Tuesday, September 26, 2023

Capri cuts its sales by 0.6% in 2022 and cuts its profit by 24.8%

Capri faltered in 2022. The American luxury fashion conglomerate has closed the year (ending April 1) with a 0.6% decrease in turnover and 24.8% decrease in 2021 turnover.

Specific, The US company kicks off 2022 with sales of $5,619 million5,654 million as compared to what the company recorded in 2021. The group’s results have been slightly above forecasts, reaching turnover of $5,560 million after downgrading its forecasts for the first nine months ended.

The company has informed about this This exercise has one week less than the previous oneBy 52, that’s a difference of $70 million. has been positioned to the advantage of the company $679 million, compared to the $903 million that the company received at the end of 2021.

by brands, the luxury fashion group has registered a More growth at Versace firm, consolidating it as the group’s biggest brand by turnover, In particular, the company has increased the turnover of the brand by 13.8% to $ 1,106 million. Jimmy Choo was the second fastest growing brand during this period up to $633 million,

Michael Kors, for its part, has been the one that has registered the lowest increase with an increase of 2%.But it has established itself as the second most important firm for the group with a turnover of $3,880 million.

The group continues to register most of its sales in its home market, the United States, where it records the highest turnover of all brands except the company Jimmy Choo, which has a greater presence in Europe, Africa and the Middle East, All brands have increased their business in Asia after the pandemic restrictions were lifted.

By 2023, Capri plans to grow its turnover in the single-digit range and reach a turnover of $5.7 billion, the same forecast this year, In the first quarter of the current year alone, the US group is expected to reach a turnover of $1,200 million.

Nation World News Desk
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