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LONDON--(BUSINESS WIRE)--Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today announced that John D. Idol, Chairman and Chief Executive Officer, and Tyler Reddien, Chief Financial and Chief Operating Officer, will be participating in a fireside chat at the Goldman Sachs Global Consumer and Retail Conference 2026, held at the Conrad New York Downtown in New York City, on Tuesday, September 15, 2026, at 10:00 AM Eastern Time.

The event will be webcast live on the Company's Investor Relations website, www.capriholdings.com. An archived replay will be available following the conclusion of the live event.

About Capri Holdings Limited

Capri Holdings is a global fashion luxury group consisting of iconic brands Michael Kors and Jimmy Choo. Our commitment to creativity, fashion, 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. Our designs inspire consumers to embrace the feeling of luxury in every moment. Capri Holdings Limited is publicly listed on the New York Stock Exchange under the ticker CPRI.

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Bank of America Corp DE trimmed its position in Capri Holdings Limited (NYSE:CPRI – Free Report) by 54.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 441,207 shares of the company’s stock after selling 526,957 shares during the period. Bank of America Corp DE owned 0.37% of Capri worth $7,774,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Empowered Funds LLC grew its position in Capri by 3.4% in the fourth quarter. Empowered Funds LLC now owns 16,580 shares of the company’s stock worth $405,000 after acquiring an additional 550 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in Capri by 1.3% in the fourth quarter. Los Angeles Capital Management LLC now owns 41,707 shares of the company’s stock valued at $1,018,000 after acquiring an additional 550 shares during the last quarter. Rockefeller Capital Management L.P. raised its position in Capri by 14.8% during the fourth quarter. Rockefeller Capital Management L.P. now owns 4,303 shares of the company’s stock valued at $105,000 after purchasing an additional 555 shares in the last quarter. Oregon Public Employees Retirement Fund raised its position in Capri by 2.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 24,444 shares of the company’s stock valued at $431,000 after purchasing an additional 600 shares in the last quarter. Finally, California State Teachers Retirement System lifted its stake in Capri by 0.7% during the second quarter. California State Teachers Retirement System now owns 108,789 shares of the company’s stock worth $1,926,000 after purchasing an additional 734 shares during the last quarter. 84.34% of the stock is currently owned by hedge funds and other institutional investors.

Capri Stock Down 2.9% Shares of Capri stock opened at $13.29 on Wednesday. Capri Holdings Limited has a twelve month low of $13.21 and a twelve month high of $28.26. The company has a quick ratio of 0.54, a current ratio of 1.19 and a debt-to-equity ratio of 2.27. The company’s 50 day moving average is $16.80 and its 200 day moving average is $18.34. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 10.22, a price-to-earnings-growth ratio of 0.29 and a beta of 1.41.

Capri (NYSE:CPRI – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.27. Capri had a net margin of 4.44% and a return on equity of 297.36%. The firm had revenue of $769.00 million for the quarter, compared to analysts’ expectations of $757.61 million. During the same quarter in the prior year, the business earned $0.50 EPS. The business’s quarterly revenue was down 3.5% on a year-over-year basis. Capri has set its Q2 2027 guidance at 0.200-0.200 EPS and its FY 2027 guidance at 2.150-2.150 EPS. Research analysts anticipate that Capri Holdings Limited will post 2.11 EPS for the current year. Insider Activity In other Capri news, Director Stephen F. Reitman sold 17,981 shares of Capri stock in a transaction on Monday, June 8th. The shares were sold at an average price of $19.42, for a total value of $349,191.02. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets A number of brokerages have recently issued reports on CPRI. Wells Fargo & Company reduced their price objective on Capri from $20.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 15th. Weiss Ratings upgraded shares of Capri from a “sell (e+)” rating to a “sell (d)” rating in a report on Thursday, May 28th. Bank of America lowered their price objective on shares of Capri from $23.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday, May 28th. JPMorgan Chase & Co. cut their target price on Capri from $29.00 to $22.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 4th. Finally, TD Cowen lowered Capri from a “buy” rating to a “hold” rating and dropped their price target for the stock from $20.00 to $17.00 in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $21.93.

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About Capri (Free Report)

Capri Holdings Limited (NYSE: CPRI) is a global luxury fashion company that designs, markets and distributes a range of premium lifestyle products. The company’s principal brands—Michael Kors, Versace and Jimmy Choo—offer handbags, ready-to-wear apparel, footwear, watches, jewelry, fragrance and other accessories. Capri Holdings combines in-house design talent with international sourcing, manufacturing and retail operations to deliver collections that reflect each brand’s distinct heritage and aesthetic vision.

Formed in 2018 through the rebranding of Michael Kors Holdings following the acquisition of Versace, Capri has since integrated Jimmy Choo into its portfolio.

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Key Takeaways Jimmy Choo revenues rose 10.5% as growth spanned regions, channels and categories.Marketing campaigns and events boosted engagement, VIC sales and the global consumer database.Accessories and casual footwear added growth avenues, while operating margin expanded 480 basis points. Jimmy Choo continues to gain momentum for Capri Holdings Limited (CPRI - Free Report) , with the luxury brand delivering strong performance in the first quarter of fiscal 2027. Revenues increased 10.5% year over year to $179 million. Constant-currency revenues increased 9.3%, reflecting solid underlying demand.

Growth was broad-based across regions, channels and categories. Americas revenues climbed 26.1% to $58 million from $46 million, while EMEA revenues increased 5.1% to $82 million from $78 million. Asia revenues rose 2.6% to $39 million from $38 million. Direct retail sales increased low double digits sequentially across all regions, while wholesale revenues grew low double digits. North American department stores posted double-digit point-of-sale growth.

Marketing initiatives are strengthening brand desirability and consumer engagement. The Natural Reflection campaign showcased new hero products, while regional ambassadors and influencers expanded Jimmy Choo’s global reach. A global influencer trip generated nearly 50 million impressions, while curated events for top clients drove a 40% increase in very important client ("VIC") sales. These efforts contributed to a 7% increase in the global consumer database.

Product innovation is providing additional growth avenues. Accessories sales increased double digits, led by the Bon Bon and Cinch franchises, while newer groups such as Bar and Curve broadened the brand’s reach. Footwear also performed well across dress and casual categories. Management views casual footwear as a long-term growth opportunity to increase purchase frequency among existing consumers and attract new customers.

Stronger sales are translating into improved profitability. Jimmy Choo’s operating income increased to $13 million from $4 million, while operating margin expanded 480 basis points to 7.3%, primarily due to expense leverage on higher revenues. Capri expects Jimmy Choo revenues of approximately $635 million and a low-single-digit operating margin in fiscal 2027. Longer term, management targets $800 million in revenues and operating margins in the low-double-digit range, underscoring its confidence in the brand’s growth potential.

CPRI’s Price Performance, Valuation & EstimatesShares of Capri Holdings have lost 26.1% in the past three months as compared with the industry’s 6.4% decline.

Image Source: Zacks Investment Research

From a valuation standpoint, CPRI trades at a forward price-to-earnings ratio of 5.98X, below the industry’s average of 13.20X. It has a Value Score of A.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Capri Holdings’ fiscal 2027 earnings implies year-over-year growth of 40.7%, whereas the same for fiscal 2028 indicates an uptick of 21%. Earnings estimates for fiscal 2027 and 2028 have been increased 5 cents and 6 cents, respectively, over the past 30 days.

Image Source: Zacks Investment Research

CPRI’s Zacks Rank & Key PicksCapri Holdings currently carries a Zacks Rank #3 (Hold).

FIGS, Inc. (FIGS - Free Report) is an apparel company focused on the healthcare industry. Its offerings include lab coats, jackets, footwear, bags, socks and other accessories used by healthcare professionals. The company carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for FIGS’ current financial-year earnings and sales implies growth of 89.5% and 18.2%, respectively, from the year-ago actuals. FIGS delivered a trailing four-quarter average earnings surprise of 201.8%.

Boot Barn Holdings, Inc. (BOOT - Free Report) is the largest lifestyle retailer in the United States, specializing in western and work-related footwear, apparel and accessories. The company also holds a Zacks Rank #2 at present.

The Zacks Consensus Estimate for Boot Barn’s current fiscal-year earnings and sales indicates growth of 22.6% and 15.7%, respectively, from the year-ago actuals. BOOT delivered a trailing four-quarter average earnings surprise of 11.4%.

Fossil Group, Inc. (FOSL - Free Report) is involved in designing, marketing and distributing consumer fashion accessories. It also carries a Zacks Rank #2.

The Zacks Consensus Estimate for Fossil Group’s current fiscal-year earnings implies growth of 96.7% from the year-ago actuals. FOSL delivered a trailing four-quarter average negative earnings surprise of 236.2%.

Key Takeaways Capri Holdings trades at 6.87X forward earnings, below its five-year median and sub-industry multiple.Capri Holdings cut fiscal 2027 revenue guidance to $3.4 billion as Michael Kors faces ongoing pressure.Jimmy Choo's growth and lower leverage strengthen the turnaround, but Michael Kors remains the key test.
Capri Holdings Limited (CPRI - Free Report) looks inexpensive after a steep share-price decline, but the discount reflects a turnaround that is still short of a sustained revenue recovery. The stock trades at 6.87X forward 12-month earnings, well below the Zacks sub-industry’s 13.48X multiple.

The operating picture is improving in important areas. Yet Michael Kors remains under pressure, fiscal 2027 revenue guidance was reduced and external risks could slow the recovery.

Image Source: Zacks Investment Research

Capri’s Valuation Makes the Bull Case Hard to IgnoreCPRI shares are down 36.2% year to date and 27% over the trailing 12 months. The current forward earnings multiple is also below the stock’s five-year median of 9.53X, giving value-focused investors a clear reason to keep Capri on the radar.

The first quarter of fiscal 2027 provided some support for that discount-closing case. Adjusted earnings rose 34% year over year to 67 cents per share, while gross margin expanded 200 basis points to 65%. Adjusted operating income increased 40% to $28 million even as revenues declined 3.5% to $769 million.

Balance-sheet risk has fallen sharply following the Versace sale. Capri ended the quarter with net debt of $224 million, down from about $1.5 billion a year earlier. Free cash flow was $48 million, and the company repurchased about $50 million of shares during the quarter.

Turnaround Progress is Real, but Michael Kors is the TestJimmy Choo is providing the clearest evidence of brand momentum. First-quarter revenues increased 10.5% to $179 million, while operating margin expanded 480 basis points to 7.3%. Michael Kors, however, still accounts for most of Capri’s business and posted a 7.1% revenue decline to $590 million.

Capri now expects fiscal 2027 revenues of about $3.4 billion, down from its prior $3.525 billion outlook. The revision reflects inventory delays at Michael Kors, softer EMEA demand and foreign currency headwinds. Management still expects earnings of about $2.15 per share, supported by lower operating expenses, but the reduced sales outlook leaves less room for execution missteps.

Tariff uncertainty, inflation, competitive pressure and weak consumer confidence remain additional risks. The turnaround depends on full-price selling, product innovation, marketing and store renovations translating into durable revenue stabilization without giving back recent margin gains.

Peers Show the Bar for Luxury ExecutionTapestry, Inc. (TPR - Free Report) offers a useful comparison because Coach and Kate Spade also compete for accessories and lifestyle spending. Tapestry reported fiscal 2026 revenues of $8.0 billion and a 23% adjusted operating margin, showing the available profitability when brand momentum and execution are stronger.

Ralph Lauren Corporation (RL - Free Report) also entered fiscal 2027 with healthier top-line momentum. Its first-quarter revenues increased 14% on a reported basis, and the company raised its full-year constant-currency revenue and adjusted operating-margin outlook.

Should Investors Buy CPRI Now?Capri’s valuation is difficult to dismiss, and its lower leverage, margin improvement and Jimmy Choo growth make the turnaround more credible. The central question is whether Michael Kors can return to growth quickly enough to validate the low earnings multiple.

CPRI currently carries a Zacks Rank #3 (Hold), alongside a Value Score of A, Growth Score of B, Momentum Score of D and VGM Score of A. The strong Value and VGM scores support the stock’s inexpensive profile, while the weak Momentum Score tempers the near-term setup. Because Style Scores are designed to complement the Zacks Rank, the combination favors patience while investors look for firmer evidence of sustained revenue recovery.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Capri Holdings cut fiscal 2027 revenue guidance to $3.4 billion despite stronger first-quarter profitability.Capri Holdings expects Michael Kors to return to growth in the second half as products and marketing improve.Jimmy Choo's 10.5% revenue growth and Capri's lower expenses provide support amid a weaker top line.
Capri Holdings Limited (CPRI - Free Report) lowered its fiscal 2027 revenue outlook even as first-quarter profitability improved, underscoring the uneven nature of its turnaround. The company now expects revenues of about $3.4 billion, down from its previous forecast of $3.525 billion.

Management is offsetting the weaker sales view with tighter expense control. Capri still expects fiscal 2027 earnings of about $2.15 per share, representing 40% growth from the prior year, while adjusted operating income is projected at roughly $170 million.

First-quarter fiscal 2027 results showed why profitability remains the brighter part of the story. Revenues fell 3.5% year over year to $769 million, but gross margin expanded 200 basis points to 65%. Adjusted operating income rose 40% to $28 million and adjusted earnings increased 34% to 67 cents per share.

Image Source: Zacks Investment Research

Capri’s revised outlook reflects pressure at Michael Kors, which generated $590 million in first-quarter revenues, down 7.1% year over year. For fiscal 2027, the company now expects Michael Kors revenues of about $2.765 billion. The reduction includes a $50 million hit from second-quarter inventory delays, $50 million from softer EMEA trends and $35 million from foreign currency headwinds.

Management expects the inventory issue to be temporary and is using more air freight to accelerate receipts. Michael Kors inventory was down about 25% year over year at quarter-end, partly because Capri intentionally reduced markdown merchandise. The company still expects Michael Kors revenues to return to growth in the second half as new products, increased marketing and store renovations gain traction.

Jimmy Choo provides a counterweight to the weakness at Michael Kors. First-quarter revenues increased 10.5% to $179 million, with growth across regions and channels. Operating margin improved 480 basis points to 7.3%, and Capri expects the brand to generate about $635 million in fiscal 2027 revenues and return to profitability.

Capri is also relying on cost discipline to protect earnings. The company reduced its fiscal 2027 operating expense outlook by $70 million to about $2 billion and expects gross margin of roughly 64%, compared with 62.3% last year. Lower promotions and better full-price sell-throughs helped first-quarter margins, though tariffs, inflation and weaker consumer confidence remain risks.

The competitive backdrop adds another layer to the execution challenge. Tapestry, Inc. (TPR - Free Report) , the parent of Coach and Kate Spade New York, has continued to emphasize brand building and international growth, making it a relevant benchmark for Capri’s efforts to improve product desirability and full-price demand. American Eagle Outfitters, Inc. (AEO - Free Report) offers a broader discretionary-apparel comparison, with its latest quarter showing higher revenues and a sharp improvement in gross margin as the company worked through prior inventory pressures.

Capri’s balance sheet is in a stronger position after the Versace sale. Net debt stood at $224 million at the end of the first quarter, down from about $1.5 billion a year earlier. The company generated $48 million in free cash flow and repurchased about $50 million of shares during the quarter, leaving $871 million under its authorization.

The bottom line is mixed. Capri is demonstrating better earnings quality through higher full-price selling, margin expansion and lower expenses, but the lowered sales forecast shows that the turnaround has not yet translated into a stable top line. Michael Kors remains the key swing factor because it represents most of the company’s revenue base.

CPRI currently carries a Zacks Rank #3 (Hold), along with a Value Score of A, Growth Score of B, Momentum Score of D and VGM Score of A. The favorable Value and VGM scores support the stock’s value profile, while the weaker Momentum Score points to a less favorable near-term trading setup. With a Zacks Rank #3, the current combination supports a measured stance as investors watch for firmer evidence of sustained revenue recovery.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Posted by Defense World Staff on Aug 7th, 2026

Capri Holdings Limited (NYSE:CPRI – Get Free Report)’s share price reached a new 52-week low during mid-day trading on Thursday after UBS Group lowered their price target on the stock from $20.00 to $17.00. UBS Group currently has a neutral rating on the stock. Capri traded as low as $15.17 and last traded at $15.24, with a volume of 2570389 shares. The stock had previously closed at $16.02.

Other analysts have also issued reports about the stock. Barclays reduced their price objective on shares of Capri from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday. JPMorgan Chase & Co. cut their target price on Capri from $29.00 to $22.00 and set an “overweight” rating on the stock in a research note on Tuesday. BTIG Research decreased their price target on Capri from $30.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday. TD Cowen lowered Capri from a “buy” rating to a “hold” rating and decreased their price target for the stock from $20.00 to $17.00 in a research note on Thursday. Finally, Bank of America dropped their price objective on Capri from $23.00 to $20.00 and set a “neutral” rating for the company in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Capri presently has a consensus rating of “Hold” and an average price target of $21.93.

Get Our Latest Stock Report on Capri

Insiders Place Their Bets In related news, Director Stephen F. Reitman sold 17,981 shares of Capri stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $19.42, for a total transaction of $349,191.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.60% of the stock is owned by insiders.

Capri News Summary Here are the key news stories impacting Capri this week:

Positive Sentiment: Capri reported fiscal first-quarter EPS of $0.67, well above the $0.40 consensus estimate, while revenue of $769 million also exceeded expectations of $756.25 million. Margin gains and growth at Jimmy Choo provided support. CPRI Q1 Earnings Beat Estimates on Margin Gains, Jimmy Choo Growth Positive Sentiment: BTIG retained a “buy” rating, although it lowered its Capri price target from $30 to $25, implying substantial potential upside from the current trading level. Benzinga analyst action Neutral Sentiment: Despite the quarterly beat, Capri’s revenue fell 3.5% year over year, highlighting the uneven recovery across its luxury brands. Capri Holdings earnings results Neutral Sentiment: JPMorgan issued a pessimistic forecast for CPRI, adding to investor caution around the company’s near-term outlook. JPMorgan forecast for Capri Negative Sentiment: Capri’s fiscal 2027 revenue outlook was reduced to approximately $3.4 billion from expectations of $3.5 billion. Second-quarter guidance was particularly weak, with EPS of $0.20 versus the $0.45 consensus and revenue of $780 million versus $857 million expected. Capri cuts annual revenue forecast on Michael Kors weakness Negative Sentiment: Management cited delayed inventory at Michael Kors and softer demand for handbags and accessories in certain markets. Because Michael Kors is Capri’s largest business, the weakness is weighing on sentiment despite Jimmy Choo’s growth. Capri falls after Michael Kors weakness Negative Sentiment: UBS, Goldman Sachs and Telsey Advisory Group each lowered their price targets to $17, $18 and $18, respectively, and adopted neutral or market-perform ratings. The revisions reinforce concerns that the earnings beat may not offset weaker near-term fundamentals. Analyst price-target changes Institutional Trading of Capri Several institutional investors and hedge funds have recently modified their holdings of the stock. Cooper Creek Partners Management LLC bought a new position in Capri in the first quarter worth approximately $23,784,000. M&T Bank Corp raised its position in Capri by 1,288.6% during the 4th quarter. M&T Bank Corp now owns 159,185 shares of the company’s stock valued at $3,884,000 after purchasing an additional 147,721 shares in the last quarter. Vanguard Group Inc. raised its position in Capri by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 11,701,832 shares of the company’s stock valued at $285,525,000 after purchasing an additional 121,209 shares in the last quarter. Fox Run Management L.L.C. lifted its holdings in shares of Capri by 567.1% in the 4th quarter. Fox Run Management L.L.C. now owns 81,089 shares of the company’s stock worth $1,979,000 after buying an additional 68,933 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Capri by 74.0% in the 4th quarter. BNP Paribas Financial Markets now owns 785,600 shares of the company’s stock worth $19,169,000 after buying an additional 334,107 shares during the period. Institutional investors own 84.34% of the company’s stock.

Capri Stock Down 6.3% The company has a current ratio of 1.19, a quick ratio of 0.60 and a debt-to-equity ratio of 2.27. The business has a 50-day moving average price of $18.07 and a 200-day moving average price of $19.15. The firm has a market cap of $1.72 billion, a P/E ratio of 11.54, a P/E/G ratio of 0.28 and a beta of 1.41.

Capri (NYSE:CPRI – Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.40 by $0.27. The firm had revenue of $769.00 million for the quarter, compared to analyst estimates of $757.61 million. Capri had a return on equity of 297.36% and a net margin of 4.44%.The business’s revenue for the quarter was down 3.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.50 earnings per share. Capri has set its Q2 2027 guidance at 0.200-0.200 EPS and its FY 2027 guidance at 2.150-2.150 EPS. On average, equities analysts forecast that Capri Holdings Limited will post 2.15 EPS for the current fiscal year.

Capri Company Profile (Get Free Report)

Capri Holdings Limited (NYSE: CPRI) is a global luxury fashion company that designs, markets and distributes a range of premium lifestyle products. The company’s principal brands—Michael Kors, Versace and Jimmy Choo—offer handbags, ready-to-wear apparel, footwear, watches, jewelry, fragrance and other accessories. Capri Holdings combines in-house design talent with international sourcing, manufacturing and retail operations to deliver collections that reflect each brand’s distinct heritage and aesthetic vision.

Formed in 2018 through the rebranding of Michael Kors Holdings following the acquisition of Versace, Capri has since integrated Jimmy Choo into its portfolio.

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Key Takeaways CPRI topped Q1 earnings and revenue estimates despite a 3.5% year-over-year sales decline.CPRI expanded gross margin through stronger full-price selling and lower tariff rates.CPRI lowered its fiscal 2027 revenue outlook on Michael Kors inventory delays and softer EMEA trends. Capri Holdings Limited (CPRI - Free Report) reported first-quarter fiscal 2027 results, with revenues declining but adjusted earnings increasing year over year. Both metrics surpassed the Zacks Consensus Estimate.

CPRI's Q1 Performance: Key InsightsThe company reported adjusted earnings of 67 cents per share for the first quarter, up 34% from 50 cents a year earlier. The reported figure exceeded the Zacks Consensus Estimate of 40 cents.

Revenues declined 3.5% year over year to $769 million from $797 million but topped the consensus estimate of $750 million. Better full-price selling and lower tariff rates helped lift gross margin, while Jimmy Choo delivered double-digit revenue growth during the quarter.

CPRI's Margin & Cost PerformanceGross profit edged down 0.4% year over year to $500 million from $502 million. Gross margin expanded 200 basis points to 65% from 63% in the prior-year period, supported by stronger full-price sell-throughs and lower tariff rates despite lower sales.

Selling, general and administrative expenses declined 0.9% year over year to $451 million from $455 million.

Adjusted operating income increased 40% year over year to $28 million from $20 million. Adjusted operating margin improved 110 basis points to 3.6% from 2.5% in the previous year period.

CPRI Sees Mixed Regional Revenue TrendsRevenues in the Americas fell 6.3% to $430 million from $459 million and exceeded the Zacks Consensus Estimate of $408 million. Revenues in EMEA slipped 1.8% to $224 million from $228 million and came in below the consensus estimate of $234 million, reflecting softer European trends, reduced tourist traffic and disruption related to the conflict in the Middle East.

Asia revenues increased 4.5% to $115 million from $110 million, ahead of the consensus estimate of $111 million. Management also noted positive full-price comparable sales for Michael Kors in China.

Capri Holdings' Michael Kors Sales DeclineMichael Kors revenues decreased 7.1% year over year to $590 million from $635 million but exceeded the Zacks Consensus Estimate of $585 million. Revenues in the Americas declined 9.9% to $372 million from $413 million, EMEA revenues fell 5.3% to $142 million from $150 million, while Asia revenues increased 5.6% to $76 million from $72 million.

Gross profit declined 2.8% year over year to $377 million from $388 million. Gross margin expanded 280 basis points to 63.9% from 61.1% in the previous year period, benefiting from higher full-price sell-throughs and lower tariff rates.

Operating income decreased 12.7% year over year to $55 million from $63 million, while operating margin narrowed 60 basis points to 9.3% from 9.9%, as expense deleverage associated with lower revenues more than offset the gross-margin improvement. Operating income remained above the Zacks Consensus Estimate of $51 million.

CPRI Benefits From Jimmy Choo MomentumJimmy Choo revenues increased 10.5% year over year to $179 million from $162 million, exceeding the Zacks Consensus Estimate of $166 million. Revenues in the Americas climbed 26.1% to $58 million from $46 million, EMEA revenues increased 5.1% to $82 million from $78 million, and Asia revenues rose 2.6% to $39 million from $38 million.

Gross profit increased 7.9% year over year to $123 million from $114 million, while gross margin declined 170 basis points to 68.7% from 70.4% due to channel mix.

Operating income rose to $13 million from $4 million a year ago, ahead of the Zacks Consensus Estimate of $4 million. Operating margin improved 480 basis points to 7.3% from 2.5%. Retail and wholesale revenues both increased at low-double-digit rates, supported by broad-based growth across regions and product categories.

Capri Holdings Reports Lower Debt and Inventory LevelsCapri ended the quarter with cash and cash equivalents of $114 million compared with $129 million a year earlier. Total borrowings stood at $338 million, with a net debt of $224 million.

Operating cash flow was $ 73 million for the first quarter, with free cash flow of $48 million. Capital expenditure was $ 25 million.

Inventory declined year over year to $624 million from $779 million. In the quarter, the company repurchased about 2.6 million shares for $50 million, leaving $871 million available under its authorization.

CPRI’s Future OutlookCapri Holdings lowered its fiscal 2027 revenue outlook, now expecting approximately $3.4 billion compared with its previous forecast of $3.525 billion. The revision reflects an estimated $50 million impact from inventory delays at Michael Kors, a $50 million hit from softer trends in the EMEA region related to the ongoing conflict in the Middle East and a $35 million foreign currency headwind. The company also reduced its operating income outlook to approximately $170 million from $190 million previously, while maintaining its earnings per share expectation of about $2.15 and an effective tax rate in the low-teens range. Net interest and other income guidance was raised to approximately $100 million from the earlier expectation of $85-$90 million.

At the brand level, Michael Kors' revenue outlook was lowered to approximately $2.765 billion from $2.9 billion, while Jimmy Choo's revenue forecast was increased to approximately $635 million from $625 million.

For the second quarter of fiscal 2027, Capri expects revenues of approximately $780 million. The outlook reflects inventory delays at Michael Kors, softer trends in EMEA, foreign currency headwinds and the timing shift of wholesale shipments that benefited the first quarter. The company expects operating income of about $10 million and earnings per share of approximately 20 cents.

Michael Kors is projected to generate roughly $645 million in revenues with a high-single-digit operating margin, while Jimmy Choo is expected to produce about $135 million in revenues with a negative mid-single-digit operating margin.

Shares of this Zacks Rank #3 (Hold) company have plunged 14.3% over the past three months against the industry’s growth of 7.9%.

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Capri Holdings Limited (CPRI) Q1 2027 Earnings Call August 5, 2026 8:30 AM EDT

Company Participants

Jennifer Davis - Vice President of Investor Relations
John Idol - Chairman & CEO
Tyler Reddien - Executive VP, CFO & COO

Conference Call Participants

Matthew Boss - JPMorgan Chase & Co, Research Division
Paul Lejuez - Citigroup Inc., Research Division
Simeon Siegel - Guggenheim Securities, LLC, Research Division
Rakesh Patel - Raymond James & Associates, Inc., Research Division
Brooke Roach - Goldman Sachs Group, Inc., Research Division
Oliver Chen - TD Cowen, Research Division
Adrienne Yih-Tennant - Barclays Bank PLC, Research Division

Presentation

Operator

Greetings. Welcome to the Capri Holdings Limited First Quarter Fiscal 2027 Financial Results Conference Call. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to Jennifer Davis, Vice President of Investor Relations. Thank you, Jennifer. You may begin.

Jennifer Davis
Vice President of Investor Relations

Good morning, everyone, and thank you for joining us on Capri Holdings Limited First Quarter Fiscal '27 Conference Call. With me this morning are John Idol, Capri's Chairman and Chief Executive Officer; and Tyler Reddien, Capri's Chief Financial and Chief Operating Officer.

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 today's 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 items

Capri Holdings ​cut its annual revenue forecast ‌on Wednesday, citing second-quarter inventory delays at its key Michael Kors brand and softer demand ​for its pricey handbags and ​accessories in some markets.

LONDON--(BUSINESS WIRE)--Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today announced its financial results for the first quarter of Fiscal 2027 ended June 27, 2026.

First Quarter Fiscal 2027 Highlights from Continuing Operations

Revenue decreased 3.5% on a reported basis and 4.1% in constant currency Operating margin was 2.2%; adjusted operating margin was 3.6% Earnings per share were $0.60; adjusted earnings per share were $0.67 John D. Idol, the Company's Chairman and Chief Executive Officer, said, "We are encouraged by our first quarter results, which exceeded our expectations and demonstrated the progress we are making to build a stronger and more profitable business. Our strategic initiatives across both Michael Kors and Jimmy Choo are driving deeper consumer engagement through enhanced brand storytelling and compelling product innovation."

Mr. Idol continued, "As we look at the balance of fiscal 2027 we expect Jimmy Choo to continue to grow and return to profitability. At Michael Kors certain headwinds including lower than anticipated inventory levels in the second quarter, softer trends in EMEA and updated foreign currency exchange rate assumptions are impacting our revenue outlook. As a result we now expect fiscal 2027 revenue of approximately $3.4 billion. Based on our revised revenue expectations we are taking actions to reduce operating expenses which are enabling us to maintain our fiscal 2027 earnings per share outlook of approximately $2.15, representing 40% growth over the prior year."

Mr. Idol concluded, "Looking beyond fiscal 2027 the opportunity for Michael Kors and Jimmy Choo remains significant. As our strategic initiatives continue to gain momentum, Capri Holdings is well positioned to drive sustainable growth, enhance profitability and create meaningful long-term value for our shareholders."

First Quarter Fiscal 2027 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 classified the results of operations and cash flows of its Versace business as discontinued operations in its consolidated financial statements for all periods presented. The related assets and liabilities associated with the discontinued operations were classified as held for sale in the consolidated balance sheets as of June 28, 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.

Overview of Capri Holdings First Quarter Fiscal 2027 Results

Total revenue of $769 million decreased 3.5% compared to last year. On a constant currency basis, total revenue decreased 4.1%. Gross profit was $500 million and gross margin was 65.0%, compared to $502 million and 63.0% in the prior year. The 200 basis point increase in gross margin was primarily driven by higher full-price sell-throughs and lower tariff rates relative to the first quarter of fiscal 2026. Income from operations was $17 million and operating margin was 2.2%, compared to income from operations of $16 million and operating margin of 2.0% in the prior year. Adjusted income from operations was $28 million and adjusted operating margin was 3.6%, compared to $20 million and 2.5% in the prior year. Net income was $69 million, or $0.60 per diluted share, compared to net income of $56 million, or $0.47 per diluted share, in the prior year. Adjusted net income was $76 million, or $0.67 per diluted share, compared to $60 million, or $0.50 per diluted share, in the prior year. Net inventory as of June 27, 2026 was $624 million, a 20% decrease compared to the prior year. Cash flow provided by operating activities for the first quarter was $73 million, while capital expenditures were $25 million, resulting in free cash flow of $48 million. Cash and cash equivalents totaled $114 million, and total borrowings outstanding were $338 million, resulting in net debt of $224 million as of June 27, 2026 versus $1.5 billion as of June 28, 2025. Michael Kors First Quarter Fiscal 2027 Results

Michael Kors revenue of $590 million decreased 7.1% compared to last year. On a constant currency basis, Michael Kors revenue declined 7.6%. Approximately $10 million of revenue was attributable to earlier than anticipated timing of wholesale shipments. Michael Kors gross profit was $377 million and gross margin was 63.9%, compared to $388 million and 61.1% in the prior year. The 280 basis point increase in gross margin was primarily driven by higher full-price sell-throughs and lower tariff rates relative to the first quarter of fiscal 2026. Michael Kors operating income was $55 million and operating margin was 9.3%, compared to $63 million and 9.9% in the prior year. The 60 basis point decline in operating margin was primarily due to expense deleverage on lower revenue. Jimmy Choo First Quarter Fiscal 2027 Results

Jimmy Choo revenue of $179 million increased 10.5% compared to last year. On a constant currency basis, Jimmy Choo revenue increased 9.3%. Jimmy Choo gross profit was $123 million and gross margin was 68.7%, compared to $114 million and 70.4% in the prior year. The 170 basis point decrease in gross margin was primarily driven by channel mix. Jimmy Choo operating income was $13 million and operating margin was 7.3%, compared to operating income of $4 million and operating margin of 2.5% in the prior year. The 480 basis point increase in operating margin was primarily due to expense leverage on higher revenue. Share Repurchase Program

During the fiscal first quarter, the Company spent $50 million to repurchase approximately 2.6 million ordinary shares in open market transactions at an average cost of approximately $19.31 per share. As of June 27, 2026 the remaining availability under the Company's share repurchase program was $871 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 States through July 24, 2026 and 10% to 12.5% thereafter. 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 now expects the following:

Total revenue of approximately $3.4 billion impacted by approximately $50 million from lower than anticipated second quarter revenue at Michael Kors due to inventory delays, $50 million from softer trends in EMEA due to the ongoing conflict in the Middle East and $35 million from foreign currency headwinds relative to our prior expectation. Operating income of approximately $170 million Net interest and other income of approximately $100 million Effective tax rate in the low-teens range Weighted average diluted shares outstanding of approximately 110 million Diluted earnings per share of approximately $2.15 For Michael Kors, the Company expects the following:

Total revenue of approximately $2.765 billion Operating margin in the low-double-digit range For Jimmy Choo, the Company expects the following:

Total revenue of approximately $635 million Operating margin in the low-single-digit range Second Quarter Fiscal 2027 Outlook

For Capri Holdings, the Company expects the following:

Total revenue of approximately $780 million impacted by approximately $50 million associated with inventory delays at Michael Kors, $15 million from softer than previously anticipated trends in EMEA, $10 million from foreign currency headwinds and $10 million related to the timing shift of wholesale shipments that benefited the first quarter. Operating income of approximately $10 million Net interest and other income of approximately $25 million Effective tax rate in the mid-30% range Weighted average diluted shares outstanding of approximately 112 million Diluted earnings per share of approximately $0.20 For Michael Kors, the Company expects the following:

Total revenue of approximately $645 million Operating margin in the high-single-digit range For Jimmy Choo, the Company expects the following:

Total revenue of approximately $135 million Operating margin in the negative mid-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 first quarter fiscal 2027 results is scheduled for today, August 5, 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 August 12, 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 13758328. 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 the 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 restructuring activities, our store renovation plan, merger and divestiture transactions 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 creativity, fashion, 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. Our designs inspire consumers to embrace the feeling of luxury in every moment. 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, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K 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

June 27,
2026

June 28,
2025

Total revenue

$

769

$

797

Cost of goods sold

269

295

Gross profit

500

502

Total operating expenses

483

486

Income from continuing operations

17

16

Other income, net

(3

)

(1

)

Interest income, net

(31

)

(18

)

Foreign currency gain

(1

)

(5

)

Income from continuing operations before income taxes

52

40

Benefit for income taxes

(18

)

(16

)

Net income from continuing operations

70

56

Net loss from discontinued operations, net of tax

—

(3

)

Net income

70

53

Less: Net income attributable to noncontrolling interest from continuing operations

1

—

Net income attributable to Capri

$

69

$

53

Weighted average ordinary shares outstanding:

Basic

115,424,288

118,799,819

Diluted

116,039,226

119,107,663

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

Basic from continuing operations

$

0.60

$

0.47

Basic from discontinued operations

—

(0.03

)

Basic per ordinary share

$

0.60

$

0.44

Diluted from continuing operations

$

0.60

$

0.47

Diluted from discontinued operations

—

(0.03

)

Diluted per ordinary share

$

0.60

$

0.44

  SCHEDULE 2

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions, except share data)

(Unaudited)

  June 27,
2026

March 28,
2026

June 28,
2025

Assets

Current assets

Cash and cash equivalents

$

114

$

135

$

129

Receivables, net

188

211

171

Inventories, net

624

581

779

Prepaid expenses and other current assets

217

226

176

Current assets held for sale

—

—

384

Total current assets

1,143

1,153

1,639

Property and equipment, net

359

371

400

Operating lease right-of-use assets

855

854

823

Intangible assets, net

554

562

595

Goodwill

201

202

204

Deferred tax assets

—

—

1

Other assets

98

92

100

Noncurrent assets held for sale

—

—

1,707

Total assets

$

3,210

$

3,234

$

5,469

Liabilities and Shareholders’ Equity

Current liabilities

Accounts payable

$

350

$

311

$

403

Accrued payroll and payroll related expenses

87

122

78

Accrued income taxes

32

23

52

Short-term operating lease liabilities

227

233

241

Short-term debt

14

14

21

Accrued expenses and other current liabilities

251

251

265

Current liabilities held for sale

—

—

339

Total current liabilities

961

954

1,399

Long-term operating lease liabilities

827

830

808

Deferred tax liabilities

68

88

75

Long-term debt

324

343

1,650

Other long-term liabilities

887

935

962

Noncurrent liabilities held for sale

—

—

588

Total liabilities

3,067

3,150

5,482

Commitments and contingencies

Shareholders’ equity

Ordinary shares, no par value; 650,000,000 shares authorized; 230,248,252 shares issued and 113,609,022 outstanding at June 27, 2026; 229,042,390 shares issued and 115,175,268 outstanding at March 28, 2026; 228,886,329 shares issued and 119,040,814 outstanding at June 28, 2025

—

—

—

Treasury shares, at cost (116,639,230 shares at June 27, 2026, 113,867,122 shares at March 28, 2026 and 109,845,515 shares at June 28, 2025)

(5,597

)

(5,543

)

(5,463

)

Additional paid-in capital

1,525

1,512

1,492

Accumulated other comprehensive loss

(293

)

(323

)

(396

)

Retained earnings

4,503

4,434

4,350

Total shareholders’ equity of Capri

138

80

(17

)

Noncontrolling interest

5

4

4

Total shareholders’ equity

143

84

(13

)

Total liabilities and shareholders’ equity

$

3,210

$

3,234

$

5,469

  SCHEDULE 3

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED REVENUE DATA

($ in millions)

(Unaudited)

  Three Months Ended

June 27,
2026

June 28,
2025

Revenue by Segment and Region:

Michael Kors

The Americas

$

372

$

413

EMEA

142

150

Asia

76

72

Michael Kors Revenue

590

635

Jimmy Choo

The Americas

58

46

EMEA

82

78

Asia

39

38

Jimmy Choo Revenue

179

162

Capri

The Americas

430

459

EMEA

224

228

Asia

115

110

Total Capri Revenue

$

769

$

797

  SCHEDULE 4

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED SEGMENT DATA

($ in millions)

(Unaudited)

  Three Months Ended

June 27,
2026

June 28,
2025

Total revenue:

Michael Kors

$

590

$

635

Jimmy Choo

179

162

Total revenue

$

769

$

797

Gross profit:

Michael Kors

$

377

$

388

Jimmy Choo

123

114

Total gross profit

$

500

$

502

Selling, general and administrative expenses:

Michael Kors

$

304

$

307

Jimmy Choo

104

103

Corporate

43

45

Total selling, general and administrative expenses

$

451

$

455

Depreciation and amortization:

Michael Kors

$

18

$

18

Jimmy Choo

6

7

Corporate

5

5

Total depreciation and amortization

$

29

$

30

Income from continuing operations:

Michael Kors

$

55

$

63

Jimmy Choo

13

4

68

67

Less: Corporate expenses

(48

)

(50

)

Restructuring and other expense

(3

)

(1

)

Total income from continuing operations

$

17

$

16

Operating margin:

Michael Kors

9.3

%

9.9

%

Jimmy Choo

7.3

%

2.5

%

Capri

2.2

%

2.0

%

  SCHEDULE 5

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES

SUPPLEMENTAL RETAIL STORE INFORMATION

(Unaudited)

  As of

Retail Store Information:

June 27,
2026

June 28,
2025

Michael Kors

662

695

Jimmy Choo

209

217

Total number of retail stores

871

912

  SCHEDULE 6

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES

CONSTANT CURRENCY DATA

($ in millions)

(Unaudited)

  Three Months Ended

% Change

June 27,
2026

June 28,
2025

As

Reported

Constant

Currency

Total revenue:

Michael Kors

$

590

$

635

(7.1

)%

(7.6

)%

Jimmy Choo

179

162

10.5

%

9.3

%

Total revenue

$

769

$

797

(3.5

)%

(4.1

)%

  SCHEDULE 7

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In millions, except per share data)

(Unaudited)

  Three Months Ended

June 27,
2026

June 28,
2025

Income from continuing operations, as reported

$

17

$

16

Adjustments:

Transaction related costs (1)

5

—

Restructuring and other expense (2)

3

1

Store renovation plan (3)

2

1

Capri transformation (4)

1

2

Total adjustments

11

4

Income from continuing operations, as adjusted

$

28

$

20

Operating margin, as reported

2.2

%

2.0

%

Operating margin, as adjusted

3.6

%

2.5

%

Net income attributable to Capri from continuing operations, as reported

$

69

$

56

Adjustments to income from operations from above

11

4

Transaction related income (5)

(3

)

—

Tax effect of income from operations adjustments

(1

)

—

Net income attributable to Capri from continuing operations, as adjusted

$

76

$

60

Weighted average basic ordinary shares outstanding

115,424,288

118,799,819

Weighted average diluted ordinary shares outstanding

116,039,226

119,107,663

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

$

0.60

$

0.47

Net income adjustments per ordinary share

0.07

0.03

Diluted net income per ordinary share from continuing operations, as adjusted (6)

$

0.67

$

0.50

____________________ (1)

Primarily relates to costs associated with the transition services agreement in connection with the sale of Versace.

(2)

As of June 27, 2026, this relates to severance costs. As of June 28, 2025, this relates to costs incurred in connection with the Company's Global Optimization Plan which primarily relate to severance, lease termination and store closure costs.

(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)

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.

(5)

Represents transition services agreement related income.

(6)

Diluted per share amounts are calculated using unrounded numbers.

Capri Holdings (CPRI - Free Report) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 5. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis luxury retailer is expected to post quarterly earnings of $0.40 per share in its upcoming report, which represents a year-over-year change of -20%.

Revenues are expected to be $751.8 million, down 5.7% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.75% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Capri Holdings?For Capri Holdings, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.89%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Capri Holdings will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Capri Holdings would post earnings of $0.11 per share when it actually produced earnings of $0.22, delivering a surprise of +100.00%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Capri Holdings doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Capri's Turnaround Is Taking Shape, But Is the Stock a Buy Yet?Capri NYSE: CPRI executives said the company is entering a more focused phase after the sale of Versace, with management emphasizing growth plans for Michael Kors and Jimmy Choo, store renovations, tighter product assortments and a stronger balance sheet.

Speaking at Bernstein’s Retail Forum in New York, Capri Chief Executive Officer John Idol and Chief Financial Officer Tyler Reddien outlined the company’s efforts to reposition Michael Kors, expand Jimmy Choo and return the business to growth. The discussion was hosted by Bernstein analyst Aneesha Sherman.

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Tapestry Stock Drops After Strong Quarter and Raised OutlookIdol said Capri ended the year with “a little over $200 million in debt,” giving the company flexibility to invest in its remaining two brands. He said management believes Michael Kors can return to approximately $4 billion in revenue from an estimated $2.93 billion this year, while Jimmy Choo can grow to $800 million from roughly $600 million.

Michael Kors Repositioning Remains in Early Stages Idol said Capri decided to take a “more modern lens” to Michael Kors in an effort to attract younger consumers, including Gen Z and parts of the millennial cohort. The company has leaned into the “Jet Set” concept, which Idol described as a mindset tied to travel, style and aspiration.

After a Huge Rally, Is There Any Upside Left for Ralph Lauren Stock? The company has also shifted its marketing strategy through “hotel stories” campaigns, including Ibiza, Rome and Saint-Tropez, while increasing its use of social media. Idol said Michael Kors now has more than 400 influencers working with the brand.

On product, Idol said Michael Kors has narrowed its full-price focus around three handbag icons: Nolita, Hamilton and Laila. Those groups now represent about 50% to 60% of full-price sales, he said. The company has reduced SKUs, sharpened storytelling and introduced more accessories priced under $200 to appeal to younger shoppers.

Idol said Michael Kors had raised prices by 20% to 25% coming out of COVID, which contributed to lower sell-throughs and higher markdowns. The brand has since moved closer to its historical pricing in the full-price channel, which he said has improved full-price sell-throughs and average unit retails because the company is taking fewer markdowns.

“We’re still in the very early innings,” Idol said of the repositioning, adding that the full-price channel comped positive in the most recent quarter. He said wholesale, which had lagged full-price stores, also showed an “incredible lift” last quarter and is showing similar trends this quarter.

Outlet Business and Back-Half Growth Idol said the outlet business has been the weaker part of Michael Kors because it had not received enough new product innovation. New outlet product begins arriving more broadly in August, including three new icon groups, one of which, Sammy, has already landed and is “fast becoming the best-selling group inside the stores,” he said.

Capri has also reduced promotional activity and third-party sales as part of what Idol called “quality of sales initiatives.” He said the company walked away from about $150 million in sales tied to those initiatives, which management believes is better for the long-term health of the brand.

Reddien said unit growth is expected to decline in fiscal 2027 due to the quality-of-sales initiative, but he expects the company to return to unit growth in fiscal 2028 and beyond as new products resonate with customers.

Idol said the company expects growth in the back half of the fiscal year as the impact of quality-of-sales initiatives diminishes after being anniversaried in October and November. He also cited new product flow in handbags and footwear, higher marketing spend and social media initiatives as factors supporting the outlook.

Jimmy Choo Gains Momentum in Accessories Idol said Jimmy Choo is already back to growth and is seeing strong momentum, especially in accessories. He said accessories are growing at a double-digit rate and described the category as “the hottest part of Jimmy Choo right now.”

The brand is selling products across a broad price architecture, including $5,000 Bonbon bags, the Cinch group priced between $2,000 and $2,500, and newer Bar and Curve groups priced under $1,500. Idol said the broader range has helped as luxury consumers become more selective.

Jimmy Choo is also expanding beyond its traditional image as a red carpet, wedding and special-occasion brand. Idol pointed to casual footwear, sneakers, jellies, loafers, kitten heels and block heels as areas that are resonating with younger consumers. He said casual footwear now accounts for more than 20% of Jimmy Choo’s business, with room to grow.

Reddien said Capri expects Jimmy Choo to return to profitability in fiscal 2027 and sees opportunities to expand margins through top-line growth, store productivity, gross margin improvement and SG&A leverage. He noted that about 50% of Jimmy Choo production is done in-house, creating opportunities to improve factory efficiency.

Margins, Stores and Capital Allocation Reddien said gross margin expansion remains the largest opportunity for Michael Kors, driven by new products, higher full-price sell-throughs and higher average unit retails. He also cited production efficiencies, product engineering, improved store productivity and SG&A optimization as contributors to margin improvement.

Management also emphasized store renovations. Idol said the renovated Michael Kors store at Rockefeller Center is up almost 30% in sales. At Jimmy Choo, he said the renovated Madison Avenue store increased from $2.5 million to almost $6 million in trend over about 18 months.

Reddien said Capri’s capital allocation priorities are to invest in the business and return value to shareholders. The company has announced a $1 billion share repurchase program, with a significant portion expected to be completed this fiscal year. Idol added that Capri plans to spend $300 million, with most of that directed toward renovating the Michael Kors fleet, along with investments in IT and other areas.

Consumer Outlook Mixed by Region Idol described consumers as “choiceful,” saying shoppers across income levels are being more thoughtful but are still buying when products offer design, quality and value. He said the North American consumer remains relatively healthy, despite pressures from higher costs for fuel, groceries and rent.

In Europe, Idol said Capri has become more cautious over the past 90 days, citing war-related effects on tourism and reduced Middle East tourist traffic. He said the company has substantial business with Middle East tourists at both Michael Kors and Jimmy Choo. Idol was more optimistic about China, where he said the consumer is beginning to improve, and said Japan has remained solid.

Looking ahead, Idol said Capri is at “the beginning of an inflection” for Michael Kors, though the turnaround will take time. He also said Jimmy Choo has the potential to reach $800 million in revenue, with $100 million of that growth expected to come from accessories.

About Capri NYSE: CPRICapri Holdings Limited NYSE: CPRI is a global luxury fashion company that designs, markets and distributes a range of premium lifestyle products. The company's principal brands—Michael Kors, Versace and Jimmy Choo—offer handbags, ready-to-wear apparel, footwear, watches, jewelry, fragrance and other accessories. Capri Holdings combines in-house design talent with international sourcing, manufacturing and retail operations to deliver collections that reflect each brand's distinct heritage and aesthetic vision.

Formed in 2018 through the rebranding of Michael Kors Holdings following the acquisition of Versace, Capri has since integrated Jimmy Choo into its portfolio.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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LONDON--(BUSINESS WIRE)--Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today announced that John D. Idol, Chairman and Chief Executive Officer, and Tyler Reddien, Chief Financial and Chief Operating Officer, will be participating in a fireside chat at Bernstein Insights: 2nd Annual Retail Forum, held at Bernstein’s Office in New York City, on Wednesday, July 8, 2026, at 9:40 AM Eastern Time.

The event will be webcast live on the Company's Investor Relations website, www.capriholdings.com. An archived replay will be available following the conclusion of the live event.

About Capri Holdings Limited

Capri Holdings is a global fashion luxury group consisting of iconic brands Michael Kors and Jimmy Choo. Our commitment to creativity, fashion, 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. Our designs inspire consumers to embrace the feeling of luxury in every moment. Capri Holdings Limited is publicly listed on the New York Stock Exchange under the ticker CPRI.

More News From Capri Holdings Limited

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A month has gone by since the last earnings report for Capri Holdings (CPRI - Free Report) . Shares have lost about 4.5% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Capri Holdings due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

Capri Holdings Beats Q4 Earnings Estimates, Sees FY27 Growth AheadCapri Holdings delivered fourth-quarter fiscal 2026 results, with revenues missing the Zacks Consensus Estimate and declining year over year. However, earnings surpassed the consensus estimate and improved significantly from the prior-year quarter.

Management highlighted that strategic initiatives introduced last year are gaining traction, with improving trends visible across both Michael Kors and Jimmy Choo. The company noted that actions taken to strengthen product innovation, brand desirability and consumer engagement are resonating well with consumers, providing early validation of its transformation efforts. Capri Holdings also emphasized that fiscal 2026 was focused on stabilizing the business and building a stronger foundation for long-term growth.

Looking ahead, management expressed confidence in returning to revenue and earnings growth in fiscal 2027, projecting low-single-digit revenue growth and nearly 40% earnings-per-share growth. Longer term, the company aims to grow Michael Kors revenues to $4 billion and Jimmy Choo revenues to $800 million while significantly improving profitability and delivering sustainable long-term shareholder value.

More on Capri Holdings’ Q4 ResultsCapri Holdings reported adjusted earnings of 22 cents per share for the fourth quarter, which surpassed the Zacks Consensus Estimate of 11 cents. The bottom line improved significantly from an adjusted loss of $4.55 per share reported in the year-ago period. On a reported basis, the company posted a loss of one cent per share compared with a loss of $4.90 in the prior-year quarter.

Total revenues came in at $796 million, missing the Zacks Consensus Estimate of $804 million. The top line declined 3.7% year over year on a reported basis and 7% on a constant-currency basis.

By geography, The Americas remained the largest region but was also the main drag, with revenues of $433 million compared with $493 million in the year-ago quarter. EMEA improved to $246 million from $223 million, while Asia edged up to $117 million from $111 million, partially offsetting softness in the Americas.

Gross profit increased to $516 million from $495 million in the year-ago quarter. Gross margin expanded 490 basis points to 64.8%, aided by a $40 million reduction in the cost of goods sold tied to estimated IEEPA tariff refunds.

Operating loss narrowed to $27 million from $57 million a year ago. On an adjusted basis, operating loss improved to $1 million from $15 million in the prior-year quarter, with adjusted operating margin improving to negative 0.1% from negative 1.8% a year ago.

CPRI’s Q4 Revenue Insights by SegmentsMichael Kors generated revenues of $656 million, down 5.5% year over year on a reported basis and 8.4% on a constant-currency basis. The brand experienced sequential improvement in retail trends, with full-price retail channel comparable sales increasing across all regions. Total retail channel average unit retails (AURs) increased by a mid-single-digit percentage, while wholesale sales at the point of sale improved to approximately flat compared with the prior year.

Gross margin expanded to 64.6%, benefiting from an estimated receivable related to IEEPA tariff refunds. Operating income increased to $57 million from $32 million a year ago, while operating margin expanded to 8.7% from 4.6% in the prior-year quarter.

Jimmy Choo delivered a solid performance, with revenues increasing 5.3% year over year to $140 million on a reported basis and remaining flat on a constant-currency basis. Retail sales increased by a mid-single-digit percentage, with sequential improvement across all regions, while wholesale point-of-sale trends also improved sequentially. Gross margin came in at 65.7%. However, the brand reported an operating loss of $20 million compared with an operating loss of $10 million in the prior-year quarter.

Capri Holdings’ Financial Health SnapshotCapri Holdings exited fiscal 2026 with cash and cash equivalents of $135 million and total borrowings of $357 million, resulting in net debt of $222 million, a significant improvement from $1.4 billion in the prior year. Operating cash flow for fiscal 2026 totaled $197 million, while capital expenditures were $63 million, leading to free cash flow of $134 million. Inventory levels declined 17% year over year to $581 million, reflecting improved inventory discipline and operational efficiency.

Capri Holdings resumed a more aggressive capital return stance in the quarter, repurchasing approximately 4 million shares for $79 million. The remaining authorization under the share repurchase program was $921 million at the end of the fourth quarter.

Capri Holdings’ Q1 OutlookFor the first quarter of fiscal 2027, Capri Holdings expects total revenues of approximately $750 million and operating income of around $10 million. Net interest and other income are projected at roughly $20 million, while the effective tax rate is expected to be approximately negative 50%. The company anticipates earnings per share of about 40 cents.

Within the segments, Michael Kors revenues are projected at approximately $585 million, with the operating margin expected in the high-single-digit range. Jimmy Choo revenues are anticipated to be approximately $165 million, with the operating margin in the low-single-digit range.

CPRI’s FY27 GuidanceFor fiscal 2027, Capri Holdings expects total revenues of approximately $3.525 billion, representing growth of nearly 1.5% from fiscal 2026 revenues of $3.474 billion. The company projects operating income of around $190 million compared with $23 million reported in fiscal 2026. Net interest and other income are projected in the range of $85-$90 million, while the effective tax rate is expected to be in the low-teens range. The company anticipates earnings per share of about $2.15. Capri Holdings also plans share repurchases of nearly $200 million and capital expenditures of approximately $125 million during the fiscal year.

For Michael Kors, fiscal 2027 revenues are expected to be approximately $2.9 billion, with the operating margin projected in the low-double-digit range. Jimmy Choo revenues are anticipated to be approximately $625 million, with the operating margin in the low-single-digit range.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates review.

The consensus estimate has shifted 20% due to these changes.

VGM ScoresCurrently, Capri Holdings has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. Charting a somewhat similar path, the stock has a grade of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Capri Holdings has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Capri Holdings is now a streamlined two-brand company post-Versace sale, with reduced net debt and a significant buyback authorization. CPRI's investment thesis hinges on Michael Kors stabilizing, Jimmy Choo achieving profitability, and management executing on FY2027 guidance for EPS and free cash flow. At $21.33 per share, CPRI trades at ~9.9x FY2027 guided EPS; successful execution could drive shares to $35–$38 within two years, offering 64%–78% upside.

Capri Holdings is rated a 'buy' as its turnaround gains traction, with the Versace sale stabilizing the balance sheet and debt now manageable. Jimmy Choo demonstrates sustained growth and margin strength, while Michael Kors remains challenged by entrenched brand perception and structural decline. Management's strategy focuses on store renovations, disciplined pricing, and targeting younger consumers, aiming for margin recovery from 6.6% to 10% EBITDA.

As the quarterly earnings season gathers pace, investor focus is turning toward the apparel space, where companies are showing resilience despite cautious discretionary spending, tariff-related cost pressures and fast-changing fashion preferences. Consumers remain selective, but demand has held up for brands offering compelling assortments, strong value propositions and differentiated customer engagement.

Per the latest Zacks Earnings Outlook, the Retail – Wholesale sector (which houses Retail – Apparel and Shoes stocks) is likely to witness bottom-line growth of 2% this earnings season, with revenues expected to increase 7.9%.

Key Apparel Trends This Earnings SeasonThis earnings season, several apparel players are benefiting from improved product acceptance, disciplined inventory management and lower promotional activity. Many companies have been driving higher full-price selling, refining pricing architectures and strengthening brand relevance through targeted marketing, social media engagement and product innovation. These efforts are helping support merchandise margins and improve overall business quality despite industry-wide cost pressures.

Tariffs and sourcing-related expenses remain key watchpoints. Companies with diversified sourcing strategies, selective pricing actions and tighter expense controls appear better positioned to protect profitability. At the same time, supply-chain efficiencies, better inventory alignment and reduced markdown dependency are helping stabilize margin trends heading into earnings.

Another encouraging trend is the growing emphasis on customer engagement and category expansion. Apparel retailers are increasingly leveraging loyalty programs, digital capabilities, influencer marketing and localized assortments to deepen customer relationships and drive traffic. Several players are also pursuing opportunities in adjacent categories, international markets and newer customer cohorts, particularly younger shoppers seeking trend-right products at accessible price points.

Although macroeconomic uncertainty and uneven consumer demand continue to create volatility, operational discipline and sharper execution are emerging as important differentiators. Companies balancing innovation, inventory control and margin management may be better positioned to outperform expectations this season.

Finding the Right StocksIdentifying likely earnings outperformers is not easy, but our proprietary methodology helps narrow the field. With the help of the Zacks Stock Screener, we have picked a few apparel stocks that appear well-positioned to surpass the Zacks Consensus Estimate this earnings season.

Our research shows that for stocks with the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), the chance of an earnings surprise is as high as 70%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

3 Stocks Primed for Earnings BeatFIGS, Inc. (FIGS - Free Report) enters the earnings season with strong customer momentum, international growth and improving execution. Strength in scrub wear, layering systems and emerging categories such as outerwear, compression socks and loungewear is supporting growth. FIGS is also benefiting from effective marketing and rising brand engagement. Disciplined inventory management, fulfillment efficiencies and reduced promotions are aiding profitability despite tariff pressure.

FIGS, Inc. Price, Consensus and EPS SurpriseWith product innovation, community hubs and deeper healthcare-professional engagement, FIGS appears well-positioned heading into earnings. The company currently has an Earnings ESP of +100.00% and a Zacks Rank #1. The Zacks Consensus Estimate for first-quarter fiscal 2026 earnings per share (EPS) has remained unchanged at 1 cent in the past 30 days. FIGS has a trailing four-quarter earnings surprise of 187.5%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Gap, Inc. (GAP - Free Report) appears well-positioned heading into earnings, backed by sustained brand momentum, disciplined execution and healthier merchandise productivity. The company delivered its eighth straight quarter of positive comparable sales in the fourth quarter of fiscal 2025, led by strength across Gap, Old Navy and Banana Republic. Management highlighted traction from product innovation, culturally relevant marketing and reduced discounting, which supported higher average unit retails and solid margin trends.

Gap brand continues to benefit from Gen Z engagement, denim gains and improved store formats, while Old Navy remains strong in activewear, denim and kids. Cost discipline, sourcing actions and inventory control further support profitability, making GAP favorably placed this earnings season. Gap currently has an Earnings ESP of +25.11% and a Zacks Rank #3. The Zacks Consensus Estimate for first-quarter fiscal 2026 EPS has risen by 2 cents to 39 cents in the past 30 days. GAP has a trailing four-quarter earnings surprise of 6.6%, on average.

Capri Holdings Limited (CPRI - Free Report) looks well-placed as turnaround efforts at Michael Kors and Jimmy Choo gain traction. On its third-quarter fiscal 2026 earnings call, management cited sequential improvement in retail trends, stronger full-price sell-throughs and lower promotional activity, which supported underlying gross margin expansion despite tariff pressure. Michael Kors is benefiting from refreshed assortments, improved pricing architecture and better response to newer styles, while Jimmy Choo is seeing momentum in accessories and casual footwear.

Elevated marketing, influencer engagement and store renovations are also strengthening brand desirability. With better execution, a healthier sales mix and disciplined cost control, CPRI appears positioned for a solid earnings show. Capri Holdings currently has an Earnings ESP of +20.37% and a Zacks Rank #3. The Zacks Consensus Estimate for fourth-quarter fiscal 2026 EPS has remained unchanged at 11 cents in the past 30 days. CPRI delivered an earnings surprise of 3.85% in the last reported quarter.

On May 21, 2026, Capri Holdings Ltd CPRI shares rose 3.0%, closing at $18.38. Despite today's positive movement, the stock has experienced significant volatility, with a 52-week range between $16.22 and $28.27.

GF Value™ verdict: Current price of $18.38 represents an 18.7% discount to the GF Value™ of $22.60.GF Score™ is 69/100, indicating an above-average rating for the stock.Insider activity shows that insiders have purchased $1.0M worth of shares in the last three months, with no selling reported. Is CPRI Overvalued or Undervalued? Capri Holdings Ltd's current trading price of $18.38 is significantly below the GF Value™ of $22.60, suggesting that the stock is undervalued by 18.7%. This disparity creates a potential opportunity for investors, as the margin of safety indicates that the stock may be priced lower than its intrinsic value. The GF Valuation label of "Modestly Undervalued" further supports this assertion, implying that there is room for price appreciation if market conditions improve or if the company executes its strategic plans effectively.

However, it is essential to consider the risks associated with this undervaluation. The stock has shown volatility, with a year-to-date decline of 24.7% and a three-year drop of 22.5%. While the current price presents an attractive entry point based on the GF Value™, potential investors should remain cautious due to the company's financial strength rating of 3/10, which indicates possible underlying issues that could affect future performance. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.

How Does CPRI's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 10.1x 14.3x Currently, Capri Holdings Ltd is trading at a forward P/E of 10.1x, which is notably lower than its 5-year median P/E of 14.3x. This analysis aligns with the GF Value™ verdict, indicating that the stock is undervalued compared to its historical valuation metrics. The lower current P/E suggests that the market may not be fully pricing in the company's potential for recovery, adding further credence to the opportunity highlighted by the GF Value™ assessment.

What Does CPRI's GF Score™ Tell Us? Metric Rating GF Score™ 69/100 Financial Strength 3/10 Profitability 6/10 Growth 3/10 Valuation 8/10 Momentum 7/10 The GF Score™ of 69/100 indicates that Capri Holdings Ltd is positioned above average compared to its peers. The strongest aspect is the Valuation rank of 8/10, suggesting that the stock is attractively priced relative to its intrinsic value. Conversely, the Financial Strength score of 3/10 and Growth rank of 3/10 highlight areas of concern, indicating potential weaknesses that could impact long-term performance and stability. Overall, while the valuation metrics are favorable, the weaker financial and growth indicators warrant careful consideration.

What Are Insiders Doing with CPRI Stock? Recent insider activity for Capri Holdings Ltd reflects a bullish sentiment, as insiders have purchased $1.0M worth of shares in the last three months without any selling reported. This pattern of insider buying can often be interpreted as a sign of confidence in the company's future performance and prospects. Insiders typically have a deeper understanding of the company's operations and may be more aware of forthcoming developments that could positively impact the stock price.

What This Means for Investors Based on the GF Value™ assessment, Capri Holdings Ltd CPRI is currently undervalued, presenting a potential opportunity for investors seeking exposure in the retail sector. However, it is crucial to remain aware of the company's financial health and market volatility that may impact future performance.

For the complete analysis, visit the Capri Holdings Ltd CPRI stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is CPRI's GF Score™?

CPRI's GF Score™ is 69/100, indicating it is rated above average compared to its peers, suggesting potential for higher long-term returns.

Is CPRI overvalued or undervalued?

According to the GF Value™, CPRI is currently undervalued with a price of $18.38 compared to its intrinsic value estimate of $22.60.

What is CPRI's P/E ratio?

CPRI's forward P/E ratio is 10.1x, which is below its 5-year median P/E of 14.3x, indicating that the stock may be undervalued based on historical trading multiples.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

The logo of Michael Kors is seen on an outlet store in Metzingen, Germany, June 16, 2017. REUTERS/Michaela Rehle Purchase Licensing Rights, opens new tab

SummaryCompaniesForecasts annual sales in line with estimatesMichael Kors sales drop for 14th straight quarterExpects to recover all IEEPA tariffsCompany bets on full-price sales to revive Michael KorsMay 27 (Reuters) - Capri Holdings (CPRI.N), opens new tab forecast another quarter of ‌declining sales on Wednesday but provided an upbeat annual profit target as it bets on a turnaround strategy focused on reviving demand for its Michael Kors brand.

Capri is trying to draw in a broader customer base, especially younger and wealthier shoppers, who continue ​to spend on nice-to-have items such as handbags despite inflationary pressures from higher gas and food ​costs.

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The company has been pulling back on promotions and selling handbags and apparel at full ⁠price to help drive a reset at Michael Kors, executives said in a post-earnings call.

It is also ​shifting its product mix, particularly towards smaller handbags and more casual footwear, which it said was resonating more with ​younger shoppers.

"A premium brand like Michael Kors must avoid excessive discounting or it degrades the value of the brand," said David Swartz, analyst at Morningstar, adding that even with higher prices, Michael Kors products are priced much lower than those of luxury brands.

Capri ​reported another quarterly decline for the Michael Kors brand, which makes up the bulk of its sales. Revenue fell 5.5% ​to $656 million, the company said.

Michael Kors has faced criticism in recent years for its lack of design innovation and consecutive quarters ‌of declining ⁠sales, in contrast to handbag rival Coach, owned by Tapestry (TPR.N), opens new tab, which analysts say benefits from stronger brand power.

Capri expects first-quarter total revenue of about $750 million, compared with an estimate of $789.7 million, according to data compiled by LSEG. The company's shares reversed course after early premarket gains and fell about 2%.

"There is enough demand for both brands (Jimmy Choo and Michael ​Kors). I think investors were ​discouraged that the Q1 ⁠sales outlook was not higher, but it's a long process," Swartz said.

Failing to capitalize on the inclusion of the Italian brand Versace in its portfolio, the company sold ​it to Prada last year, highlighting Capri's push to raise cash and pay ​down its debt.

Capri reports fourteen straight quarters of revenue decline, with declining sales at its key revenue driving brand, Michael KorsCapri's ⁠fourth-quarter revenue of $796 million was largely in line with expectations, but adjusted earnings per share of 22 cents topped an estimate of 11 cents per share, while gross margin also grew.

It plans to recover all tariffs paid under the International Emergency ⁠Economic Powers ​Act as of March 28 and has recorded a refund of $65 ​million, it said.

The company expects fiscal year 2027 profit per share of about $2.15, compared to analysts' expectation of $1.83.

Reporting by Sanskriti Shekhar and Juveria Tabassum in Bengaluru and Danielle Kaye in New York; Editing by Pooja Desai

Our Standards: The Thomson Reuters Trust Principles., opens new tab

For the quarter ended March 2026, Capri Holdings (CPRI - Free Report) reported revenue of $796 million, down 23.1% over the same period last year. EPS came in at $0.22, compared to -$4.90 in the year-ago quarter.

The reported revenue represents a surprise of -0.95% over the Zacks Consensus Estimate of $803.66 million. With the consensus EPS estimate being $0.11, the EPS surprise was +103.7%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Capri Holdings performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenue- Jimmy Choo: $140 million compared to the $137.84 million average estimate based on three analysts. The reported number represents a change of +5.3% year over year.Revenue- Michael Kors: $656 million versus $665.82 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -5.5% change.Income from operations- Michael Kors: $57 million versus $27.09 million estimated by three analysts on average.Income from operations- Jimmy Choo: $-20 million compared to the $-8.52 million average estimate based on three analysts.View all Key Company Metrics for Capri Holdings here>>>

Shares of Capri Holdings have returned -6.8% over the past month versus the Zacks S&P 500 composite's +5.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

The major indexes are pulling back from earlier gains to trade mixed at midday. Investors are focused on reports that Iran will reopen the Strait of Hormuz, pressuring crude prices back below $90 and sending the Dow Jones Industrial Average (DJI) to a fresh record high. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are cooling off from the Micron-induced tech surge, with Zscaler (ZS) trailing, adding pressure and dragging the broader cloud sector down with it. 

Continue reading for more on today's market, including:

Retail stock surging after quarterly blowout. More on Zscaler stock's major post-earnings pullback. Plus, call traders circle PEP; soccer team scoring big gains; and a struggling retail stock.

Beverage behemoth PepsiCo Inc (NASDAQ:PEP) was last seen up 2% to trade at $148.65, continuing its whipsaw price action on the charts. While the catalyst remains unclear, call traders are circling, with 45,000 contracts traded already today. This amount is six times the average daily pace, with the September 170 call being most popular and seeing selling activity. PEP is currently clinging to a 3.5% year-to-date gain.

One of the top performers on the New York Stock Exchange (NYSE) is Manchester United PLC (NYSE:MANU), up 12.5% at $22.19 at last glance, after the English soccer club posted a fiscal third-quarter revenue rise of 18% and hiked its full-year revenue outlook. This is overshadowing a Q3 net loss of roughly $16 million. MANU has been climbing the charts this year, closing out the 25/26 Premier League season with a 57% year-over-year gain. The shares also tapped a nearly three-year high of $22.56, with the 100-day moving average capturing its April pullback.

Retailer Capri Holdings Ltd (NYSE:CPRI) is near the bottom of the NYSE, last seen down 5.4% to trade at $17.50, brushing off a fiscal fourth-quarter profit beat after quarterly sales disappointed once again. The Michael Kors parent has shed 28% in 2026 and is continuing back toward its late-March lows.

Capri Holdings (NYSE:CPRI) reported fiscal fourth quarter results that showed stronger-than-expected profitability but weaker-than-expected revenue, sending shares down more than 6% on Wednesday afternoon.

The company posted adjusted earnings per share of $0.22, more than double the $0.11 consensus estimate.

Revenue totaled $796 million, below Wall Street expectations of $803.7 million and down 3.7% year-over-year, or down 7% on a constant currency basis.

For fiscal 2027, Capri Holdings expects total revenue of approximately $3.53 billion and operating income of about $190 million.

Capital expenditures are projected to be around $125 million, while diluted earnings per share are expected to come in at approximately $2.15.

“We are building upon the improving trends resulting from the success of our strategic initiatives,” Capri CEO John Idol said. “In fiscal 2027 we expect to return to low single digit revenue growth and approximately 40% earnings per share growth.”

Jefferies analysts described the quarter as mixed, noting that revenue came in slightly below expectations, driven primarily by Michael Kors, while EBIT and EPS beat consensus.

They noted that profit outperformance was supported in part by approximately $40 million in IEEPA tariff refunds, and cautioned that excluding this benefit, underlying EBIT appeared softer, though timing and offsetting factors may have played a role.

Looking ahead, Jefferies highlighted financial year 2027 guidance that came in broadly in line on revenue but above expectations on EBIT and EPS, supported by an anticipated 200 basis point improvement in gross margin.

The firm noted that the outlook also included moving items below the EBIT line, including interest income, tax rate assumptions, and share count benefits from buybacks.

At the same time, Jefferies pointed to a softer-than-expected first-quarter outlook, with both revenue and EBIT guided below Street expectations, even as EPS came in higher due to tax rate dynamics.

On brand performance, the analysts highlighted continued strength in Michael Kors retail full-price comparable sales and sequential improvement in wholesale trends, alongside similar momentum at Jimmy Choo. They also noted that the company repurchased approximately 4 million shares for $79 million during the quarter.

Capri Holdings Limited (CPRI) Q4 2026 Earnings Call Transcript

Capri Holdings Has Become Somewhat Cheaply Valued

RetailMeNot's Summer Issue savings event runs June 4-8, featuring stackable deals, shopping inspiration and seasonal savings across top retailers New summer research reveals Y2K-inspired fashion resurgence and growing demand for polished, versatile alternatives like capris , /PRNewswire/ -- RetailMeNot today announced its first-ever Chief Capri Officer (CCO) search, a summer initiative offering one consumer the opportunity to bring one of the season's biggest fashion comebacks to life. The opportunity is part of RetailMeNot's Summer Issue savings event and is informed by new consumer data showing that shoppers are increasingly rethinking traditional summer staples in favor of more polished, versatile styles.

RetailMeNot's Summer Issue is a new summer savings event running June 4-8 designed to help consumers save on everything they need for the season. Curated to feel like a go-to summer magazine for inspiration and savings, the event brings together promo codes, cash back offers and exclusive deals from top retailers to help shoppers save on everyday summer essentials. Participating retailers span key categories including fashion, beauty, travel and more, with brands such as Ulta, Ray-Ban, Expedia, Kendra Scott and Macy's.

New summer consumer data from RetailMeNot suggests capris are emerging as one of the season's standout fashion trends, with 28% of women planning to purchase a pair this summer and many embracing the style as a more polished, versatile alternative to shorts. To bring this trend to life, RetailMeNot is launching its first-ever Chief Capri Officer search, giving one consumer the opportunity to showcase one of summer's biggest fashion comebacks.

"The Chief Capri Officer search brings one of summer's top trends to life in a way that's fun, relatable, and rooted in real shopping behavior," said Stephanie Carls, Retail Insights Expert at RetailMeNot. "Half of millennial women prefer capris over shorts across occasions. That's a movement, and the Summer Issue is the perfect place to shop it."

Survey Data Signals a Shift in Summer Style
Findings from RetailMeNot's summer consumer survey* reveal a clear shift in how women are approaching warm-weather dressing:

50% of Millennial women say capris are more appropriate than shorts for brunch or casual dining. Only 11% of women believe shorts work across all summer occasions. 28% of women plan to purchase capris this summer, making them one of the top Y2K-inspired fashion trends. Together, the data suggests that shoppers are embracing styles that feel both practical and elevated, easily transitioning from casual outings to more social settings.

RetailMeNot's Chief Capri Officer Program
RetailMeNot will select one Chief Capri Officer to showcase how capris fit into real-life summer wardrobes. The chosen candidate will receive a $5,000 shopping stipend to style and shop the trend. The program reflects how consumers discover trends today, blending inspiration, practicality, and savings to turn aspirational ideas into everyday style.

To learn more or apply to be RetailMeNot's Chief Capri Officer, visit RetailMeNot.com/CCO

RetailMeNot's Summer Issue can be explored at RetailMeNot.com/Summer

How to Apply
Consumers can apply between June 4 and June 18, 2026. Applicants must be U.S. residents, age 21 or older. No purchase is necessary.

To enter:

Submit a short application at RetailMeNot.com/CCO Share why you're the ideal CCO and how you would style capris this summer. The selected winner will:

Receive a $5,000 shopping stipend. Create user-generated content featuring capri styling and have the opportunity to be featured across RetailMeNot's social channels. *Survey Methodology: Source: RetailMeNot Summer 2026 Spending Survey among adults from 18 to 44. N=896. Fielded in April 2026

About RetailMeNot Group: The RetailMeNot Group brings together leading shopping, savings, and deal discovery brands that help people shop smarter and help businesses connect with high-intent consumers at moments of purchase. The RetailMeNot Group portfolio includes RetailMeNot, Offers.com, BlackFriday.com, TechBargains, Deals of America and R BrandWorks, reaching millions of consumers through trusted social content, real-time deals, cash back, and seasonal shopping moments. RetailMeNot Group operates as part of Ziff Davis, a leading digital media and internet company. To learn more, visit www.ziffdavis.com/brands/shopping

About Ziff Davis: Ziff Davis (Nasdaq: ZD) is a vertically focused digital media and internet company whose portfolio includes leading brands in technology, entertainment, shopping, health, cybersecurity, and martech. For more information, visit www.ziffdavis.com.

Press Contact:
[email protected]

SOURCE RetailMeNot, Inc.