Capri Holdings Limited (CPRI)

Capri Holdings Shares Gain After Earnings Beat and Signs of Turnaround Progress (CPRI)May 27, 2026 8:00 AM
IH Market News Capri Holdings Limited (NYSE:CPRI) reported fourth-quarter results on Wednesday that came in ahead of analyst expectations, helping lift the company’s shares by 2.7% as investors responded positively to early signs that the luxury group’s turnaround strategy is gaining momentum. The fashion company posted adjusted earnings per share of $0.22 for the quarter, surpassing analyst forecasts of $0.11. Revenue totaled $796 million, slightly ahead of consensus expectations of $795.14 million, although still down 3.7% from $827 million recorded in the same quarter last year. On a constant-currency basis, the decline narrowed to 7%. Fourth-quarter performance was supported by a $40 million benefit linked to an estimated refund of tariffs previously paid under the International Emergency Economic Powers Act. The refund followed a February 2026 ruling by the U.S. Supreme Court declaring those tariffs unlawful. The benefit reduced the company’s cost of goods sold and helped increase gross margin to 64.8%, compared with 59.9% a year earlier. “We were encouraged by the progress we made executing against the strategic initiatives introduced last year to maximize the full potential of our two iconic fashion luxury houses, Michael Kors and Jimmy Choo,” said Chairman and CEO John D. Idol. “Early validation of our strategic initiatives and improving trends across both brands reinforce our confidence in their return to revenue and earnings growth.” For fiscal 2027, Capri issued guidance projecting adjusted earnings per share of approximately $2.15, above analyst consensus estimates of $1.87. The company also forecast annual revenue of around $3.525 billion, exceeding consensus expectations of $3.48 billion and implying low single-digit growth for the year. Within the group’s brand portfolio, Michael Kors generated quarterly revenue of $656 million, representing a 5.5% decline year-over-year. Meanwhile, Jimmy Choo posted revenue growth of 5.3%, reaching $140 million during the quarter. Capri also continued to strengthen its balance sheet and inventory position, reducing net inventory levels by 17% year-over-year to $581 million. The company generated $134 million in free cash flow during the full fiscal year. Looking ahead to the first quarter of fiscal 2027, Capri said it expects adjusted earnings per share of approximately $0.40 alongside revenue of around $750 million. Capri Holdings stock price Original: Capri Holdings Shares Gain After Earnings Beat and Signs of Turnaround Progress (CPRI)

Capri Holdings Limited Announces Fourth Quarter and Full Year Fiscal 2026 ResultsMay 27, 2026 6:45 AM
Business Wire The Company Returned to Profitability Strategic Initiatives Gaining Traction Fiscal Year 2027 Guidance of Low-Single-Digit Revenue and 40% Adjusted EPS Growth Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today announced its financial results for the fourth quarter and full year Fiscal 2026 ended March 28, 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260527231585/en/ Fourth Quarter Fiscal 2026 Highlights from Continuing Operations Revenue decreased 3.7% on a reported basis and 7.0% in constant currency Operating margin of (3.4)%; adjusted operating margin of (0.1)% Loss per share of $(0.01); adjusted earnings per share of $0.22 John D. Idol, the Company’s Chairman and Chief Executive Officer, said, "Looking at fiscal 2026 we were encouraged by the progress we made executing against the strategic initiatives introduced last year to maximize the full potential of our two iconic fashion luxury houses, Michael Kors and Jimmy Choo. Throughout the year, we took deliberate actions to strengthen product innovation, brand desirability and consumer engagement and we see clear evidence that these efforts are resonating with consumers. Early validation of our strategic initiatives and improving trends across both brands reinforce our confidence in their return to revenue and earnings growth." Mr. Idol continued, "A year ago, our priority was to stabilize the business and create a stronger foundation for growth. Today, we are building upon the improving trends resulting from the success of our strategic initiatives. In fiscal 2027 we expect to return to low single digit revenue growth and approximately 40% earnings per share growth. Longer term we expect to grow Michael Kors revenue to $4 billion and Jimmy Choo revenue to $800 million while significantly increasing profitability. With a strengthened foundation and clear strategic priorities, we are well positioned to accelerate growth, enhance profitability and deliver sustainable long-term value for our shareholders." Fourth Quarter Fiscal 2026 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. As previously disclosed, on April 10, 2025, the Company and Prada S.p.A. (“Prada”) entered into a Stock Purchase Agreement (the “Purchase Agreement”) whereby Prada agreed to acquire certain subsidiaries of the Company which operate the Company’s Versace business. As a result, the Company determined that the held for sale and discontinued operations criteria had been met and the Company classified the results of operations and cash flows of its Versace business as discontinued operations in its consolidated statements of operations and comprehensive income (loss) and consolidated statements of cash flows for all periods presented. The related assets and liabilities associated with the discontinued operations are classified as held for sale in the consolidated balance sheets as of March 29, 2025. On December 2, 2025, the Company completed the sale of its Versace business. Unless otherwise noted, the discussion below including analysis of financial condition and results of operations relates only to continuing operations. Following the U.S. Supreme Court's February 2026 decision which held that tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were unlawful, the Company is entitled to a refund of approximately $65 million in IEEPA tariffs previously paid to U.S. Customs and Border Protection. As of March 28, 2026, the Company intended to recover all the IEEPA Tariffs previously paid and has recorded an IEEPA Tariff refund receivable of $65 million. The Company has begun filing refund claims with CBP and expects to recover the full amount, though actual timing and amounts are subject to completion of CBP's refund process. The IEEPA Tariff refund receivable is included within prepaid expenses and other current assets on the consolidated balance sheets. Of this total amount, $40 million was recorded as a reduction to Fiscal 2026 cost of goods sold and $25 million was recorded as a reduction to inventory as of March 28, 2026. Overview of Capri Holdings Fourth Quarter Fiscal 2026 Results Total revenue of $796 million decreased 3.7% compared to last year. On a constant currency basis, total revenue decreased 7.0%. Gross profit was $516 million and gross margin was 64.8%, compared to $495 million and 59.9% in the prior year. Fourth quarter fiscal 2026 results included a $40 million reduction in cost of goods sold reflecting an estimated receivable for IEEPA tariff refunds paid throughout fiscal 2026 including amounts incurred in the fourth quarter. Loss from operations was $27 million and operating margin was (3.4)% compared to an operating loss of $57 million and operating margin of (6.9)% in the prior year. Adjusted loss from operations was $1 million and adjusted operating margin was (0.1)%, compared to adjusted operating loss of $15 million and adjusted operating margin of (1.8)% in the prior year. Net loss was immaterial, or $(0.01) per diluted share, compared to a net loss of $580 million, or $(4.90) per diluted share, in the prior year. Adjusted net income was $27 million, or $0.22 per diluted share, compared to adjusted net loss of $538 million, or $(4.55) per diluted share, in the prior year. Net inventory as of March 28, 2026 was $581 million, a 17% decrease compared to the prior year. Cash flow from operating activities for fiscal year 2026 was $197 million, while capital expenditures were $63 million, resulting in free cash flow of $134 million. Cash and cash equivalents totaled $135 million, and total borrowings outstanding were $357 million, resulting in net debt of $222 million as of March 28, 2026 versus $1.4 billion last year. Michael Kors Fourth Quarter Fiscal 2026 Results Michael Kors revenue of $656 million decreased 5.5% on a reported basis and 8.4% on a constant currency basis. Michael Kors gross profit was $424 million and gross margin was 64.6%, compared to $407 million and 58.6% in the prior year. Fourth quarter fiscal 2026 results included a $38 million reduction in cost of goods sold reflecting an estimated receivable for IEEPA tariff refunds paid throughout fiscal 2026 including amounts incurred in the fourth quarter. Michael Kors operating income was $57 million and operating margin was 8.7%, compared to $32 million and 4.6% in the prior year. Jimmy Choo Fourth Quarter Fiscal 2026 Results Jimmy Choo revenue of $140 million increased 5.3% on a reported basis and flat on a constant currency basis. Jimmy Choo gross profit was $92 million and gross margin was 65.7%, compared to $88 million and 66.2% in the prior year. Fourth quarter fiscal 2026 results included a $2 million reduction in cost of goods sold reflecting an estimated receivable for IEEPA tariff refunds paid throughout fiscal 2026 including amounts incurred in the fourth quarter. Jimmy Choo operating loss was $20 million and operating margin was (14.3)%, compared to an operating loss of $10 million and operating margin of (7.5)% in the prior year. Share Repurchase Authorization During the fourth quarter, the Company repurchased approximately 4.0 million ordinary shares for $79 million in open market transactions. As of March 28, 2026 the remaining availability under the Company's share repurchase program was $921 million. Outlook The following guidance is provided on an adjusted, non-GAAP basis. Guidance assumes an incremental 10% tariff rate on imports into the United Sates effective February 24, 2026. Financial results could differ materially from the current outlook due to a number of external events which are not reflected in our guidance, including changes in global macroeconomic conditions, incremental tariff rates in excess of our assumptions, greater than anticipated inflationary pressures or weakening consumer confidence, and further considerable fluctuations in foreign currency exchange rates. Fiscal Year 2027 Outlook For Capri Holdings, the Company expects the following: Total revenue of approximately $3.525 billion Operating income of approximately $190 million Net interest and other income of approximately $85 to $90 million An effective tax rate in the low-teens range Weighted average diluted shares outstanding of approximately 112 million Diluted earnings per share of approximately $2.15 Share repurchases of approximately $200 million Capital expenditures of approximately $125 million For Michael Kors, the Company expects the following: Total revenue of approximately $2.9 billion Operating margin in the low-double-digit range For Jimmy Choo, the Company expects the following: Total revenue of approximately $625 million Operating margin in the low-single-digit range First Quarter Fiscal 2027 Outlook For Capri Holdings, the Company expects the following: Total revenue of approximately $750 million Operating income of approximately $10 million Net interest and other income of approximately $20 million An effective tax rate of approximately negative 50% Weighted average diluted shares outstanding of approximately 116 million Diluted earnings per share of approximately $0.40 For Michael Kors, the Company expects the following: Total revenue of approximately $585 million Operating margin in the high-single-digit range For Jimmy Choo, the Company expects the following: Total revenue of approximately $165 million Operating margin in the low-single-digit range The Company is unable to provide a reconciliation of the non-GAAP financial outlook to the corresponding GAAP measures presented in this press release and on the Company’s conference call without unreasonable effort due to the challenge in quantifying various significant items, including, but not limited to, foreign currency fluctuations, taxes, increased tariffs, and any future restructuring and other charges and expenses. Conference Call Information A conference call to discuss fourth quarter and full year Fiscal 2026 results is scheduled for today, May 27, 2026 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 3, 2026. 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 13756114. A replay of the webcast will also be available within two hours of the conclusion of the call. Additionally, a fourth quarter fiscal 2026 earnings highlights presentation is posted on the company's website. 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. The Company believes presenting metrics on a constant currency basis will help investors to understand the effect of significant year-over-year foreign currency exchange rate fluctuations and provide a framework to assess how business is performing and expected to perform excluding these effects. 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 in this press release should be considered a supplement to and not in lieu of our operating performance measures calculated in accordance with U.S. GAAP. The Company also presents free cash flow, which is a non-GAAP measure and is calculated by taking net cash provided by operating activities less capital expenditures for the period. The Company believes that free cash flow is an important liquidity measure of cash that is available after giving effect to our capital and strategic plans, and that it is useful to investors because it measures the Company’s ability to generate cash. Additionally, this earnings release includes certain non-GAAP financial measures that exclude certain one-time, non-recurring costs associated with reserves related to a wholesale customer bankruptcy, restructuring activities, our store renovation plan, merger and divestiture transactions, impairment charges and Capri transformation initiatives. 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, which are not comparable from period to period, helps investors compare operating and financial performance in a manner consistent with management's evaluation of ongoing business performance. 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 is a global fashion luxury group consisting of iconic brands Michael Kors and Jimmy Choo. Our commitment to glamorous style and craftsmanship is at the heart of each of our luxury brands. We have built our reputation on designing exceptional, innovative products that cover the full spectrum of fashion luxury categories. Our strength lies in the unique DNA and heritage of each of our brands, the diversity and passion of our people and our dedication to the clients and communities we serve. 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 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. 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 but are not limited to, macroeconomic pressures and general uncertainty regarding the overall future economic environment, the imposition or threat of imposition of new or additional duties, tariffs or trade restrictions on the importation of our products; risks related to the recovery of estimated tariff refund receivables, including delays in government processing, administrative offsets, appeals of court orders directing refunds, or changes in law or policy affecting the refund process; changes in fashion, consumer traffic and retail trends; fluctuations in demand for our products; loss of market share and increased competition; risks associated with operating in international markets and global sourcing activities, including currency fluctuations, disruptions or delays in manufacturing or shipments; departure of key employees or failure to attract and retain highly qualified personnel; levels of cash flow and future availability of credit, Capri's ability to successfully execute its growth strategies or cost reduction measures; the risk of cybersecurity threats and privacy or data security breaches; reductions in our wholesale channel; high consumer debt levels, recession and inflationary pressures and general economic, political, business or market conditions; the impact of epidemics, pandemics, disasters or catastrophes; extreme weather conditions and natural disasters; acts of war and other geopolitical conflicts; risks related to the pending federal securities law class action; as well as the risk factors identified in the Company's Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. Please consult these documents for a more complete understanding of these risks and uncertainties. Any forward-looking statement in this press release speaks only as of the date made and Capri 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     March 28,
2026   March 29,
2025   March 28,
2026   March 29,
2025 Total revenue   $ 796     $ 827     $ 3,474     $ 3,621   Cost of goods sold     280       332       1,311       1,370   Gross profit     516       495       2,163       2,251   Total operating expenses     543       552       2,140       2,277   (Loss) income from continuing operations     (27 )     (57 )     23       (26 ) Other (income) expense, net     (4 )     8       (5 )     8   Interest income, net     (33 )     (15 )     (77 )     (37 ) Foreign currency (gain) loss     —       (3 )     (2 )     5   Income (loss) from continuing operations before income taxes     10       (47 )     107       (2 ) Provision for income taxes     9       532       27       524   Net income (loss) from continuing operations     1       (579 )     80       (526 ) Net (loss) income from discontinued operations, net of tax     (4 )     (65 )     58       (653 ) Net (loss) income     (3 )     (644 )     138       (1,179 ) Less: Net income attributable to noncontrolling interest from continuing operations     1       1       1       3   Net (loss) income attributable to Capri   $ (4 )   $ (645 )   $ 137     $ (1,182 )                   Weighted average ordinary shares outstanding:                 Basic     118,798,210       118,573,945       119,309,284       118,256,350   Diluted     118,798,210       118,573,945       119,848,361       118,256,350   Net (loss) income per ordinary share attributable to Capri:                 Basic from continuing operations   $ (0.01 )   $ (4.90 )   $ 0.65     $ (4.47 ) Basic from discontinued operations     (0.03 )     (0.54 )     0.49       (5.53 ) Basic per ordinary share   $ (0.04 )   $ (5.44 )   $ 1.14     $ (10.00 )                   Diluted from continuing operations   $ (0.01 )   $ (4.90 )   $ 0.65     $ (4.47 ) Diluted from discontinued operations     (0.03 )     (0.54 )     0.49       (5.53 ) Diluted per ordinary share   $ (0.04 )   $ (5.44 )   $ 1.14     $ (10.00 ) SCHEDULE 2 CAPRI HOLDINGS LIMITED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited)     March 28,
2026   March 29,
2025 Assets         Current assets         Cash and cash equivalents   $ 135     $ 107   Receivables, net     211       215   Inventories, net     581       701   Prepaid expenses and other current assets     226       156   Current assets held for sale     —       342   Total current assets     1,153       1,521   Property and equipment, net     371       393   Operating lease right-of-use assets     854       825   Intangible assets, net     562       582   Goodwill     202       199   Deferred tax assets     —       —   Other assets     92       99   Noncurrent assets held for sale     —       1,594   Total assets   $ 3,234     $ 5,213   Liabilities and Shareholders’ Equity         Current liabilities         Accounts payable   $ 311     $ 379   Accrued payroll and payroll related expenses     122       81   Accrued income taxes     23       66   Short-term operating lease liabilities     233       249   Short-term debt     14       24   Accrued expenses and other current liabilities     251       233   Current liabilities held for sale     —       304   Total current liabilities     954       1,336   Long-term operating lease liabilities     830       814   Deferred tax liabilities     88       233   Long-term debt     343       1,466   Other long-term liabilities     935       417   Noncurrent liabilities held for sale     —       575   Total liabilities     3,150       4,841   Commitments and contingencies         Shareholders’ equity         Ordinary shares, no par value; 650,000,000 shares authorized; 229,042,390 shares issued and 115,175,268 outstanding at March 28, 2026; 227,672,351 shares issued and 117,913,201 outstanding at March 29, 2025     —       —   Treasury shares, at cost (113,867,122 shares at March 28, 2026 and 109,759,150 shares at March 29, 2025)     (5,543 )     (5,462 ) Additional paid-in capital     1,512       1,476   Accumulated other comprehensive (loss) income     (323 )     57   Retained earnings     4,434       4,297   Total shareholders’ equity of Capri     80       368   Noncontrolling interest     4       4   Total shareholders’ equity     84       372   Total liabilities and shareholders’ equity   $ 3,234     $ 5,213   SCHEDULE 3 CAPRI HOLDINGS LIMITED AND SUBSIDIARIES CONSOLIDATED REVENUE DATA ($ in millions) (Unaudited)     Three Months Ended   Fiscal Years Ended     March 28,
2026   March 29,
2025   March 28,
2026   March 29,
2025 Revenue by Segment and Region:                                       Michael Kors   The Americas   $ 391   $ 455   $ 1,854   $ 2,051     EMEA     178     160     712     665     Asia     87     79     308     300 Michael Kors Revenue     656     694     2,874     3,016                       Jimmy Choo   The Americas     42     38     175     168     EMEA     68     63     291     287     Asia     30     32     134     150 Jimmy Choo Revenue     140     133     600     605                       Capri   The Americas     433     493     2,029     2,219     EMEA     246     223     1,003     952     Asia     117     111     442     450 Total Capri Revenue   $ 796   $ 827   $ 3,474   $ 3,621 SCHEDULE 4 CAPRI HOLDINGS LIMITED AND SUBSIDIARIES CONSOLIDATED SEGMENT DATA ($ in millions) (Unaudited)     Three Months Ended   Fiscal Years Ended     March 28,
2026   March 29,
2025   March 28,
2026   March 29,
2025 Total revenue:                 Michael Kors   $ 656     $ 694     $ 2,874     $ 3,016   Jimmy Choo     140       133       600       605   Total revenue $ 796     $ 827     $ 3,474     $ 3,621                     Gross profit:               Michael Kors   $ 424     $ 407     $ 1,754     $ 1,846   Jimmy Choo     92       88       409       405   Total gross profit $ 516     $ 495     $ 2,163     $ 2,251                     Selling, general and administrative expenses:               Michael Kors   $ 348     $ 355     $ 1,370     $ 1,426   Jimmy Choo     105       91       403       393   Corporate     40       27       191       179   Total selling, general and administrative expenses $ 493     $ 473     $ 1,964     $ 1,998                     Depreciation and amortization:               Michael Kors   $ 19     $ 20     $ 72     $ 79   Jimmy Choo     7       7       28       29   Corporate     5       6       21       24   Total depreciation and amortization $ 31     $ 33     $ 121     $ 132                     (Loss) income from continuing operations:                 Michael Kors   $ 57     $ 32     $ 312     $ 341   Jimmy Choo     (20 )     (10 )     (22 )     (17 )       37       22       290       324   Less: Corporate expenses     (45 )     (48 )     (212 )     (217 ) Restructuring and other (expense) income     —       (5 )     (15 )     (5 ) Impairment of assets     (19 )     (41 )     (40 )     (142 ) Tapestry related transaction income (costs)     —       15       —       14   Total (loss) income from continuing operations   $ (27 )   $ (57 )   $ 23     $ (26 )                   Operating margin:                 Michael Kors     8.7 %     4.6 %     10.9 %     11.3 % Jimmy Choo     (14.3 )%     (7.5 )%     (3.7 )%     (2.8 )% Capri     (3.4 )%     (6.9 )%     0.7 %     (0.7 )% SCHEDULE 5 CAPRI HOLDINGS LIMITED AND SUBSIDIARIES SUPPLEMENTAL RETAIL STORE INFORMATION (Unaudited)         As of Retail Store Information:   March 28,
2026   March 29,
2025 Michael Kors   673   711 Jimmy Choo   211   219 Total number of retail stores       884   930 SCHEDULE 6 CAPRI HOLDINGS LIMITED AND SUBSIDIARIES CONSTANT CURRENCY DATA ($ in millions) (Unaudited)     Three Months Ended   % Change     March 28,
2026   March 29,
2025   As Reported   Constant Currency Total revenue:                 Michael Kors   $ 656   $ 694   (5.5 )%   (8.4 )% Jimmy Choo     140     133   5.3 %   — % Total revenue   $ 796   $ 827   (3.7 )%   (7.0 )%     Fiscal Years Ended   % Change     March 28,
2026   March 29,
2025   As Reported   Constant Currency Total revenue:                 Michael Kors   $ 2,874   $ 3,016   (4.7 )%   (6.5 )% Jimmy Choo     600     605   (0.8 )%   (4.3 )% Total revenue   $ 3,474   $ 3,621   (4.1 )%   (6.2 )% SCHEDULE 7 RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except per share data) (Unaudited)     Three Months Ended   Fiscal Years Ended     March 28,
2026   March 29,
2025   March 28,
2026   March 29,
2025 (Loss) Income from continuing operations, as reported   $ (27 )   $ (57 )   $ 23     $ (26 ) Adjustments:                 Impairment charges     19       41       40       142   Store renovation plan (1)     4       —       13       —   Transaction related costs (income) (2)     4       (16 )     5       (15 ) Capri transformation (3)     3       12       11       44   Reserves (4)     (4 )     —       11       —   Restructuring and other expense (5)     —       5       15       5   Total adjustments     26       42       95       176   (Loss) Income from continuing operations, as adjusted   $ (1 )   $ (15 )   $ 118     $ 150   Operating margin, as reported     (3.4 )%     (6.9 )%     0.7 %     (0.7 )% Operating margin, as adjusted     (0.1 )%     (1.8 )%     3.4 %     4.1 %                   Net (loss) income attributable to Capri from continuing operations, as reported   $ —     $ (580 )   $ 79     $ (529 ) Adjustments to income from operations from above     26       42       95       176   Transaction related costs (6)     4       —       14       —   Tax effect of income from operations adjustments     (3 )     —       (7 )     (17 ) Net income (loss) attributable to Capri from continuing operations, as adjusted   $ 27     $ (538 )   $ 181     $ (370 )                   Weighted average basic ordinary shares outstanding     118,798,210       118,573,945       119,309,284       118,256,350   Weighted average diluted ordinary shares outstanding     119,486,741       118,573,945       119,848,361       118,256,350                     Diluted net (loss) income per ordinary share from continuing operations, as reported   $ (0.01 )   $ (4.90 )   $ 0.65     $ (4.47 ) Net income adjustments per ordinary share     0.23       0.35       0.85       1.34   Diluted net income (loss) per ordinary share from continuing operations, as adjusted   $ 0.22     $ (4.55 )   $ 1.50     $ (3.13 ) ______________________ (1) Primarily relates to fixed asset costs expensed as incurred associated with the Company's Store Renovation Plan for certain stores considered strategic investments and are not capitalizable. (2) Relates to transition services agreement costs incurred by the Company in connection with the sale of Versace during Fiscal 2026 and costs associated with the previously terminated merger agreement with Tapestry during Fiscal 2025. (3) The Capri transformation program represented a multi-year, multi-project initiative intended to improve the operating effectiveness and efficiency of our organization by creating best in class shared platforms across our brands and by expanding our digital capabilities. These initiatives covered multiple aspects of our operations including supply chain, marketing, omni-channel customer experience, e-commerce, data analytics and IT infrastructure. (4) Reserves related to a one-time, non-recurring charge, and subsequent recoveries, for accounts receivable deemed uncollectible due to the Chapter 11 bankruptcy filing of a wholesale customer during the period. (5) Relates to costs incurred in connection with the Company's Global Optimization Plan which primarily relate to severance, lease termination and store closure costs. (6) Primarily relates to the costs incurred in connection with the sale of Versace, partially offset by transition services agreement related income.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260527231585/en/ Investor Relations:
Jennifer Davis
+1 (201) 514-8234
Jennifer.Davis@CapriHoldings.com Media:
Press@CapriHoldings.com Original: Capri Holdings Limited Announces Fourth Quarter and Full Year Fiscal 2026 Results

Corey Moran Appointed Chief Marketing Officer of Michael KorsMarch 19, 2026 4:05 PM
Business Wire
Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today announced the appointment of Corey Moran as Chief Marketing Officer of Michael Kors, effective April 6, 2026.


In this role, Mr. Moran will oversee an integrated marketing organization encompassing brand communications, content creation and consumer data analytics. This new role will help the company increase revenues from customer acquisition efforts by aligning Michael Kors’ Jet Set lifestyle image and fashion product storytelling with its data analytics and consumer engagement strategies.


Mr. Moran joins Michael Kors from Google, where he served for almost ten years, most recently as Head of Industry for its Fashion and Luxury segments. Prior to Google, he spent nearly a decade at Coty holding senior marketing roles across a range of luxury and prestige fragrance brands, including Marc Jacobs, Calvin Klein, Chloé, Bottega Veneta, Miu Miu and Balenciaga. Earlier in his career, Mr. Moran held marketing positions at Unilever.


“Corey brings extensive knowledge of marketing and data analytics in the fashion, luxury and consumer space,” said John D. Idol, Chairman and CEO of Capri Holdings. “This new position reflects Michael Kors’ continued focus on strengthening its leadership team and advancing its marketing capabilities to support long term growth. As we continue to evolve our organization and become more consumer centric, Corey will support our focus on strengthening brand desirability and driving customer engagement on a global scale.”


“Michael Kors is an iconic global brand and I am honored to step into this role at such a pivotal moment,” said Corey Moran. “Bringing together brand storytelling, consumer engagement initiatives, and data creates an opportunity to build stronger connections with consumers while driving meaningful business results. I look forward to partnering with the team to unlock this next chapter of growth.”


About Capri Holdings Limited


Capri Holdings is a global fashion luxury group consisting of iconic brands Michael Kors and Jimmy Choo. Our commitment to glamorous style and craftsmanship is at the heart of each of our luxury brands. We have built our reputation on designing exceptional, innovative products that cover the full spectrum of fashion luxury categories. Our strength lies in the unique DNA and heritage of each of our brands, the diversity and passion of our people and our dedication to the clients and communities we serve. 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 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. 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. Please refer to the Company’s latest Annual Report on Form 10-K, quarterly reports on Form 10-Q and its other filings with the U.S. Securities and Exchange Commission. Please consult these documents for a more complete understanding of these risks and uncertainties for a complete list of risks and uncertainties. Any forward-looking statement in this press release speaks only as of the date made and Capri disclaims any obligation to update or revise any forward-looking or other statements contained herein other than in accordance with legal and regulatory obligations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260319686434/en/
Investor Relations:

Jennifer Davis

+1 (201) 514-8234

Jennifer.Davis@CapriHoldings.com
Media:

Press@CapriHoldings.com


Original: Corey Moran Appointed Chief Marketing Officer of Michael Kors

Tyler Reddien Appointed Chief Financial Officer and Chief Operating Officer of Capri HoldingsFebruary 24, 2026 4:05 PM
Business Wire
Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today announced the appointment of Tyler Reddien as Chief Financial Officer and Chief Operating Officer, effective March 30th. This appointment reflects Capri Holdings’ ongoing commitment to strengthening its leadership team, enhancing operational excellence, and positioning the company for future growth across its portfolio of luxury brands.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260224483605/en/
Mr. Reddien is a seasoned global finance and operations executive with extensive experience leading transformation, driving performance improvement, and strengthening finance and operations across complex multinational organizations. He brings a proven track record of guiding businesses through periods of change and transformation to drive efficiency and sustainable profitability.


Most recently, Mr. Reddien served as the Chief Financial Officer of The Body Shop. Previously, he held senior leadership positions at Natura &Co Holding, a global cosmetics and personal care company. In addition, Mr. Reddien held executive roles at Hertz, where he served as Senior Vice President and Chief Financial Officer for North America Rent-a-Car Operations. Earlier in his career, he spent more than a decade at United Airlines in financial planning, investor relations, strategic planning, and operations. Mr. Reddien holds a Bachelor of Science from Duke University and a Master of Business Administration from the University of Michigan.


“Tyler is an exceptional finance and operations leader whose strategic mindset and international experience make him ideally suited to help position Capri’s future growth and long-term value creation,” said John D. Idol, Chairman and Chief Executive Officer of Capri Holdings. “His proven ability to drive performance, enhance operational discipline and lead organizations through complex transformations will bring tremendous strength to our executive leadership team.”


Mr. Reddien shares, “Capri Holdings is a dynamic global business with iconic brands and significant opportunity ahead. I am honored to join Capri at such an important moment. I look forward to partnering with John, the leadership team, and our talented colleagues around the world to advance the Company’s strategic priorities, sharpen operational focus and position the company for sustainable, long-term success.”


About Capri Holdings Limited


Capri Holdings is a global fashion luxury group consisting of iconic brands Michael Kors and Jimmy Choo. Our commitment to glamorous style and craftsmanship is at the heart of each of our luxury brands. We have built our reputation on designing exceptional, innovative products that cover the full spectrum of fashion luxury categories. Our strength lies in the unique DNA and heritage of each of our brands, the diversity and passion of our people and our dedication to the clients and communities we serve. 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 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. 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. Please refer to the Company’s latest Annual Report on Form 10-K, quarterly reports on Form 10-Q and its other filings with the U.S. Securities and Exchange Commission. Please consult these documents for a more complete understanding of these risks and uncertainties for a complete list of risks and uncertainties. Any forward-looking statement in this press release speaks only as of the date made and Capri disclaims any obligation to update or revise any forward-looking or other statements contained herein other than in accordance with legal and regulatory obligations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260224483605/en/
Investor Relations:

Jennifer Davis

+1 (201) 514-8234

Jennifer.Davis@CapriHoldings.com


Media:

Press@CapriHoldings.com


Original: Tyler Reddien Appointed Chief Financial Officer and Chief Operating Officer of Capri Holdings

Capri Holdings jumps after Q3 results top forecastsFebruary 3, 2026 10:19 AM
IH Market News
Capri Holdings Limited (NYSE:CPRI) reported stronger-than-expected third-quarter results on Tuesday, with both revenue and earnings coming in ahead of market expectations despite continued pressure on overall sales.Shares in Capri Holdings Limited climbed about 5.5% following the release.For the third quarter ended December 27, 2025, the luxury group delivered adjusted earnings of $0.81 per share, beating the analyst consensus of $0.77. Revenue totaled $1.025 billion, above forecasts of $1.0 billion, although still down 4.0% year on year, or 5.9% on a constant-currency basis.Capri also reported a sharp improvement in its balance sheet, with net debt reduced to $80 million at the end of the quarter from $1.17 billion a year earlier, following the sale of the Versace brand.“We were pleased with our third quarter performance which exceeded our expectations,” said John D. Idol, Chairman and CEO. “Across both Michael Kors and Jimmy Choo we continue to advance our strategic initiatives to position our iconic brands for long-term success.”By brand, Michael Kors — the company’s largest label — saw revenue fall 5.6% to $858 million, while Jimmy Choo posted 5.0% growth, with revenue rising to $167 million. Gross margin declined to 60.8% from 63.1% a year earlier, mainly reflecting higher-than-expected tariffs.Looking ahead, Capri issued fiscal 2026 guidance calling for revenue of $3.45 billion to $3.475 billion, slightly below the consensus estimate of $3.53 billion. The company expects diluted earnings per share of roughly $1.30 to $1.40 for the full year.“The proceeds from the sale [of Versace] were used to significantly reduce our debt levels,” Idol added. “Looking ahead, we remain confident that these strategies will support a return to growth in fiscal 2027.”Capri Holdings stock price

Original: Capri Holdings jumps after Q3 results top forecasts

Capri Holdings Limited Announces Third Quarter Fiscal 2026 ResultsFebruary 3, 2026 6:45 AM
Business Wire
Revenue and Earnings Per Share Exceed Expectations


Reduced Net Debt to $80M at Quarter End


Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today announced its financial results for the third quarter of Fiscal 2026 ended December 27, 2025.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260203441722/en/
Third Quarter Fiscal 2026 Highlights from Continuing Operations



Revenue decreased 4.0% on a reported basis and 5.9% in constant currency



Operating margin was 4.5%; adjusted operating margin was 7.7%



Earnings per share were $0.47; adjusted earnings per share were $0.81



John D. Idol, the Company's Chairman and Chief Executive Officer, said, "We were pleased with our third quarter performance which exceeded our expectations. Across both Michael Kors and Jimmy Choo we continue to advance our strategic initiatives to position our iconic brands for long-term success. Looking ahead, we remain confident that these strategies will support a return to growth in fiscal 2027 as well as establish the groundwork for sustainable performance well into the future."


Mr. Idol continued, "Recently we completed the sale of Versace which was a thoughtful decision to strengthen our financial foundation, ensuring we have the flexibility to support Michael Kors and Jimmy Choo’s strategic initiatives and enhance long-term shareholder value. The proceeds from the sale were used to significantly reduce our debt levels and we ended the quarter with $80 million of net debt."


Third Quarter Fiscal 2026 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.


As previously disclosed, on April 10, 2025, the Company and Prada S.p.A. (“Prada”) entered into a Stock Purchase Agreement (the “Purchase Agreement”) whereby Prada agreed to acquire certain subsidiaries of the Company which operate the Company’s Versace business. As a result, the Company determined that the held for sale and discontinued operations criteria had been met and the Company classified the results of operations and cash flows of its Versace business as discontinued operations in its consolidated statements of operations and comprehensive income (loss) and consolidated statements of cash flows for all periods presented. The related assets and liabilities associated with the discontinued operations are classified as held for sale in the consolidated balance sheets as of March 29, 2025 and December 28, 2024. On December 2, 2025, the Company completed the sale of its Versace business. Unless otherwise noted, the discussion below including analysis of financial condition and results of operations relates only to continuing operations.


Overview of Capri Holdings Third Quarter Fiscal 2026 Results



Total revenue of $1.025 billion decreased 4.0% compared to last year. On a constant currency basis, total revenue decreased 5.9%.



Gross profit was $623 million and gross margin was 60.8%, compared to $674 million and 63.1% in the prior year. Underlying gross margins expanded 70 basis points, offset by higher than anticipated tariffs.



Income from operations was $46 million and operating margin was 4.5%, compared to income from operations of $26 million and operating margin of 2.4% in the prior year. Adjusted income from operations was $79 million and adjusted operating margin was 7.7%, compared to $97 million and 9.1% in the prior year.



Net income was $57 million, or $0.47 per diluted share, compared to net income of $6 million, or $0.05 per diluted share, in the prior year. Adjusted net income was $98 million, or $0.81 per diluted share, compared to $74 million, or $0.63 per diluted share, in the prior year.



Net inventory as of December 27, 2025 was $663 million, a 6.5% decrease compared to the prior year.



Cash flow provided by operating activities for the third quarter was $271 million, while capital expenditures were $19 million, resulting in free cash flow of $252 million.



Cash and cash equivalents totaled $154 million, and total borrowings outstanding were $234 million, resulting in net debt of $80 million as of December 27, 2025 versus $1.17 billion as of December 28, 2024.



Michael Kors Third Quarter Fiscal 2026 Results



Michael Kors revenue of $858 million decreased 5.6% on a reported basis and 7.3% on a constant currency basis.



Michael Kors gross profit was $512 million and gross margin was 59.7%, compared to $569 million and 62.6% in the prior year.



Michael Kors operating income was $119 million and operating margin was 13.9%, compared to $147 million and 16.2% in the prior year.



Jimmy Choo Third Quarter Fiscal 2026 Results



Jimmy Choo revenue of $167 million increased 5.0% on a reported basis and 1.9% on a constant currency basis.



Jimmy Choo gross profit was $111 million and gross margin was 66.5%, compared to $105 million and 66.0% in the prior year.



Jimmy Choo operating income was $3 million and operating margin was 1.8%, compared to an operating loss of $6 million and operating margin of (3.8)% in the prior year.



Outlook


The following guidance is provided on an adjusted, non-GAAP basis, and is based on continuing operations only. Financial results could differ materially from the current outlook due to a number of external events which are not reflected in our guidance, including changes in global macroeconomic conditions, incremental tariff rates in excess of our assumptions, greater than anticipated inflationary pressures or weakening consumer confidence, and further considerable fluctuations in foreign currency exchange rates.


Fiscal Year 2026 Outlook


For Capri Holdings, the Company expects the following:



Total revenue of approximately $3.45 to $3.475 billion



Operating income of approximately $100 million



Net interest income of approximately $85 to $90 million



Effective tax rate in the low- to mid-teens range



Weighted average diluted shares outstanding of approximately 120 million



Diluted earnings per share of approximately $1.30 to $1.40



Capital expenditures of approximately $100 million



For Michael Kors, the Company expects the following:



Total revenue of approximately $2.86 to $2.875 billion



Operating margin in the high-single-digit range



For Jimmy Choo, the Company expects the following:



Total revenue of approximately $590 to $600 million



Operating margin in the negative low-single-digit range



The Company is unable to provide a reconciliation of the non-GAAP financial outlook to the corresponding GAAP measures presented in this press release and on the Company’s conference call without unreasonable effort due to the challenge in quantifying various significant items, including, but not limited to, foreign currency fluctuations, taxes, increased tariffs, and any future restructuring and other charges and expenses.


Conference Call Information


A conference call to discuss third quarter Fiscal 2026 results is scheduled for today, February 3, 2026 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 10, 2026. 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 13755476. 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. The Company believes presenting metrics on a constant currency basis will help investors to understand the effect of significant year-over-year foreign currency exchange rate fluctuations and provide a framework to assess how business is performing and expected to perform excluding these effects. 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 in this press release should be considered a supplement to and not in lieu of our operating performance measures calculated in accordance with U.S. GAAP. The Company also presents free cash flow, which is a non-GAAP measure and is calculated by taking net cash provided by operating activities less capital expenditures for the period. The Company believes that free cash flow is an important liquidity measure of cash that is available after giving effect to our capital and strategic plans, and that it is useful to investors because it measures the Company's ability to generate cash. Additionally, this earnings release includes certain non-GAAP financial measures that exclude certain one-time, non-recurring costs associated with reserves related to a wholesale customer bankruptcy, restructuring activities, our store renovation plan, merger and divestiture transactions, impairment charges and Capri transformation initiatives. 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, which are not comparable from period to period, helps investors compare operating and financial performance in a manner consistent with management's evaluation of ongoing business performance. 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 is a global fashion luxury group consisting of iconic brands Michael Kors and Jimmy Choo. Our commitment to glamorous style and craftsmanship is at the heart of each of our luxury brands. We have built our reputation on designing exceptional, innovative products that cover the full spectrum of fashion luxury categories. Our strength lies in the unique DNA and heritage of each of our brands, the diversity and passion of our people and our dedication to the clients and communities we serve. 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 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. 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 but are not limited to, macroeconomic pressures and general uncertainty regarding the overall future economic environment, the imposition or threat of imposition of new or additional duties, tariffs or trade restrictions on the importation of our products; changes in fashion, consumer traffic and retail trends; fluctuations in demand for our products; loss of market share and increased competition; risks associated with operating in international markets and global sourcing activities, including currency fluctuations, disruptions or delays in manufacturing or shipments; departure of key employees or failure to attract and retain highly qualified personnel; levels of cash flow and future availability of credit, Capri's ability to successfully execute its growth strategies or cost reduction measures; the risk of cybersecurity threats and privacy or data security breaches; reductions in our wholesale channel; high consumer debt levels, recession and inflationary pressures and general economic, political, business or market conditions; the impact of epidemics, pandemics, disasters or catastrophes; extreme weather conditions and natural disasters; acts of war and other geopolitical conflicts; the risk of any litigation relating to the Company's previously proposed merger with Tapestry, Inc., the termination of the merger agreement and/or public disclosures related thereto; as well as the risk factors identified in the Company's Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. Please consult these documents for a more complete understanding of these risks and uncertainties. Any forward-looking statement in this press release speaks only as of the date made and Capri 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 27,

2025






 






December 28,

2024






 






December 27,

2025






 






December 28,

2024








Total revenue






 






$






1,025






 






 






$






1,068






 






 






$






2,678






 






 






$






2,794






 








Cost of goods sold






 






 






402






 






 






 






394






 






 






 






1,031






 






 






 






1,038






 








Gross profit






 






 






623






 






 






 






674






 






 






 






1,647






 






 






 






1,756






 








Total operating expenses






 






 






577






 






 






 






648






 






 






 






1,597






 






 






 






1,725






 








Income from continuing operations






 






 






46






 






 






 






26






 






 






 






50






 






 






 






31






 








Other income, net






 






 






—






 






 






 






—






 






 






 






(1






)






 






 






—






 








Interest income, net






 






 






(9






)






 






 






(8






)






 






 






(44






)






 






 






(22






)








Foreign currency loss (gain)






 






 






—






 






 






 






15






 






 






 






(2






)






 






 






8






 








Income from continuing operations before income taxes






 






 






55






 






 






 






19






 






 






 






97






 






 






 






45






 








(Benefit) provision for income taxes






 






 






(2






)






 






 






13






 






 






 






18






 






 






 






(8






)








Net income from continuing operations






 






 






57






 






 






 






6






 






 






 






79






 






 






 






53






 








Net income (loss) from discontinued operations, net of tax






 






 






59






 






 






 






(552






)






 






 






62






 






 






 






(588






)








Net income (loss)






 






 






116






 






 






 






(546






)






 






 






141






 






 






 






(535






)








Less: Net income attributable to noncontrolling interest from continuing operations






 






 






—






 






 






 






1






 






 






 






—






 






 






 






2






 








Net income (loss) attributable to Capri






 






$






116






 






 






$






(547






)






 






$






141






 






 






$






(537






)








 






 






 






 






 






 






 






 






 








Weighted average ordinary shares outstanding:






 






 






 






 






 






 






 






 








Basic






 






 






119,852,277






 






 






 






118,543,746






 






 






 






119,479,642






 






 






 






118,150,485






 








Diluted






 






 






120,600,670






 






 






 






118,600,375






 






 






 






119,968,901






 






 






 






118,544,856






 








Net income (loss) per ordinary share attributable to Capri:






 






 






 






 






 






 






 






 








Basic from continuing operations






 






$






0.47






 






 






$






0.05






 






 






$






0.66






 






 






$






0.44






 








Basic from discontinued operations






 






 






0.49






 






 






 






(4.66






)






 






 






0.52






 






 






 






(4.98






)








Basic per ordinary share






 






$






0.96






 






 






$






(4.61






)






 






$






1.18






 






 






$






(4.54






)








 






 






 






 






 






 






 






 






 








Diluted from continuing operations






 






$






0.47






 






 






$






0.05






 






 






$






0.66






 






 






$






0.44






 








Diluted from discontinued operations






 






 






0.49






 






 






 






(4.66






)






 






 






0.52






 






 






 






(4.98






)








Diluted per ordinary share






 






$






0.96






 






 






$






(4.61






)






 






$






1.18






 






 






$






(4.54






)









SCHEDULE 2








CAPRI HOLDINGS LIMITED AND SUBSIDIARIES








CONSOLIDATED BALANCE SHEETS








(In millions, except share data)








(Unaudited)













 



 






 






December 27,

2025






 






March 29,

2025






 






December 28,

2024








Assets






 






 






 






 






 






 








Current assets






 






 






 






 






 






 








Cash and cash equivalents






 






$






154






 






 






$






107






 






 






$






296






 








Receivables, net






 






 






184






 






 






 






215






 






 






 






185






 








Inventories, net






 






 






663






 






 






 






701






 






 






 






709






 








Prepaid expenses and other current assets






 






 






218






 






 






 






156






 






 






 






158






 








Current assets held for sale






 






 






—






 






 






 






342






 






 






 






387






 








Total current assets






 






 






1,219






 






 






 






1,521






 






 






 






1,735






 








Property and equipment, net






 






 






373






 






 






 






393






 






 






 






402






 








Operating lease right-of-use assets






 






 






868






 






 






 






825






 






 






 






893






 








Intangible assets, net






 






 






575






 






 






 






582






 






 






 






581






 








Goodwill






 






 






203






 






 






 






199






 






 






 






196






 








Deferred tax assets






 






 






1






 






 






 






—






 






 






 






243






 








Other assets






 






 






94






 






 






 






99






 






 






 






122






 








Noncurrent assets held for sale






 






 






—






 






 






 






1,594






 






 






 






1,733






 








Total assets






 






$






3,333






 






 






$






5,213






 






 






$






5,905






 








Liabilities and Shareholders’ Equity






 






 






 






 






 






 








Current liabilities






 






 






 






 






 






 








Accounts payable






 






$






346






 






 






$






379






 






 






$






432






 








Accrued payroll and payroll related expenses






 






 






98






 






 






 






81






 






 






 






81






 








Accrued income taxes






 






 






87






 






 






 






66






 






 






 






36






 








Short-term operating lease liabilities






 






 






244






 






 






 






249






 






 






 






257






 








Short-term debt






 






 






10






 






 






 






24






 






 






 






25






 








Accrued expenses and other current liabilities






 






 






286






 






 






 






233






 






 






 






293






 








Current liabilities held for sale






 






 






—






 






 






 






304






 






 






 






306






 








Total current liabilities






 






 






1,071






 






 






 






1,336






 






 






 






1,430






 








Long-term operating lease liabilities






 






 






833






 






 






 






814






 






 






 






841






 








Deferred tax liabilities






 






 






74






 






 






 






233






 






 






 






193






 








Long-term debt






 






 






224






 






 






 






1,466






 






 






 






1,445






 








Other long-term liabilities






 






 






1,023






 






 






 






417






 






 






 






329






 








Noncurrent liabilities held for sale






 






 






—






 






 






 






575






 






 






 






596






 








Total liabilities






 






 






3,225






 






 






 






4,841






 






 






 






4,834






 








Commitments and contingencies






 






 






 






 






 






 








Shareholders’ equity






 






 






 






 






 






 








Ordinary shares, no par value; 650,000,000 shares authorized; 229,020,596 shares issued and 119,148,040 outstanding at December 27, 2025; 227,672,351 shares issued and 117,913,201 outstanding at March 29, 2025; 227,667,624 shares issued and 117,908,474 outstanding at December 28, 2024






 






 






—






 






 






 






—






 






 






 






—






 








Treasury shares, at cost (109,872,556 shares at December 27, 2025, 109,759,150 shares at March 29, 2025 and 109,759,150 shares at December 28, 2024)






 






 






(5,464






)






 






 






(5,462






)






 






 






(5,462






)








Additional paid-in capital






 






 






1,506






 






 






 






1,476






 






 






 






1,466






 








Accumulated other comprehensive (loss) income






 






 






(375






)






 






 






57






 






 






 






122






 








Retained earnings






 






 






4,438






 






 






 






4,297






 






 






 






4,942






 








Total shareholders’ equity of Capri






 






 






105






 






 






 






368






 






 






 






1,068






 








Noncontrolling interest






 






 






3






 






 






 






4






 






 






 






3






 








Total shareholders’ equity






 






 






108






 






 






 






372






 






 






 






1,071






 








Total liabilities and shareholders’ equity






 






$






3,333






 






 






$






5,213






 






 






$






5,905






 









SCHEDULE 3








CAPRI HOLDINGS LIMITED AND SUBSIDIARIES








CONSOLIDATED REVENUE DATA








($ in millions)








(Unaudited)











 



 






 






Three Months Ended






 






Nine Months Ended








 






 






December 27,

2025






 






December 28,

2024






 






December 27,

2025






 






December 28,

2024








Revenue by Segment and Region:






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 








Michael Kors






 






The Americas






 






$






593






 






$






653






 






$






1,463






 






$






1,596








 






 






EMEA






 






 






190






 






 






180






 






 






534






 






 






505








 






 






Asia






 






 






75






 






 






76






 






 






221






 






 






221








Michael Kors Revenue






 






 






858






 






 






909






 






 






2,218






 






 






2,322








 






 






 






 






 






 






 






 






 






 






 








Jimmy Choo






 






The Americas






 






 






53






 






 






43






 






 






133






 






 






130








 






 






EMEA






 






 






78






 






 






76






 






 






223






 






 






224








 






 






Asia






 






 






36






 






 






40






 






 






104






 






 






118








Jimmy Choo Revenue






 






 






167






 






 






159






 






 






460






 






 






472








 






 






 






 






 






 






 






 






 








Capri






 






The Americas






 






 






646






 






 






696






 






 






1,596






 






 






1,726








 






 






EMEA






 






 






268






 






 






256






 






 






757






 






 






729








 






 






Asia






 






 






111






 






 






116






 






 






325






 






 






339








Total Capri Revenue






 






$






1,025






 






$






1,068






 






$






2,678






 






$






2,794









SCHEDULE 4








CAPRI HOLDINGS LIMITED AND SUBSIDIARIES








CONSOLIDATED SEGMENT DATA








($ in millions)








(Unaudited)











 



 






 






Three Months Ended






 






Nine Months Ended








 






 






December 27,

2025






 






December 28,

2024






 






December 27,

2025






 






December 28,

2024








Total revenue:






 






 






 






 






 






 






 






 








Michael Kors






 






$






858






 






 






$






909






 






 






$






2,218






 






 






$






2,322






 








Jimmy Choo






 






 






167






 






 






 






159






 






 






 






460






 






 






 






472






 








Total revenue






 






$






1,025






 






 






$






1,068






 






 






$






2,678






 






 






$






2,794






 








 






 






 






 






 






 






 






 






 








Gross profit:






 






 






 






 






 






 






 






 








Michael Kors






 






$






512






 






 






$






569






 






 






$






1,330






 






 






$






1,439






 








Jimmy Choo






 






 






111






 






 






 






105






 






 






 






317






 






 






 






317






 








Total gross profit






 






$






623






 






 






$






674






 






 






$






1,647






 






 






$






1,756






 








 






 






 






 






 






 






 






 






 








Selling, general and administrative expenses:






 






 






 






 






 






 






 






 








Michael Kors






 






$






376






 






 






$






403






 






 






$






1,022






 






 






$






1,071






 








Jimmy Choo






 






 






101






 






 






 






104






 






 






 






298






 






 






 






302






 








Corporate






 






 






58






 






 






 






30






 






 






 






151






 






 






 






152






 








Total selling, general and administrative expenses






$






535






 






 






$






537






 






 






$






1,471






 






 






$






1,525






 








 






 






 






 






 






 






 






 






 








Depreciation and amortization:






 






 






 






 






 






 






 






 








Michael Kors






 






$






17






 






 






$






19






 






 






$






53






 






 






$






59






 








Jimmy Choo






 






 






7






 






 






 






7






 






 






 






21






 






 






 






22






 








Corporate






 






 






6






 






 






 






6






 






 






 






16






 






 






 






18






 








Total depreciation and amortization






 






$






30






 






 






$






32






 






 






$






90






 






 






$






99






 








 






 






 






 






 






 






 






 






 








Income from continuing operations:






 






 






 






 






 






 






 






 








Michael Kors






 






$






119






 






 






$






147






 






 






$






255






 






 






$






309






 








Jimmy Choo






 






 






3






 






 






 






(6






)






 






 






(2






)






 






 






(7






)








 






 






 






122






 






 






 






141






 






 






 






253






 






 






 






302






 








Less: Corporate expenses






 






 






(64






)






 






 






(50






)






 






 






(167






)






 






 






(169






)








Impairment of assets






 






 






—






 






 






 






(81






)






 






 






(21






)






 






 






(101






)








Tapestry related transaction income (costs)






 






 






—






 






 






 






14






 






 






 






—






 






 






 






(1






)








Restructuring and other (expense) income






 






 






(12






)






 






 






2






 






 






 






(15






)






 






 






—






 








Total income from continuing operations






 






$






46






 






 






$






26






 






 






$






50






 






 






$






31






 








 






 






 






 






 






 






 






 






 








Operating margin:






 






 






 






 






 






 






 






 








Michael Kors






 






 






13.9






%






 






 






16.2






%






 






 






11.5






%






 






 






13.3






%








Jimmy Choo






 






 






1.8






%






 






 






(3.8






)%






 






 






(0.4






)%






 






 






(1.5






)%








Capri






 






 






4.5






%






 






 






2.4






%






 






 






1.9






%






 






 






1.1






%









SCHEDULE 5








CAPRI HOLDINGS LIMITED AND SUBSIDIARIES








SUPPLEMENTAL RETAIL STORE INFORMATION








(Unaudited)











 



 






 






 






 






As of








Retail Store Information:






 






December 27,

2025






 






December 28,

2024








Michael Kors






 






694






 






747








Jimmy Choo






 






214






 






224








Total number of retail stores






 






908






 






971









SCHEDULE 6








CAPRI HOLDINGS LIMITED AND SUBSIDIARIES








CONSTANT CURRENCY DATA








($ In millions)








(Unaudited)











 



 






 






Three Months Ended






 






% Change








 






 






December 27,

2025






 






December 28,

2024






 






As




Reported






 






Constant




Currency








Total revenue:






 






 






 






 






 






 






 






 








Michael Kors






 






$






858






 






$






909






 






(5.6






)%






 






(7.3






)%








Jimmy Choo






 






 






167






 






 






159






 






5.0






%






 






1.9






%








Total revenue






 






$






1,025






 






$






1,068






 






(4.0






)%






 






(5.9






)%









 






 






Nine Months Ended






 






% Change








 






 






December 27,

2025






 






December 28,

2024






 






As




Reported






 






Constant




Currency








Total revenue:






 






 






 






 






 






 






 






 








Michael Kors






 






$






2,218






 






$






2,322






 






(4.5






)%






 






(6.0






)%








Jimmy Choo






 






 






460






 






 






472






 






(2.5






)%






 






(5.5






)%








Total revenue






 






$






2,678






 






$






2,794






 






(4.2






)%






 






(5.9






)%









SCHEDULE 7








RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES








(In millions, except per share data)








(Unaudited)











 



 






 






Three Months Ended






 






Nine Months Ended








 






 






December 27,

2025






 






December 28,

2024






 






December 27,

2025






 






December 28,

2024








Income from continuing operations, as reported






 






$






46






 






 






$






26






 






 






$






50






 






 






$






31






 








Adjustments:






 






 






 






 






 






 






 






 








Reserves (1)






 






 






15






 






 






 






—






 






 






 






15






 






 






 






—






 








Restructuring and other expense (income) (2)






 






 






12






 






 






 






(2






)






 






 






15






 






 






 






—






 








Store renovation plan (3)






 






 






5






 






 






 






—






 






 






 






9






 






 






 






—






 








Transaction related costs (income) (4)






 






 






1






 






 






 






(14






)






 






 






1






 






 






 






1






 








Impairment charges






 






 






—






 






 






 






81






 






 






 






21






 






 






 






101






 








Capri transformation (5)






 






 






—






 






 






 






6






 






 






 






8






 






 






 






32






 








Total adjustments






 






 






33






 






 






 






71






 






 






 






69






 






 






 






134






 








Income from continuing operations, as adjusted






 






$






79






 






 






$






97






 






 






$






119






 






 






$






165






 








Operating margin, as reported






 






 






4.5






%






 






 






2.4






%






 






 






1.9






%






 






 






1.1






%








Operating margin, as adjusted






 






 






7.7






%






 






 






9.1






%






 






 






4.4






%






 






 






5.9






%








 






 






 






 






 






 






 






 






 








Net income attributable to Capri from continuing operations, as reported






 






$






57






 






 






$






5






 






 






$






79






 






 






$






51






 








Adjustments to income from operations from above






 






 






33






 






 






 






71






 






 






 






69






 






 






 






134






 








Transaction related costs (6)






 






 






10






 






 






 






—






 






 






 






10






 






 






 






—






 








Tax effect of income from operations adjustments






 






 






(2






)






 






 






(2






)






 






 






(4






)






 






 






(17






)








Net income attributable to Capri from continuing operations, as adjusted






 






$






98






 






 






$






74






 






 






$






154






 






 






$






168






 








 






 






 






 






 






 






 






 






 








Weighted average basic ordinary shares outstanding






 






 






119,852,277






 






 






 






118,543,746






 






 






 






119,479,642






 






 






 






118,150,485






 








Weighted average diluted ordinary shares outstanding






 






 






120,600,670






 






 






 






118,600,375






 






 






 






119,968,901






 






 






 






118,544,856






 








 






 






 






 






 






 






 






 






 








Diluted net income per ordinary share from continuing operations, as reported






 






$






0.47






 






 






$






0.05






 






 






$






0.66






 






 






$






0.44






 








Net income adjustments per ordinary share






 






 






0.34






 






 






 






0.58






 






 






 






0.62






 






 






 






0.99






 








Diluted net income per ordinary share from continuing operations, as adjusted






 






$






0.81






 






 






$






0.63






 






 






$






1.28






 






 






$






1.43









______________________



(1)






Reserves related to a one-time, non-recurring charge for accounts receivable deemed uncollectible due to the Chapter 11 bankruptcy filing of a wholesale customer during the period.








(2)






Relates to costs incurred in connection with the Company's Global Optimization Plan which primarily relate to severance, lease termination and store closure costs. The costs incurred during the third quarter represent a lease termination for the final store included within this program.








(3)






Primarily relates to fixed asset costs expensed as incurred associated with the Company's Store Renovation Plan for certain stores considered strategic investments and are not capitalizable.








(4)






Relates to transition services agreement costs incurred by the Company in connection with the sale of Versace during Fiscal 2026 and costs associated with the previously terminated merger agreement with Tapestry during Fiscal 2025.








(5)






The Capri transformation program represented a multi-year, multi-project initiative intended to improve the operating effectiveness and efficiency of our organization by creating best in class shared platforms across our brands and by expanding our digital capabilities. These initiatives covered multiple aspects of our operations including supply chain, marketing, omni-channel customer experience, e-commerce, data analytics and IT infrastructure.








(6)






Primarily relates to the costs incurred in connection with the sale of Versace within interest expense due to the extinguishment of debt, partially offset by transition services agreement related income.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260203441722/en/
Investor Relations:

Jennifer Davis

+1 (201) 514-8234

Jennifer.Davis@CapriHoldings.com


Media:

Press@CapriHoldings.com


Original: Capri Holdings Limited Announces Third Quarter Fiscal 2026 Results