6 |
|
|
$ |
2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
60 |
Net income attributable to Capri |
|
$ |
81 |
|
$ |
32 |
|
|
$ |
11 |
|
|
$ |
10 |
|
|
$ |
(13 |
) |
|
$ |
6 |
|
|
$ |
16 |
|
|
$ |
9 |
|
|
$ |
152 |
Diluted net income per ordinary share - Capri |
|
$ |
0.54 |
|
$ |
0.22 |
|
|
$ |
0.07 |
|
|
$ |
0.07 |
|
|
$ |
(0.09 |
) |
|
$ |
0.04 |
|
|
$ |
0.11 |
|
|
$ |
0.06 |
|
|
$ |
1.02 |
______________________ |
||
(1) |
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 acquisition of Gianni Versace S.r.l. |
|
SCHEDULE 7 |
||||||||||||||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
||||||||||||||||||||||||||||||||||
(In millions, except share and per share data) |
||||||||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||||||||
|
|
Fiscal Year Ended April 2, 2022 |
||||||||||||||||||||||||||||||||
|
|
As
|
|
Impairment
|
|
Restructuring
|
|
Charitable
|
|
COVID-19
|
|
ERP
|
|
Capri
|
|
War in
|
|
As
|
||||||||||||||||
Gross profit |
|
$ |
3,744 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(16 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2 |
|
|
$ |
3,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating expenses |
|
$ |
2,841 |
|
$ |
(73 |
) |
|
$ |
(42 |
) |
|
$ |
(10 |
) |
|
$ |
(2 |
) |
|
$ |
(19 |
) |
|
$ |
(31 |
) |
|
$ |
(7 |
) |
|
$ |
2,657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total income from operations |
|
$ |
903 |
|
$ |
73 |
|
|
$ |
42 |
|
|
$ |
10 |
|
|
$ |
(14 |
) |
|
$ |
19 |
|
|
$ |
31 |
|
|
$ |
9 |
|
|
$ |
1,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income before provision for income taxes |
|
$ |
915 |
|
$ |
73 |
|
|
$ |
42 |
|
|
$ |
10 |
|
|
$ |
(14 |
) |
|
$ |
19 |
|
|
$ |
31 |
|
|
$ |
9 |
|
|
$ |
1,085 |
Provision for income taxes |
|
$ |
92 |
|
$ |
16 |
|
|
$ |
8 |
|
|
$ |
— |
|
|
$ |
6 |
|
|
$ |
6 |
|
|
$ |
9 |
|
|
$ |
— |
|
|
$ |
137 |
Net income attributable to Capri |
|
$ |
822 |
|
$ |
57 |
|
|
$ |
34 |
|
|
$ |
10 |
|
|
$ |
(20 |
) |
|
$ |
13 |
|
|
$ |
22 |
|
|
$ |
9 |
|
|
$ |
947 |
Diluted net income per ordinary share - Capri |
|
$ |
5.39 |
|
$ |
0.37 |
|
|
$ |
0.22 |
|
|
$ |
0.07 |
|
|
$ |
(0.13 |
) |
|
$ |
0.09 |
|
|
$ |
0.14 |
|
|
$ |
0.06 |
|
|
$ |
6.21 |
______________________ |
||
(1) |
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 acquisition of Gianni Versace S.r.l. |
|
SCHEDULE 8 |
|||||||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
|||||||||||||||||||||||||||
(In millions, except share and per share data) |
|||||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||||
|
|
Three Months Ended March 27, 2021 |
|||||||||||||||||||||||||
|
|
As
|
|
Impairment
|
|
Restructuring
|
|
Charitable
|
|
COVID-19
|
|
Capri
|
|
As
|
|||||||||||||
Gross profit |
|
$ |
737 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
23 |
|
|
$ |
— |
|
|
$ |
760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating expenses |
|
$ |
876 |
|
|
$ |
(206 |
) |
|
$ |
(14 |
) |
|
$ |
(20 |
) |
|
$ |
(17 |
) |
|
$ |
(2 |
) |
|
$ |
617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total (loss) income from operations |
|
$ |
(139 |
) |
|
$ |
206 |
|
|
$ |
14 |
|
|
$ |
20 |
|
|
$ |
40 |
|
|
$ |
2 |
|
|
$ |
143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(Loss) income before provision for income taxes |
|
$ |
(136 |
) |
|
$ |
206 |
|
|
$ |
14 |
|
|
$ |
20 |
|
|
$ |
40 |
|
|
$ |
2 |
|
|
$ |
146 |
Provision for income taxes |
|
$ |
46 |
|
|
$ |
23 |
|
|
$ |
6 |
|
|
$ |
5 |
|
|
$ |
6 |
|
|
$ |
— |
|
|
$ |
86 |
Net (loss) income attributable to Capri |
|
$ |
(183 |
) |
|
$ |
183 |
|
|
$ |
8 |
|
|
$ |
15 |
|
|
$ |
34 |
|
|
$ |
2 |
|
|
$ |
59 |
Diluted net (loss) income per ordinary share - Capri |
|
$ |
(1.21 |
) |
|
$ |
1.19 |
|
|
$ |
0.06 |
|
|
$ |
0.10 |
|
|
$ |
0.22 |
|
|
$ |
0.02 |
|
|
$ |
0.38 |
______________________ |
||
(1) |
Includes impairment charges of $94 million related to goodwill associated with the Jimmy Choo wholesale and licensing reporting units, $69 million related to the Jimmy Choo brand indefinite-lived intangible assets. These impairment charges were primarily related to higher discount rates in the current year driven by a change in market factors as well as a shift in expected revenue and earnings mix to the retail segment. This amount also includes $43 million primarily related to operating lease right-of-use assets and fixed assets of our retail store locations. |
|
(2) |
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 share and per share data) |
|||||||||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||||||||
|
|
Fiscal Year Ended March 27, 2021 |
|||||||||||||||||||||||||||||
|
|
As
|
|
Impairment
|
|
Restructuring
|
|
Charitable
|
|
COVID-19
|
ERP
|
|
Capri
|
|
As
|
||||||||||||||||
Gross profit |
|
$ |
2,597 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating expenses |
|
$ |
2,578 |
|
|
$ |
(316 |
) |
|
$ |
(32 |
) |
|
$ |
(20 |
) |
|
$ |
(32 |
) |
$ |
(2 |
) |
|
$ |
(4 |
) |
|
$ |
2,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total income from operations |
|
$ |
19 |
|
|
$ |
316 |
|
|
$ |
32 |
|
|
$ |
20 |
|
|
$ |
42 |
|
$ |
2 |
|
|
$ |
4 |
|
|
$ |
435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income before provision for income taxes |
|
$ |
3 |
|
|
$ |
316 |
|
|
$ |
32 |
|
|
$ |
20 |
|
|
$ |
42 |
|
$ |
2 |
|
|
$ |
4 |
|
|
$ |
419 |
|
Provision for income taxes |
|
$ |
66 |
|
|
$ |
51 |
|
|
$ |
4 |
|
|
$ |
5 |
|
|
$ |
4 |
|
$ |
(1 |
) |
|
$ |
1 |
|
|
$ |
130 |
|
Net (loss) income attributable to Capri |
|
$ |
(62 |
) |
|
$ |
265 |
|
|
$ |
28 |
|
|
$ |
15 |
|
|
$ |
38 |
|
$ |
3 |
|
|
$ |
3 |
|
|
$ |
290 |
|
Diluted net (loss) income per ordinary share - Capri |
|
$ |
(0.41 |
) |
|
$ |
1.74 |
|
|
$ |
0.18 |
|
|
$ |
0.10 |
|
|
$ |
0.25 |
|
$ |
0.02 |
|
|
$ |
0.02 |
|
|
$ |
1.90 |
|
______________________ |
||
(1) |
Includes impairment charges of $153 million primarily related to operating lease right-of-use assets and fixed assets of our retail store locations. This amount also includes $94 million related to goodwill associated with the Jimmy Choo wholesale and licensing reporting units and $69 million related to the Jimmy Choo brand indefinite-lived intangible assets. The Jimmy Choo impairment charges were primarily related to higher discount rates in the current year driven by a change in market factors as well as a shift in expected revenue and earnings mix to the retail segment. |
|
(2) |
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. |
|
Достигла самых высоких показателей выручки, Валовой прибыли и прибыли на акцию за всю историю Компании
Утверждена Новая Программа Обратного Выкупа Акций На Сумму 1 Миллиард Долларов
http://www.capriholdings.com/4Q22Presentation
ЛОНДОН -- (BUSINESS WIRE)--Capri Holdings Limited (NYSE:CPRI), глобальная группа производителей предметов роскоши, сегодня объявила о своих финансовых результатах за четвертый квартал и весь 2022 финансовый год, закончившийся 2 апреля 2022 года.
Основные моменты Четвертого квартала 2022 финансового года
Джон Д. Идол, председатель правления и главный исполнительный директор Компании, сказал: "Оглядываясь назад на 2022 финансовый год, я горжусь прогрессом, которого мы добились во всех наших роскошных домах. Результаты по выручке и прибыли значительно превзошли наши первоначальные ожидания. Capri Holdings достигла самых высоких показателей выручки, валовой прибыли и прибыли на акцию за всю историю компании. Кроме того, мы сгенерировали значительный свободный денежный поток и вернули акционерам 650 миллионов долларов в 2022 финансовом году. Наша способность добиваться рекордных результатов, справляясь с вызовами беспрецедентной глобальной пандемии, является свидетельством силы наших брендов и успеха наших стратегических инициатив по росту. Самое главное, что мы не смогли бы достичь этих результатов, если бы не упорный труд, самоотверженность и стойкость наших команд по всему миру".
Г-н Идол продолжил: "Заглядывая в будущее, в 2023 финансовом году мы ожидаем достижения еще одного года рекордной выручки и прибыли на акцию. В долгосрочной перспективе мы уверены в нашей способности возобновить двузначный рост выручки по мере того, как мы преодолеваем влияние текущих макроэкономических факторов. Мощь Versace, Jimmy Choo и Michael Kors, а также доказанная устойчивость рынка предметов роскоши укрепляют наш оптимизм в отношении будущего и нашей способности со временем достичь выручки в размере 7 миллиардов долларов и операционной прибыли в размере 20%".
Результаты четвертого квартала 2022 финансового года
Финансовые результаты и сверка не по ОПБУ
Результаты деятельности Компании представлены в настоящем пресс-релизе в соответствии с принципами бухгалтерского учета, общепринятыми в Соединенных Штатах (“ОПБУ США”), и на скорректированной основе, отличной от ОПБУ. Сверка финансовой информации по ОПБУ с финансовой информацией, не относящейся к ОПБУ, приведена в конце настоящего пресс-релиза. Из-за текущего и продолжающегося воздействия пандемии COVID-19 Компания не будет предоставлять сопоставимые результаты продаж в магазинах. Компания считает, что наиболее полным показателем эффективности в этой среде является общая выручка по сравнению с аналогичным периодом предыдущего года.
Обзор результатов Capri Holdings за Четвертый квартал 2022 финансового года
Компания отметила, что в 2022 финансовом году было 53 недели по сравнению с 52 неделями в 2021 финансовом году. В результате результаты Компании за четвертый квартал 2022 финансового года и финансовый год, закончившийся 2 апреля 2022 года, включают примерно 70 миллионов долларов продаж, связанных с 53-й неделей.
Результаты Versace за четвертый квартал 2022 финансового года
Результаты Джимми Чу за Четвертый квартал 2022 финансового года
Результаты Майкла Корса за Четвертый квартал 2022 финансового года
Разрешение на выкуп акций
В течение четвертого квартала Компания выкупила около 5,1 млн обыкновенных акций на сумму около 300 млн долларов в рамках сделок на открытом рынке.
1 июня 2022 года Совет директоров Компании одобрил новую программу обратного выкупа обыкновенных акций на сумму до 1 миллиарда долларов, находящихся в обращении, что обеспечивает дополнительные возможности для возврата денежных средств акционерам в долгосрочной перспективе. Эта новая двухлетняя программа заменит существующую программу выкупа акций Компании на сумму 1 миллиард долларов, в рамках которой оставалось 500 миллионов долларов свободных средств.
Нижеследующие рекомендации даны на основе скорректированных данных, не относящихся к ОПБУ. Из-за продолжающегося динамичного характера пандемии COVID-19 финансовые результаты могут существенно отличаться от текущих прогнозов из-за ряда внешних событий, которые не отражены в наших рекомендациях, включая любые значительные дополнительные закрытия магазинов или новые правительственные ограничения, которые могут еще больше повлиять на трафик и тенденции продаж, а также любое увеличение сбои в цепочке поставок, которые могут еще больше увеличить задержки с запасами или увеличить транспортные расходы.
Прогноз на 2023 финансовый год
Для Capri Holdings Компания ожидает следующее:
От Versace Компания ожидает следующего:
От Джимми Чу Компания ожидает следующего:
Для Michael Kors Компания ожидает следующего:
Прогноз на первый квартал 2023 финансового года
Для Capri Holdings Компания ожидает следующее:
От Versace Компания ожидает следующего:
От Джимми Чу Компания ожидает следующего:
Для Michael Kors Компания ожидает следующего:
Квартальный прогноз на 2023 Финансовый год
Для Capri Holdings Компания ожидает следующее:
|
First Quarter |
|
Second Quarter |
|
Third Quarter |
|
Fourth Quarter |
|
Revenue |
~$1.30B |
|
~$1.425B |
|
~$1.725B |
|
~$1.50B |
|
Adjusted Operating Margin |
~16.5% |
|
~17.0% |
|
~23.5% |
|
~14.5% |
|
Adjusted EPS |
~$1.35 |
|
~$1.60 |
|
~$2.55 |
|
~$1.35 |
Информация о конференц-звонке
Селекторное совещание для обсуждения результатов четвертого квартала и всего финансового года 2022 года запланировано на сегодня, 1 июня 2022 года, в 8:30 утра по восточному времени. Прямая трансляция телефонной конференции будет доступна на веб-сайте Компании, www.capriholdings.com . Кроме того, повтор будет доступен вскоре после завершения вызова и останется доступным до 8 июня 2022 года. Чтобы получить доступ к телефонному воспроизведению, слушатели должны набрать 1-844-512-2921 или 1-412-317-6671 для международных абонентов. Код доступа для воспроизведения - 13729782. Повтор веб-трансляции также будет доступен в течение двух часов после завершения звонка и будет оставаться на веб-сайте в течение 90 дней. Кроме того, на веб-сайте компании размещена презентация основных показателей прибыли за четвертый квартал 2022 финансового года.
Встреча с инвесторами
Компания проведет Встречу с инвесторами в среду, 20 июля 2022 года. Дополнительная информация о мероприятии будет включена в последующее объявление.
Использование финансовых показателей, не относящихся к ОПБУ
Постоянные валютные эффекты - это финансовые показатели, не относящиеся к GAAP, которые предоставляются в дополнение к нашим отчетным операционным результатам, чтобы облегчить сравнение наших операционных результатов и тенденций в нашем бизнесе, исключая влияние колебаний курсов иностранных валют. Поскольку мы являемся глобальной компанией, курсы обмена иностранных валют могут оказать существенное влияние на наши отчетные результаты. Мы рассчитываем показатели в постоянных валютах и связанные с ними последствия в иностранной валюте путем перевода отчетных сумм текущего года в сопоставимые суммы с использованием валютных курсов предыдущего года для каждой валюты. Все показатели эффективности в постоянных валютах, описанные ниже, следует рассматривать как дополнение, а не вместо наших показателей операционной эффективности, рассчитанных в соответствии с ОПБУ США. Кроме того, в этот отчет о доходах включены некоторые финансовые показатели, не относящиеся к GAAP, которые исключают определенные расходы, связанные с расходами, связанными с COVID-19, долгосрочным обесценением активов, затратами на внедрение ERP, затратами на трансформацию Capri, реструктуризацией и другими расходами, благотворительными пожертвованиями и войной в Украине. Компания использует финансовые показатели, не относящиеся к GAAP, среди прочего, для оценки своих операционных показателей и для того, чтобы представить, каким образом Компания ведет и рассматривает свой бизнес. Компания считает, что исключение этих статей помогает ее руководству и инвесторам сравнивать операционные показатели на основе текущей деятельности. Хотя Компания считает показатели, не относящиеся к ОПБУ, полезными дополнительными показателями при анализе своих результатов, они не предназначены для замены или замены каких-либо сумм, представленных в ее консолидированной финансовой отчетности, подготовленной в соответствии с ОПБУ США, и могут отличаться от показателей, не относящихся к ОПБУ, представленных другими компаниями..
О компании Capri Holdings Limited
Capri Holdings Limited - это глобальная группа модной роскоши, состоящая из культовых брендов, которые являются лидерами отрасли в области дизайна, стиля и мастерства. Ее бренды охватывают весь спектр модных категорий роскоши, включая женские и мужские аксессуары, обувь и готовую одежду, а также носимые технологии, часы, ювелирные изделия, очки и полную линейку парфюмерной продукции. Цель компании - продолжать расширять глобальный охват своих брендов, гарантируя при этом, что они сохранят свою независимость и эксклюзивную ДНК. Capri Holdings Limited публично котируется на Нью-Йоркской фондовой бирже под тикером CPRI.
Прогнозные заявления
Настоящий пресс-релиз содержит заявления, которые являются или могут считаться “прогнозными заявлениями”. Прогнозные заявления носят перспективный характер и основаны не на исторических фактах, а скорее на текущих ожиданиях и прогнозах руководства Capri Holdings Limited (“Компания”) относительно будущих событий и, следовательно, подвержены рискам и неопределенностям, которые могут привести к тому, что фактические результаты будут существенно отличаться от будущих результатов, выраженных или подразумевается в прогнозных заявлениях. Все заявления, кроме заявлений об исторических фактах, включенных в настоящий документ, могут быть прогнозными заявлениями. Без ограничений, любые заявления, которым предшествуют или за которыми следуют или которые включают слова “планирует”, “полагает”, “ожидает”, “намеревается”, “будет”, “должен”, “мог бы”, “хотел бы”, “может”, “ожидает”, “может” или аналогичные слова или фразы, являются прогнозными заявлениями. Эти прогнозные заявления не являются гарантией будущих финансовых результатов. Такие прогнозные заявления связаны с известными и неизвестными рисками и неопределенностями, которые могут существенно повлиять на ожидаемые результаты, и основаны на определенных ключевых допущениях, которые могут привести к тому, что фактические результаты будут существенно отличаться от прогнозируемых или подразумеваемых в любых прогнозных заявлениях. Данные риски, факторы неопределенности и иные факторы включают влияние COVID-19 пандемией, уровень денежных потоков и будущих доступность кредитных ресурсов, соблюдение ограничительных условий в рамках компании по кредитному договору, способность предприятия успешно интегрироваться и для достижения ожидаемых выгод любого приобретения и успешной реализации нашей стратегии роста; риск прерывания бизнеса компании; риски, связанные с работой на международных рынках и нашей глобальной логистической деятельности, в том числе сбои или задержки в производстве или поставки; риск возникновения угроз кибербезопасности и конфиденциальности данных нарушений требований безопасности; негативные последствия событий на рыночной цене обыкновенных акций, и его производственные результаты; значительных трансакционных издержек; неизвестно обязательств; риск возникновения судебных споров и/или регулятивных действий, связанных с предприятий; колебания спроса на продукцию предприятия; уровень задолженности (включая задолженность, возникшая в связи с приобретением); сроки и масштабы будущей операции по выкупу акций, которое может быть принято на открытом рынке или частных сделок, и с учетом конъюнктуры рынка, требований законодательства, ограничения на торговлю в рамках компании по инсайдерской торговле политике и других соответствующих факторов, которые и обратного выкупа акций может быть приостановлено или прекращено в любое время, уровень других инвестиционной деятельности и использовании денежных средств; изменения в потребительских движения и тенденции в розничной торговле; высокий потребительский уровень задолженности, спад производства и инфляционные процессы; потерю доли рынка и конкуренция в отрасли; колебания на рынках капитала; колебания процентных ставок и валютных курсов; возникновение непредвиденных эпидемий и пандемий, стихийных бедствий и катастроф; экстремальные погодные условия и стихийные бедствия, политическая или экономическая нестабильность в основные рынках; неблагоприятный исход судебных разбирательств; а также общие, локальные и глобальные экономические, политические, деловые и рыночные условия, в том числе военные действия и другие геополитические конфликты; а также те риски, изложенные в компании заявок по ценным бумагам и биржам США комиссия (“комиссия”), в том числе годовом отчете компании по форме 10-K за финансовый год, закончившийся 27 марта 2021 (дело № 001-35368). Любое прогнозное заявление в этом пресс-релизе относится только к дате, и Компания отказывается от каких-либо обязательств по обновлению или пересмотру любых прогнозных или других заявлений, содержащихся в настоящем документе, кроме как в соответствии с правовыми и нормативными обязательствами.
SCHEDULE 1 |
||||||||||||||||
Capri Holdings LIMITED AND SUBSIDIARIES |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(In millions, except share and per share data) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Fiscal Years Ended |
||||||||||||
|
|
April 2,
|
|
March 27,
|
|
April 2,
|
|
March 27,
|
||||||||
Total revenue |
|
$ |
1,492 |
|
|
$ |
1,197 |
|
|
$ |
5,654 |
|
|
$ |
4,060 |
|
Cost of goods sold |
|
|
536 |
|
|
|
460 |
|
|
|
1,910 |
|
|
|
1,463 |
|
Gross profit |
|
|
956 |
|
|
|
737 |
|
|
|
3,744 |
|
|
|
2,597 |
|
Total operating expenses |
|
|
837 |
|
|
|
876 |
|
|
|
2,841 |
|
|
|
2,578 |
|
Income (loss) from operations |
|
|
119 |
|
|
|
(139 |
) |
|
|
903 |
|
|
|
19 |
|
Other income, net |
|
|
— |
|
|
|
(3 |
) |
|
|
(2 |
) |
|
|
(7 |
) |
Interest (income) expense, net |
|
|
(7 |
) |
|
|
4 |
|
|
|
(18 |
) |
|
|
43 |
|
Foreign currency loss (gain) |
|
|
7 |
|
|
|
(4 |
) |
|
|
8 |
|
|
|
(20 |
) |
Income (loss) before provision for income taxes |
|
|
119 |
|
|
|
(136 |
) |
|
|
915 |
|
|
|
3 |
|
Provision for income taxes |
|
|
38 |
|
|
|
46 |
|
|
|
92 |
|
|
|
66 |
|
Net income (loss) |
|
|
81 |
|
|
|
(182 |
) |
|
|
823 |
|
|
|
(63 |
) |
Less: Net income (loss) attributable to noncontrolling interests |
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
(1 |
) |
Net income (loss) attributable to Capri |
|
$ |
81 |
|
|
$ |
(183 |
) |
|
$ |
822 |
|
|
$ |
(62 |
) |
Weighted average ordinary shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
146,239,474 |
|
|
|
151,104,434 |
|
|
|
149,724,675 |
|
|
|
150,453,568 |
|
Diluted |
|
|
148,757,360 |
|
|
|
151,104,434 |
|
|
|
152,497,907 |
|
|
|
150,453,568 |
|
Net income (loss) per ordinary share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.55 |
|
|
$ |
(1.21 |
) |
|
$ |
5.49 |
|
|
$ |
(0.41 |
) |
Diluted |
|
$ |
0.54 |
|
|
$ |
(1.21 |
) |
|
$ |
5.39 |
|
|
$ |
(0.41 |
) |
SCHEDULE 2 |
||||||||
Capri Holdings LIMITED AND SUBSIDIARIES |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(In millions, except share data) |
||||||||
(Unaudited) |
||||||||
|
|
April 2,
|
|
March 27,
|
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
169 |
|
|
$ |
232 |
|
Receivables, net |
|
|
434 |
|
|
|
373 |
|
Inventories, net |
|
|
1,096 |
|
|
|
736 |
|
Prepaid expenses and other current assets |
|
|
192 |
|
|
|
205 |
|
Total current assets |
|
|
1,891 |
|
|
|
1,546 |
|
Property and equipment, net |
|
|
476 |
|
|
|
485 |
|
Operating lease right-of-use assets |
|
|
1,358 |
|
|
|
1,504 |
|
Intangible assets, net |
|
|
1,847 |
|
|
|
1,992 |
|
Goodwill |
|
|
1,418 |
|
|
|
1,498 |
|
Deferred tax assets |
|
|
240 |
|
|
|
278 |
|
Other assets |
|
|
250 |
|
|
|
178 |
|
Total assets |
|
$ |
7,480 |
|
|
$ |
7,481 |
|
Liabilities and Shareholders’ Equity |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Accounts payable |
|
$ |
555 |
|
|
$ |
512 |
|
Accrued payroll and payroll related expenses |
|
|
165 |
|
|
|
116 |
|
Accrued income taxes |
|
|
52 |
|
|
|
126 |
|
Short-term operating lease liabilities |
|
|
414 |
|
|
|
447 |
|
Short-term debt |
|
|
29 |
|
|
|
123 |
|
Accrued expenses and other current liabilities |
|
|
351 |
|
|
|
297 |
|
Total current liabilities |
|
|
1,566 |
|
|
|
1,621 |
|
Long-term operating lease liabilities |
|
|
1,467 |
|
|
|
1,657 |
|
Deferred tax liabilities |
|
|
432 |
|
|
|
397 |
|
Long-term debt |
|
|
1,131 |
|
|
|
1,219 |
|
Other long-term liabilities |
|
|
326 |
|
|
|
430 |
|
Total liabilities |
|
|
4,922 |
|
|
|
5,324 |
|
Commitments and contingencies |
|
|
|
|
||||
Shareholders’ equity |
|
|
|
|
||||
Ordinary shares, no par value; 650,000,000 shares authorized; 221,967,599 shares issued and 142,806,269 outstanding at April 2, 2022; 219,222,937 shares issued and 151,280,011 outstanding at March 27, 2021 |
|
|
— |
|
|
|
— |
|
Treasury shares, at cost (79,161,330 shares at April 2, 2022 and 67,942,926 shares at March 27, 2021) |
|
|
(3,987 |
) |
|
|
(3,326 |
) |
Additional paid-in capital |
|
|
1,260 |
|
|
|
1,158 |
|
Accumulated other comprehensive income |
|
|
194 |
|
|
|
56 |
|
Retained earnings |
|
|
5,092 |
|
|
|
4,270 |
|
Total shareholders’ equity of Capri |
|
|
2,559 |
|
|
|
2,158 |
|
Noncontrolling interest |
|
|
(1 |
) |
|
|
(1 |
) |
Total shareholders’ equity |
|
|
2,558 |
|
|
|
2,157 |
|
Total liabilities and shareholders’ equity |
|
$ |
7,480 |
|
|
$ |
7,481 |
|
SCHEDULE 3 |
||||||||||||||||||
Capri Holdings LIMITED AND SUBSIDIARIES |
||||||||||||||||||
CONSOLIDATED SEGMENT DATA |
||||||||||||||||||
($ in millions) |
||||||||||||||||||
(Unaudited) |
||||||||||||||||||
|
|
Three Months Ended |
|
Fiscal Years Ended |
||||||||||||||
|
|
April 2,
|
|
March 27,
|
|
April 2,
|
|
March 27,
|
||||||||||
Revenue by Segment and Region: |
|
|
|
|
|
|
|
|
||||||||||
Versace |
|
The Americas |
|
$ |
125 |
|
|
$ |
69 |
|
|
$ |
408 |
|
|
$ |
201 |
|
|
|
EMEA |
|
|
121 |
|
|
|
93 |
|
|
|
425 |
|
|
|
276 |
|
|
|
Asia |
|
|
69 |
|
|
|
73 |
|
|
|
255 |
|
|
|
241 |
|
Versace Revenue |
|
|
315 |
|
|
|
235 |
|
|
|
1,088 |
|
|
|
718 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Jimmy Choo |
|
The Americas |
|
|
48 |
|
|
|
31 |
|
|
|
175 |
|
|
|
102 |
|
|
|
EMEA |
|
|
54 |
|
|
|
44 |
|
|
|
229 |
|
|
|
146 |
|
|
|
Asia |
|
|
54 |
|
|
|
49 |
|
|
|
209 |
|
|
|
170 |
|
Jimmy Choo Revenue |
|
|
156 |
|
|
|
124 |
|
|
|
613 |
|
|
|
418 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Michael Kors |
|
The Americas |
|
|
667 |
|
|
|
548 |
|
|
|
2,627 |
|
|
|
1,869 |
|
|
|
EMEA |
|
|
219 |
|
|
|
160 |
|
|
|
835 |
|
|
|
607 |
|
|
|
Asia |
|
|
135 |
|
|
|
130 |
|
|
|
491 |
|
|
|
448 |
|
Michael Kors Revenue |
|
|
1,021 |
|
|
|
838 |
|
|
|
3,953 |
|
|
|
2,924 |
|
||
|
|
|
|
|
|
|
|
|
||||||||||
Total Revenue |
|
$ |
1,492 |
|
|
$ |
1,197 |
|
|
$ |
5,654 |
|
|
$ |
4,060 |
|
||
|
|
|
|
|
|
|
|
|
||||||||||
Income (Loss) from Operations: |
|
|
|
|
|
|
|
|
||||||||||
Versace |
|
$ |
50 |
|
|
$ |
29 |
|
|
$ |
185 |
|
|
$ |
21 |
|
||
Jimmy Choo |
|
|
(15 |
) |
|
|
(18 |
) |
|
|
13 |
|
|
|
(55 |
) |
||
Michael Kors |
|
|
210 |
|
|
|
172 |
|
|
|
1,005 |
|
|
|
595 |
|
||
Total segment income from operations |
|
|
245 |
|
|
|
183 |
|
|
|
1,203 |
|
|
|
561 |
|
||
Less: Corporate expenses |
|
|
(67 |
) |
|
|
(62 |
) |
|
|
(190 |
) |
|
|
(152 |
) |
||
Restructuring and other charges |
|
|
(17 |
) |
|
|
(14 |
) |
|
|
(42 |
) |
|
|
(32 |
) |
||
Impairment of long-lived assets |
|
|
(40 |
) |
|
|
(206 |
) |
|
|
(73 |
) |
|
|
(316 |
) |
||
Impact of war in Ukraine |
|
|
(9 |
) |
|
|
— |
|
|
|
(9 |
) |
|
|
— |
|
||
COVID-19 related charges |
|
7 |
|
|
|
(40 |
) |
|
|
14 |
|
|
|
(42 |
) |
|||
Total Income (Loss) from Operations |
|
$ |
119 |
|
|
$ |
(139 |
) |
|
$ |
903 |
|
|
$ |
19 |
|
||
|
|
|
|
|
|
|
|
|
||||||||||
Operating Margin: |
|
|
|
|
|
|
|
|
||||||||||
Versace |
|
|
15.9 |
% |
|
|
12.3 |
% |
|
|
17.0 |
% |
|
|
2.9 |
% |
||
Jimmy Choo |
|
|
(9.6 |
)% |
|
|
(14.5 |
)% |
|
|
2.1 |
% |
|
|
(13.2 |
)% |
||
Michael Kors |
|
|
20.6 |
% |
|
|
20.5 |
% |
|
|
25.4 |
% |
|
|
20.3 |
% |
||
Capri Operating Margin |
|
|
8.0 |
% |
|
|
(11.6 |
)% |
|
|
16.0 |
% |
|
|
0.5 |
% |
||
SCHEDULE 4 |
||||
Capri Holdings LIMITED AND SUBSIDIARIES |
||||
SUPPLEMENTAL RETAIL STORE INFORMATION |
||||
(Unaudited) |
||||
|
As of |
|||
Retail Store Information: |
April 2, 2022 |
March 27, 2021 |
||
Versace |
209 |
210 |
||
Jimmy Choo |
237 |
227 |
||
Michael Kors |
825 |
820 |
||
Total number of retail stores |
1,271 |
1,257 |
||
SCHEDULE 5 |
||||||||||||
Capri Holdings LIMITED AND SUBSIDIARIES |
||||||||||||
CONSTANT CURRENCY DATA |
||||||||||||
(In millions) |
||||||||||||
(Unaudited) |
||||||||||||
|
|
Three Months Ended |
|
% Change |
||||||||
|
|
April 2,
|
|
March 27,
|
|
As
|
|
Constant
|
||||
Total revenue: |
|
|
|
|
|
|
|
|
||||
Versace |
|
$ |
315 |
|
|
235 |
|
34.0 |
% |
|
44.3 |
% |
Jimmy Choo |
|
|
156 |
|
|
124 |
|
25.8 |
% |
|
29.1 |
% |
Michael Kors |
|
|
1,021 |
|
|
838 |
|
21.8 |
% |
|
23.8 |
% |
Total revenue |
|
$ |
1,492 |
|
$ |
1,197 |
|
24.6 |
% |
|
28.4 |
% |
|
|
Fiscal Years Ended |
|
% Change |
||||||||
|
|
April 2,
|
|
March 27,
|
|
As
|
|
Constant
|
||||
Total revenue: |
|
|
|
|
|
|
|
|
||||
Versace |
|
$ |
1,088 |
|
$ |
718 |
|
51.5 |
% |
|
52.8 |
% |
Jimmy Choo |
|
|
613 |
|
|
418 |
|
46.7 |
% |
|
40.4 |
% |
Michael Kors |
|
|
3,953 |
|
|
2,924 |
|
35.2 |
% |
|
34.9 |
% |
Total revenue |
|
$ |
5,654 |
|
$ |
4,060 |
|
39.3 |
% |
|
38.6 |
% |
SCHEDULE 6 |
||||||||||||||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
||||||||||||||||||||||||||||||||||
(In millions, except share and per share data) |
||||||||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||||||||
|
|
Three Months Ended April 2, 2022 |
||||||||||||||||||||||||||||||||
|
|
As
|
|
Impairment
|
|
Restructuring
and Other
|
|
Charitable
|
|
COVID-19
|
|
ERP
|
|
Capri
|
|
War in
|
|
As
|
||||||||||||||||
Gross profit |
|
$ |
956 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(7 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2 |
|
|
$ |
951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating expenses |
|
$ |
837 |
|
$ |
(40 |
) |
|
$ |
(17 |
) |
|
$ |
(10 |
) |
|
$ |
— |
|
|
$ |
(8 |
) |
|
$ |
(16 |
) |
|
$ |
(7 |
) |
|
$ |
739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total income from operations |
|
$ |
119 |
|
$ |
40 |
|
|
$ |
17 |
|
|
$ |
10 |
|
|
$ |
(7 |
) |
|
$ |
8 |
|
|
$ |
16 |
|
|
$ |
9 |
|
|
$ |
212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income before provision for income taxes |
|
$ |
119 |
|
$ |
40 |
|
|
$ |
17 |
|
|
$ |
10 |
|
|
$ |
(7 |
) |
|
$ |
8 |
|
|
$ |
16 |
|
|
$ |
9 |
|
|
$ |
212 |
Provision for income taxes |
|
$ |
38 |
|
$ |
8 |
|
|
$ |
6 |
|
|
$ |
— |
|
|
$ |
6 |
|
|
$ |
2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
60 |
Net income attributable to Capri |
|
$ |
81 |
|
$ |
32 |
|
|
$ |
11 |
|
|
$ |
10 |
|
|
$ |
(13 |
) |
|
$ |
6 |
|
|
$ |
16 |
|
|
$ |
9 |
|
|
$ |
152 |
Diluted net income per ordinary share - Capri |
|
$ |
0.54 |
|
$ |
0.22 |
|
|
$ |
0.07 |
|
|
$ |
0.07 |
|
|
$ |
(0.09 |
) |
|
$ |
0.04 |
|
|
$ |
0.11 |
|
|
$ |
0.06 |
|
|
$ |
1.02 |
______________________ |
||
(1) |
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 acquisition of Gianni Versace S.r.l. |
|
SCHEDULE 7 |
||||||||||||||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
||||||||||||||||||||||||||||||||||
(In millions, except share and per share data) |
||||||||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||||||||
|
|
Fiscal Year Ended April 2, 2022 |
||||||||||||||||||||||||||||||||
|
|
As
|
|
Impairment
|
|
Restructuring
|
|
Charitable
|
|
COVID-19
|
|
ERP
|
|
Capri
|
|
War in
|
|
As
|
||||||||||||||||
Gross profit |
|
$ |
3,744 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(16 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2 |
|
|
$ |
3,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating expenses |
|
$ |
2,841 |
|
$ |
(73 |
) |
|
$ |
(42 |
) |
|
$ |
(10 |
) |
|
$ |
(2 |
) |
|
$ |
(19 |
) |
|
$ |
(31 |
) |
|
$ |
(7 |
) |
|
$ |
2,657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total income from operations |
|
$ |
903 |
|
$ |
73 |
|
|
$ |
42 |
|
|
$ |
10 |
|
|
$ |
(14 |
) |
|
$ |
19 |
|
|
$ |
31 |
|
|
$ |
9 |
|
|
$ |
1,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income before provision for income taxes |
|
$ |
915 |
|
$ |
73 |
|
|
$ |
42 |
|
|
$ |
10 |
|
|
$ |
(14 |
) |
|
$ |
19 |
|
|
$ |
31 |
|
|
$ |
9 |
|
|
$ |
1,085 |
Provision for income taxes |
|
$ |
92 |
|
$ |
16 |
|
|
$ |
8 |
|
|
$ |
— |
|
|
$ |
6 |
|
|
$ |
6 |
|
|
$ |
9 |
|
|
$ |
— |
|
|
$ |
137 |
Net income attributable to Capri |
|
$ |
822 |
|
$ |
57 |
|
|
$ |
34 |
|
|
$ |
10 |
|
|
$ |
(20 |
) |
|
$ |
13 |
|
|
$ |
22 |
|
|
$ |
9 |
|
|
$ |
947 |
Diluted net income per ordinary share - Capri |
|
$ |
5.39 |
|
$ |
0.37 |
|
|
$ |
0.22 |
|
|
$ |
0.07 |
|
|
$ |
(0.13 |
) |
|
$ |
0.09 |
|
|
$ |
0.14 |
|
|
$ |
0.06 |
|
|
$ |
6.21 |
______________________ |
||
(1) |
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 acquisition of Gianni Versace S.r.l. |
|
SCHEDULE 8 |
|||||||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
|||||||||||||||||||||||||||
(In millions, except share and per share data) |
|||||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||||
|
|
Three Months Ended March 27, 2021 |
|||||||||||||||||||||||||
|
|
As
|
|
Impairment
|
|
Restructuring
|
|
Charitable
|
|
COVID-19
|
|
Capri
|
|
As
|
|||||||||||||
Gross profit |
|
$ |
737 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
23 |
|
|
$ |
— |
|
|
$ |
760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating expenses |
|
$ |
876 |
|
|
$ |
(206 |
) |
|
$ |
(14 |
) |
|
$ |
(20 |
) |
|
$ |
(17 |
) |
|
$ |
(2 |
) |
|
$ |
617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total (loss) income from operations |
|
$ |
(139 |
) |
|
$ |
206 |
|
|
$ |
14 |
|
|
$ |
20 |
|
|
$ |
40 |
|
|
$ |
2 |
|
|
$ |
143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(Loss) income before provision for income taxes |
|
$ |
(136 |
) |
|
$ |
206 |
|
|
$ |
14 |
|
|
$ |
20 |
|
|
$ |
40 |
|
|
$ |
2 |
|
|
$ |
146 |
Provision for income taxes |
|
$ |
46 |
|
|
$ |
23 |
|
|
$ |
6 |
|
|
$ |
5 |
|
|
$ |
6 |
|
|
$ |
— |
|
|
$ |
86 |
Net (loss) income attributable to Capri |
|
$ |
(183 |
) |
|
$ |
183 |
|
|
$ |
8 |
|
|
$ |
15 |
|
|
$ |
34 |
|
|
$ |
2 |
|
|
$ |
59 |
Diluted net (loss) income per ordinary share - Capri |
|
$ |
(1.21 |
) |
|
$ |
1.19 |
|
|
$ |
0.06 |
|
|
$ |
0.10 |
|
|
$ |
0.22 |
|
|
$ |
0.02 |
|
|
$ |
0.38 |
______________________ |
||
(1) |
Includes impairment charges of $94 million related to goodwill associated with the Jimmy Choo wholesale and licensing reporting units, $69 million related to the Jimmy Choo brand indefinite-lived intangible assets. These impairment charges were primarily related to higher discount rates in the current year driven by a change in market factors as well as a shift in expected revenue and earnings mix to the retail segment. This amount also includes $43 million primarily related to operating lease right-of-use assets and fixed assets of our retail store locations. |
|
(2) |
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 share and per share data) |
|||||||||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||||||||
|
|
Fiscal Year Ended March 27, 2021 |
|||||||||||||||||||||||||||||
|
|
As
|
|
Impairment
|
|
Restructuring
|
|
Charitable
|
|
COVID-19
|
ERP
|
|
Capri
|
|
As
|
||||||||||||||||
Gross profit |
|
$ |
2,597 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating expenses |
|
$ |
2,578 |
|
|
$ |
(316 |
) |
|
$ |
(32 |
) |
|
$ |
(20 |
) |
|
$ |
(32 |
) |
$ |
(2 |
) |
|
$ |
(4 |
) |
|
$ |
2,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total income from operations |
|
$ |
19 |
|
|
$ |
316 |
|
|
$ |
32 |
|
|
$ |
20 |
|
|
$ |
42 |
|
$ |
2 |
|
|
$ |
4 |
|
|
$ |
435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income before provision for income taxes |
|
$ |
3 |
|
|
$ |
316 |
|
|
$ |
32 |
|
|
$ |
20 |
|
|
$ |
42 |
|
$ |
2 |
|
|
$ |
4 |
|
|
$ |
419 |
|
Provision for income taxes |
|
$ |
66 |
|
|
$ |
51 |
|
|
$ |
4 |
|
|
$ |
5 |
|
|
$ |
4 |
|
$ |
(1 |
) |
|
$ |
1 |
|
|
$ |
130 |
|
Net (loss) income attributable to Capri |
|
$ |
(62 |
) |
|
$ |
265 |
|
|
$ |
28 |
|
|
$ |
15 |
|
|
$ |
38 |
|
$ |
3 |
|
|
$ |
3 |
|
|
$ |
290 |
|
Diluted net (loss) income per ordinary share - Capri |
|
$ |
(0.41 |
) |
|
$ |
1.74 |
|
|
$ |
0.18 |
|
|
$ |
0.10 |
|
|
$ |
0.25 |
|
$ |
0.02 |
|
|
$ |
0.02 |
|
|
$ |
1.90 |
|
______________________ |
||
(1) |
Includes impairment charges of $153 million primarily related to operating lease right-of-use assets and fixed assets of our retail store locations. This amount also includes $94 million related to goodwill associated with the Jimmy Choo wholesale and licensing reporting units and $69 million related to the Jimmy Choo brand indefinite-lived intangible assets. The Jimmy Choo impairment charges were primarily related to higher discount rates in the current year driven by a change in market factors as well as a shift in expected revenue and earnings mix to the retail segment. |
|
(2) |
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. |
|
