Capri Holdings Ltd (NYSE:CPRI) Q2 2023 Earnings Conference Call November 9, 2022 8:30 AM ET

Company Participants

Tom Edwards - EVP, CFO & COO

Jennifer Davis - VP, IR

John Idol - Chairman & CEO

Conference Call Participants

Matthew Boss - JPMorgan Chase & Co.

Kimberly Greenberger - Morgan Stanley

Omar Saad - Evercore ISI

Daniel Stroller - BMO Capital Markets

Adrienne Yih - Barclays Bank

Oliver Chen - Cowen

Irwin Boruchow - Wells Fargo Securities

Brooke Roach - Goldman Sachs

Operator

Greetings, and welcome to the Capri Holdings Limited Second Quarter 2023 Earnings Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jennifer Davis, Vice President of Investor Relations. Please go ahead, Ma'am.

Jennifer Davis

Good morning, everyone, and thank you for joining us on Capri Holdings Limited Second Quarter Fiscal '23 Conference Call. With me this morning are Chairman and Chief Executive Officer, John Idol; and Chief Financial and Chief Operating Officer, Tom Edwards.

Before we begin, let me remind you that certain statements made on today's call may constitute forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ from those we expect. Those risks and uncertainties are described in today's press release and in the company's SEC filings, which are available on the company's website. Investors should not assume that the statements made during this call will remain operative at a later time, and the company undertakes no obligation to update any information discussed on the call.

Unless otherwise noted, all financial information on today's call will be presented on a non-GAAP basis. These non-GAAP measures exclude certain costs associated with COVID-19 related charges, ERP implementation costs, Capri transformation costs, impairment charges, restructuring and other charges. To view the corresponding GAAP measures and related reconciliation, please view the earnings release posted on our website earlier today at capriholdings.com.

Now I would like to turn the call over to Mr. John Idol, Chairman and Chief Executive Officer. John?

John Idol

Thank you, Jennifer, and good morning, everyone. We were pleased with our second quarter performance as Capri Holdings delivered strong revenue growth and record earnings per share. Results were driven by momentum across all 3 of our luxury houses, reflecting the continued execution of our strategic initiatives as well as the power of our brands.

While we remain confident in our long-term growth potential, we are now more cautious in our revenue outlook for the remainder of fiscal 2023 due to an increasingly uncertain macroeconomic environment, foreign currency headwinds and the ongoing impact of COVID-related restrictions in China. Accordingly, we will carefully manage our business by focusing on profitability and controlling expenses. Despite near-term headwinds, we will remain focused on executing the strategic initiatives that we presented at our recent Investor Day to drive sustainable future growth.