Capri Holdings Limited
Loading chart...
Item 1. Business
Our Company
Capri Holdings Limited (“Capri”) is a global fashion luxury group consisting of iconic brands Versace, Jimmy Choo and Michael Kors. Our commitment to glamorous style and craftsmanship is at the heart of each of our luxury brands. We have built our reputation on designing exceptional, innovative products that cover the full spectrum of fashion luxury categories. Our strength lies in the unique DNA and heritage of each of our brands, the diversity and passion of our people and our dedication to the clients and communities we serve.
Our Brands
Versace
Our Versace brand has long been recognized as one of the world’s leading fashion design houses and is synonymous with Italian glamour and style. Founded in 1978 in Milan, Versace is known for its iconic and unmistakable style and unparalleled craftsmanship. Over the past several decades, the House of Versace has grown globally from its roots in haute couture, expanding into the design, manufacturing, distribution and retailing of ready-to-wear, accessories, footwear, eyewear, watches, jewelry, fragrance and home furnishings. Versace distributes its products through a worldwide distribution network, which includes boutiques in some of the world’s most fashionable cities, its e-commerce sites, as well as through the most prestigious department and specialty stores worldwide.
Jimmy Choo
Our Jimmy Choo brand offers a distinctive, glamorous and fashion-forward product range, whose core product offering is women’s luxury shoes, complemented by accessories, including handbags, small leather goods, jewelry, scarves and belts, as well as men’s luxury shoes and accessories. In addition, certain categories, including fragrance and eyewear, are produced under licensing agreements. Jimmy Choo products are unique, instinctively seductive and chic. The brand offers classic and timeless luxury products, alongside innovative collections that are intended to set and lead fashion trends. Jimmy Choo is represented through its global store network, its e-commerce sites, as well as through the most prestigious department and specialty stores worldwide.
Michael Kors
Our Michael Kors brand was launched over 40 years ago by Michael Kors, a world-renowned designer, whose vision has taken the Company from its beginnings as an American luxury sportswear house to a global accessories, ready-to-wear and footwear company with a global distribution network that has presence in over 100 countries through Company-operated retail stores and e-commerce sites, leading department stores, specialty stores and select licensing partners. Michael Kors is a highly recognized luxury fashion brand in the Americas and Europe with growing brand awareness in other international markets. Michael Kors features distinctive designs, materials and craftsmanship that embraces the allure of the jet set lifestyle. Michael Kors offers three primary collections: the Michael Kors Collection line, the MICHAEL Michael Kors line and the Michael Kors Mens line. Michael Kors Collection establishes the aesthetic authority of the entire brand and is carried by select retail stores, our e-commerce sites, as well as in the finest luxury department stores in the world. MICHAEL Michael Kors has a strong focus on accessories, in addition to offering ready-to-wear and footwear. We have also been developing our men’s business in recognition of the significant opportunity afforded by the Michael Kors brand’s established fashion authority and the expanding men’s market. Taken together, our Michael Kors collections target a broad customer base while retaining our premium luxury image.
7
Our Segments
We operate in three reportable segments as follows:
•Versace — accounted for approximately 18% of our total revenue in Fiscal 2025 and includes worldwide sales of Versace products through 228 retail stores (including concessions) and e-commerce sites, through wholesale doors (including multi-brand stores), as well as through product and geographic licensing arrangements.
•Jimmy Choo — accounted for approximately 14% of our total revenue in Fiscal 2025 and includes worldwide sales of Jimmy Choo products through 219 retail stores (including concessions) and e-commerce sites, through wholesale doors (including multi-brand stores), as well as through product and geographic licensing arrangements.
•Michael Kors — accounted for approximately 68% of our total revenue in Fiscal 2025 and includes worldwide sales of Michael Kors products through 711 retail stores (including concessions) and e-commerce sites, through wholesale doors, as well as through product and geographic licensing arrangements.
In addition to these reportable segments, we have certain corporate costs that are not directly attributable to our brands and, therefore, are not allocated to our segments. Such costs primarily include certain administrative, corporate occupancy, shared service and information technology systems expenses, including enterprise resource planning (“ERP”) system implementation costs and Capri transformation program costs. In addition, certain other costs are not allocated to segments, including costs related to the previously proposed Merger and the pending sale of the Versace business, impairment charges, the impact of the war in Ukraine, restructuring and other expense and COVID-19 related expenses. The segment structure is consistent with how the Company’s chief operating decision maker (“CODM”) plans and allocates resources, manages the business and assesses performance. All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance. For additional financial information regarding our segments and corporate unallocated expenses, see Note 20 to the accompanying consolidated financial statements.
Industry
We operate in the global personal luxury goods industry. Since 1996, the global personal luxury goods industry has increased at a mid-single-digit compound annual growth rate. In 2024, the personal luxury goods market declined year-over-year for the first time in 15 years (excluding Covid). Personal luxury goods declined 2% to an estimated €363 billion. The decline in revenue was driven by a decline in volumes, with the global personal luxury goods customer base shrinking for the first time in history. At the same time, top customers took further share of the personal luxury goods market. Bain* studies estimate that there were approximately 50 million fewer customers purchasing personal luxury goods over the last two years. Going forward, the market is predicted to increase at a 4-6% compound annual growth rate between 2024 and 2030 to approximately €460-500 billion. Future growth will be driven by both a growing addressable consumer base and growing addressable wealth. As the personal luxury goods market continues to evolve, Capri is committed to designing exceptional, innovative products that cover the full spectrum of fashion luxury categories, increasing customer engagement initiatives across all three brands and tailoring merchandise to customer shopping and communication preferences as part of our growth strategy.
*Bain – Altagamma Luxury Goods Worldwide Market Study, Fall 2024 (November 13, 2024). These studies were prepared by Bain & Company and Altagamma and can be obtained free of charge or at a nominal cost by contacting Bain & Company’s media contacts. While we believe that each of these studies and publications are reliable, we have not independently verified market and industry data from third-party sources.
Geographic Information
We generate revenue globally through our three reportable segments, as described above. We sell our Versace, Jimmy Choo and Michael Kors products through retail and wholesale channels in three principal geographic markets: the Americas (United States, Canada and Latin America), EMEA (Europe, Middle East and Africa) and Asia (Asia and Oceania). We also have wholesale arrangements pursuant to which we sell products to geographic licensees. In addition, we have licensing agreements through which we license to third-parties the use of our Versace, Jimmy Choo and Michael Kors brand names and trademarks, certain production rights and sales and/or distribution rights with respect to our brands.
8
The following table details our revenue by segment and geographic location (in millions):
| Fiscal Years Ended | |||||||||||||||||
| March 29, 2025 | March 30, 2024 | April 1, 2023 | |||||||||||||||
| Versace - the Americas | $ | 260 | $ | 338 | $ | 408 | |||||||||||
| Versace - EMEA | 344 | 444 | 468 | ||||||||||||||
| Versace - Asia | 217 | 248 | 230 | ||||||||||||||
| Total Versace revenue | 821 | 1,030 | 1,106 | ||||||||||||||
| Jimmy Choo - the Americas | 168 | 176 | 196 | ||||||||||||||
| Jimmy Choo - EMEA | 287 | 266 | 255 | ||||||||||||||
| Jimmy Choo - Asia | 150 | 176 | 182 | ||||||||||||||
| Total Jimmy Choo revenue | 605 | ||||||||||||||||
Loading financial statements...
Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
| Line item |
|---|
| Period ending |
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
Our Business
Capri Holdings Limited is a global fashion luxury group consisting of iconic brands Michael Kors and Jimmy Choo. Our commitment to glamorous style and craftsmanship is at the heart of each of our luxury brands. We have built our reputation on designing exceptional, innovative products that cover the full spectrum of fashion luxury categories. Our strength lies in the unique DNA and heritage of each of our brands, the diversity and passion of our people and our dedication to the clients and communities we serve.
Our Michael Kors brand was launched in 1981 by Michael Kors, a world-renowned designer, whose vision has taken the Company from its beginnings as an American luxury sportswear house to a global accessories, ready-to-wear, and footwear company with a global distribution network that has presence in over 100 countries through Company-operated retail stores and e-commerce sites, leading department stores, specialty stores and select licensing partners. Michael Kors is a highly recognized fashion luxury brand in the Americas and Europe with strong brand awareness in other international markets. Michael Kors features distinctive designs, materials and craftsmanship with a jet-set aesthetic that combines stylish elegance and a sporty attitude. Michael Kors offers three primary collections: the Michael Kors Collection line, the MICHAEL Michael Kors line and the Michael Kors Mens line. The Michael Kors Collection establishes the aesthetic authority of the entire brand and is carried by select retail stores, our e-commerce sites, as well as in the finest luxury department stores in the world. MICHAEL Michael Kors has a strong focus on accessories, in addition to offering ready-to-wear and footwear. We have also been developing our men’s business in recognition of the significant opportunity afforded by the Michael Kors brand’s established fashion authority and the expanding men’s market. Taken together, our Michael Kors collections target a broad customer base while retaining our premium luxury image.
Our Jimmy Choo brand offers a distinctive, glamorous and fashion-forward product range, whose core product offering is women’s luxury shoes, complemented by accessories, including handbags, small leather goods, jewelry, scarves and belts, as well as men’s luxury shoes and accessories. In addition, certain categories, including fragrance and eyewear, are produced under licensing agreements. Jimmy Choo’s design team is led by Sandra Choi, who has been the Creative Director for the brand since its inception in 1996. Jimmy Choo products are unique, instinctively seductive and chic. The brand offers classic and timeless luxury products, alongside innovative collections that are intended to set and lead fashion trends. Jimmy Choo is represented through its global store network, its e-commerce sites, as well as through the most prestigious department and specialty stores worldwide.
On April 8, 2025, our Board of Directors made the decision to sell Versace to Prada, and a definitive agreement was entered into on April 10, 2025. Accordingly, we determined that the held for sale and discontinued operations criteria were met and we classified the results of operations and cash flows of our Versace business as discontinued operations in our consolidated statements of operations and comprehensive income (loss) and consolidated statements of cash flows for all periods presented. On December 2, 2025, we completed the sale of our Versace business. The related assets and liabilities associated with the discontinued operations are classified as held for sale in the consolidated balance sheet as of March 29, 2025. Unless otherwise noted, discussion within this management’s discussion and analysis of financial condition and results of operations relates to our continuing operations. Refer to Note 4 - "Discontinued Operations" to the accompanying consolidated financial statements for additional information.
Termination of the Agreement and Plan of Merger with Tapestry
As previously disclosed, on August 10, 2023, Capri entered into an Agreement and Plan of Merger with Tapestry, a Maryland corporation, and Sunrise Merger Sub, Inc., a British Virgin Islands business company limited by shares and a direct wholly owned subsidiary of Tapestry. The Merger Agreement provided that, among other things and on the terms and subject to the conditions set forth therein, Tapestry would acquire Capri in an all-cash transaction by means of a merger of Merger Sub with and into Capri, with Capri surviving the Merger as a wholly owned subsidiary of Tapestry.
The Merger had been approved by the boards of directors of Capri and Tapestry and by the shareholders of Capri. Completion of the Merger was subject to, among other customary conditions, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The Company received regulatory approval from all countries except for the United States. In connection with Tapestry’s proposed acquisition of Capri, on April 22, 2024, the U.S. FTC filed a lawsuit in the United States District Court for the Southern District of New York
36
(the “District Court”) against Tapestry and the Company seeking to block the Merger, claiming that the Merger would violate Section 7 of the Clayton Act and that the Merger Agreement and the Merger constituted unfair methods of competition in violation of Section 5 of the Federal Trade Commission Act and should be enjoined. The preliminary injunction hearing concluded in September 2024, and on October 24, 2024, the District Court granted the FTC's motion for a preliminary injunction to enjoin the Merger pending the completion of the FTC's in-house administrative proceeding. On October 28, 2024, Tapestry and Capri jointly filed a notice of appeal to the U.S. Court of Appeals for the Second Circuit (the “Second Circuit”).
On November 13, 2024, the parties to the Merger Agreement entered into a termination agreement pursuant to which they agreed to terminate the Merger Agreement, effective immediately. In connection with the termination, consistent with the Merger Agreement, Tapestry agreed to reimburse the Company approximately $45 million in cash for certain expenses on November 14, 2024. The parties to the Merger Agreement also agreed to release each other and their related parties from any and all liability, claims, rights, actions, causes of action, suits, liens, obligations, accounts, debts, demands, agreements, promises, liabilities, controversies, costs, charges, damages, expenses and fees (including attorney’s, financial advisor’s or other fees) in connection with, arising out of or related to the Merger Agreement or the transactions contemplated therein or thereby. On November 15, 2024, Capri and Tapestry stipulated to the dismissal of the appeal to the Second Circuit. On December 4, 2024, the FTC’s in-house administrative proceeding was dismissed without prejudice.
Certain Factors Affecting Financial Condition and Results of Operations
Macroeconomic conditions and inflationary pressures. Global economic conditions, including inflation, political instability due to war or other geopolitical factors and other macroeconomic uncertainty and the related impact on levels of consumer spending worldwide impacted our business in the first nine months of Fiscal 2026, and are likely to continue to impact our business and the luxury accessories, footwear and apparel industry overall for the foreseeable future. Purchases of discretionary luxury items, such as the accessories, footwear and apparel that we produce, tend to decline when disposable income is lower or when there are inflationary pressures or other economic uncertainty which could negatively affect our financial condition and results of operations.
Costs of manufacturing, tariffs and import regulations. Our industry is subject to volatility in costs related to certain raw materials used in the manufacturing of our products primarily driven by commodity prices, as well as manufacturing labor costs. In addition, our costs may be impacted by sanction tariffs imposed on our products due to changes in trade terms. In April 2025, the U.S. Government announced tariffs on imports from select countries. The majority of the Company's products sold in the U.S. are imported from countries in which these tariffs were announced, including Vietnam, Cambodia, Indonesia and Bangladesh, where the primary manufacturers of Michael Kors products are located. Increased tariffs or other trade restrictions against countries where our products are manufactured, and/or any tariffs or other trade restrictions implemented by these countries in retaliation, could materially impact our revenue and profitability.
Foreign currency fluctuation. Our consolidated operations are impacted by the relationships between our reporting currency, the United States dollar, and those of our non-United States subsidiaries whose functional/local currency is other than the United States dollar, primarily the Euro, the British Pound, the Chinese Renminbi and the Japanese Yen, among others. We continue to expect volatility in the global foreign currency exchange rates, which may have a negative impact on the reported results of certain of our non-United States subsidiaries in the future, when translated to the United States dollar.
Disruptions or delays in shipping and distribution and other supply chain constraints. Disruptions in our shipping and distribution network, including at U.S. ports and in the Red Sea, as well as port congestion, vessel availability, container shortages and temporary factory closures, have in the past impacted our business, and continued disruptions or delays could negatively impact our results of operations in the future.
Segment Information
We operate in two reportable segments, which are as follows:
Michael Kors
We generate revenue through the sale of Michael Kors products through four primary Michael Kors retail formats: “Collection” stores, “Lifestyle” stores (including concessions), outlet stores and e-commerce sites, through which we sell our products, as well as licensed products bearing our name, directly to consumers throughout the Americas (United States, Canada and Latin America), certain parts of EMEA (Europe, Middle East and Africa) and certain parts of Asia (Asia and Oceania). We also sell Michael Kors products directly to department stores, primarily located across the Americas and EMEA, to specialty stores and travel retail shops in the Americas, Europe and Asia, and to our geographic licensees in certain parts of EMEA, Asia
37
and Brazil. In addition, revenue is generated through product and geographic licensing arrangements, which allow third parties to use the Michael Kors brand name and trademarks in connection with the manufacturing and sale of products, including watches, jewelry, fragrances and eyewear, as well as through geographic licensing arrangements, which allow third parties to use the Michael Kors tradename in connection with the retail and/or wholesale sales of our Michael Kors branded products in specific geographic regions.
Jimmy Choo
We generate revenue through the sale of Jimmy Choo luxury goods through directly operated Jimmy Choo retail and outlet stores throughout the Americas, certain parts of EMEA and certain parts of Asia, and through our e-commerce sites. In addition, revenue is generated through wholesale sales of luxury goods to distribution partners (including geographic licensing arrangements that allow third parties to use the Jimmy Choo tradename in connection with retail and/or wholesale sales of Jimmy Choo branded products in specific geographic regions), multi-brand department stores and specialty stores worldwide, as well as through product licensing agreements, which allow third parties to use the Jimmy Choo brand name and trademarks in connection with the manufacturing and sale of products, including fragrances and eyewear.
Unallocated Corporate Expenses
In addition to the reportable segments discussed above, we have certain corporate costs that are not directly attributable to our brands and, therefore, are not allocated to segments. Such costs primarily include certain administrative, corporate occupancy, shared service and information technology systems expenses, including enterprise resource planning system implementation costs and Capri transformation program costs. In addition, certain other costs are not allocated to segments, including Tapestry related transaction income (costs), impairment charges and restructuring and other (expense) income. The segment structure is consistent with how our chief operating decision maker plans and allocates resources, manages the business and assesses performance.
38
The following table presents our total revenue and income from continuing operations by segment for the three and nine months ended December 27, 2025 and December 28, 2024 (in millions):
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| December 27, 2025 | December 28, 2024 | December 27, 2025 | December 28, 2024 | ||||||||||||||||||||||||||
| Total revenue: | |||||||||||||||||||||||||||||
| Michael Kors | $ | 858 | $ | 909 | $ | 2,218 | $ | 2,322 | |||||||||||||||||||||
| Jimmy Choo | 167 | 159 | 460 | 472 | |||||||||||||||||||||||||
| Total revenue | $ | 1,025 | $ | 1,068 | $ | 2,678 | $ | 2,794 | |||||||||||||||||||||
| Cost of goods sold: | |||||||||||||||||||||||||||||
| Michael Kors | $ | 346 | $ | 340 | $ | 888 | $ | 883 | |||||||||||||||||||||
| Jimmy Choo | 56 | 54 | 143 | 155 | |||||||||||||||||||||||||
| Total cost of goods sold | $ | 402 | $ | 394 | $ | 1,031 | $ | 1,038 | |||||||||||||||||||||
| Selling, general and administrative expenses: | |||||||||||||||||||||||||||||
| Michael Kors | $ | 376 | $ | 403 | $ | 1,022 | $ | 1,071 | |||||||||||||||||||||
| Jimmy Choo | 101 | 104 | 298 | 302 | |||||||||||||||||||||||||
| Corporate | 58 | 30 | 151 | 152 | |||||||||||||||||||||||||
| Total selling, general and administrative expenses | $ | 535 | $ | 537 | $ | 1,471 | $ | 1,525 | |||||||||||||||||||||
| Depreciation and amortization: | |||||||||||||||||||||||||||||
| Michael Kors | $ | 17 | $ | 19 | $ | 53 | $ | 59 | |||||||||||||||||||||
| Jimmy Choo | 7 | 7 | 21 | 22 | |||||||||||||||||||||||||
| Corporate | 6 | 6 | 16 | 18 | |||||||||||||||||||||||||
| Total depreciation and amortization | $ | 30 | $ | 32 | $ | 90 | $ | 99 | |||||||||||||||||||||
| Income from continuing operations: | |||||||||||||||||||||||||||||
| Michael Kors | $ | 119 | $ | 147 | $ | 255 | $ | 309 | |||||||||||||||||||||
| Jimmy Choo | 3 | (6) | (2) | (7) | |||||||||||||||||||||||||
| 122 | 141 | 253 | 302 | ||||||||||||||||||||||||||
| Less: | Corporate expenses | (64) | (50) | (167) | (169) | ||||||||||||||||||||||||
Impairment of assets (1) | — | (81) | (21) | (101) | |||||||||||||||||||||||||
| Tapestry related transaction income (costs) | — | 14 | — | (1) | |||||||||||||||||||||||||
| Restructuring and other (expense) income | (12) | 2 | (15) | — | |||||||||||||||||||||||||
| Income from continuing operations | $ | 46 | $ | 26 | $ | 50 | $ | 31 | |||||||||||||||||||||
(1)Impairment of assets during the nine months ended December 27, 2025 primarily related to operating lease right-of-use assets at certain Michael Kors store locations. Impairment of assets during the nine months ended December 28, 2024 includes $83 million and $18 million of impairment charges related to the Jimmy Choo and Michael Kors reportable segments, respectively.
39
The following table presents our global network of retail stores by brand:
| As of | |||||||||||
| December 27, 2025 | December 28, 2024 | ||||||||||
| Number of full price retail stores (including concessions): | |||||||||||
| Michael Kors | 368 | 435 | |||||||||
| Jimmy Choo | 157 | 168 | |||||||||
| 525 | 603 | ||||||||||
| Number of outlet stores: | |||||||||||
| Michael Kors | 326 | 312 | |||||||||
| Jimmy Choo | 57 | 56 | |||||||||
| 383 | 368 | ||||||||||
| Total number of retail stores | 908 | 971 | |||||||||
The following table presents our retail stores by geographic location:
| As of | As of | |||||||||||||||||||||||||||||
| December 27, 2025 | December 28, 2024 | |||||||||||||||||||||||||||||
| Michael Kors | Jimmy Choo | Michael Kors | Jimmy Choo | |||||||||||||||||||||||||||
| Store count by region: | ||||||||||||||||||||||||||||||
| The Americas | 267 | 41 | 292 | 44 | ||||||||||||||||||||||||||
| EMEA | 140 | 64 | 150 | 65 | ||||||||||||||||||||||||||
| Asia | 287 | 109 | 305 | 115 | ||||||||||||||||||||||||||
| 694 | 214 | 747 | 224 | |||||||||||||||||||||||||||
Key Consolidated Performance Indicators and Statistics
We use a number of key indicators of operating results to evaluate our performance, including the following (dollars in millions):
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| December 27, 2025 | December 28, 2024 | December 27, 2025 | December 28, 2024 | |||||||||||||||||||
| Total revenue | $ | 1,025 | $ | 1,068 | $ | 2,678 | $ | 2,794 | ||||||||||||||
| Gross profit as a percent of total revenue | 60.8 | % | 63.1 | % | 61.5 | % | 62.8 | % | ||||||||||||||
| Income from continuing operations | $ | 46 | $ | 26 | $ | 50 | $ | 31 | ||||||||||||||
| Income from continuing operations as a percent of total revenue | 4.5 | % | 2.4 | % | 1.9 | % | 1.1 | % | ||||||||||||||
Seasonality
We experience certain effects of seasonality with respect to our business. We generally experience greater sales during our third fiscal quarter, primarily driven by holiday season sales.
40
Critical Accounting Policies and Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Critical accounting policies are those that are the most important to the portrayal of our results of operations and financial condition and that require our most difficult, subjective and complex judgments to make estimates about the effect of matters that are inherently uncertain. In applying such policies, we must use certain assumptions that are based on our informed judgments, assessments of probability and best estimates. Estimates, by their nature, are subjective and are based on analysis of available information, including current and historical factors and the experience and judgment of management. We evaluate our assumptions and estimates on an ongoing basis. While our significant accounting policies are detailed in Note 3 - "Summary of Significant Accounting Policies" to the accompanying consolidated financial statements, our critical accounting policies are disclosed, in full, in the MD&A section of our Annual Report on Form 10-K for the fiscal year ended March 29, 2025. There have been no significant changes to our critical accounting policies and estimates since March 29, 2025.
41
Results of Operations
Comparison of the three months ended December 27, 2025 with the three months ended December 28, 2024
The following table details the results of our operations for the three months ended December 27, 2025 and December 28, 2024, and expresses the relationship of certain line items to total revenue as a percentage (dollars in millions):
| Three Months Ended | $ Change | % Change | % of Total Revenue for the Three Months Ended | |||||||||||||||||||||||||||||
| December 27, 2025 | December 28, 2024 | December 27, 2025 | December 28, 2024 | |||||||||||||||||||||||||||||
| Statements of Operations Data: | ||||||||||||||||||||||||||||||||
| Total revenue | $ | 1,025 | $ | 1,068 | $ | (43) | (4.0) | % | ||||||||||||||||||||||||
| Cost of goods sold | 402 | 394 | 8 | 2.0 | % | 39.2 | % | 36.9 | % | |||||||||||||||||||||||
| Gross profit | 623 | 674 | (51) | (7.6) | % | 60.8 | % | 63.1 | % | |||||||||||||||||||||||
| Selling, general and administrative expenses | 535 | 537 | (2) | (0.4) | % | 52.2 | % | 50.3 | % | |||||||||||||||||||||||
| Depreciation and amortization | 30 | 32 | (2) | (6.3) | % | 2.9 | % | 3.0 | % | |||||||||||||||||||||||
| Impairment of assets | — | 81 | (81) | NM | — | % | 7.6 | % | ||||||||||||||||||||||||
| Restructuring and other expense (income) | 12 | (2) | 14 | NM | 1.2 | % | (0.2) | % | ||||||||||||||||||||||||
| Total operating expenses | 577 | 648 | (71) | (11.0) | % | 56.3 | % | 60.7 | % | |||||||||||||||||||||||
| Income from continuing operations | 46 | 26 | 20 | 76.9 | % | 4.5 | % | 2.4 | % | |||||||||||||||||||||||
| Interest income, net | (9) | (8) | (1) | 12.5 | % | (0.9) | % | (0.7) | % | |||||||||||||||||||||||
| Foreign currency loss | — | 15 | (15) | NM | — | % | 1.4 | % | ||||||||||||||||||||||||
| Income from continuing operations before income taxes | 55 | 19 | 36 | NM | 5.4 | % | 1.8 | % | ||||||||||||||||||||||||
| (Benefit) provision for income taxes | (2) | 13 | (15) | NM | (0.2) | % | 1.2 | % | ||||||||||||||||||||||||
| Net income from continuing operations | 57 | 6 | 51 | NM | ||||||||||||||||||||||||||||
| Net income (loss) from discontinued operations, net of tax | 59 | (552) | 611 | NM | ||||||||||||||||||||||||||||
| Net income (loss) | 116 | (546) | 662 | NM | ||||||||||||||||||||||||||||
| Less: Net income attributable to noncontrolling interest from continuing operations | — | 1 | (1) | NM | ||||||||||||||||||||||||||||
| Net income (loss) attributable to Capri | $ | 116 | $ | (547) | $ | 663 | NM | |||||||||||||||||||||||||
Total Revenue
| Three Months Ended | % Change | ||||||||||||||||||||||||||
| (dollars in millions) | December 27, 2025 | December 28, 2024 | $ Change | As Reported | Constant Currency | ||||||||||||||||||||||
| Michael Kors | $ | 858 | $ | 909 | $ | (51) | (5.6) | % | (7.3) | % | |||||||||||||||||
| Jimmy Choo | 167 | 159 | 8 | 5.0 | % | 1.9 | % | ||||||||||||||||||||
| Total revenue | |||||||||||||||||||||||||||
Recent insider activity
| Date | Insider | Role | Action | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-03-11 | IDOL JOHN D | Chairman & CEO | Buy | +55,000 | $17.98 | $988,900 |
Source: SEC Form 4 filings.
Next expected filings
- ~2026-08-06 10-Q expected by 2026-08-07 (in 73 days)
- ~2026-11-03 10-Q expected by 2026-11-04 (in 162 days)
- ~2027-02-02 10-Q expected by 2027-02-03 (in 253 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-04-09 8-K Officer/Director Change
- 2026-02-25 8-K Officer/Director Change; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-02-03 10-Q Quarterly Report
- 2026-02-03 8-K Earnings Release; Financial Statements and Exhibits
- 2025-12-02 8-K Completion of Acquisition/Disposition; Officer/Director Change; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-11-04 10-Q Quarterly Report
- 2025-11-04 8-K Earnings Release; Other Events; Financial Statements and Exhibits
- 2025-08-07 10-Q Quarterly Report
- 2025-08-06 8-K Earnings Release; Other Events; Financial Statements and Exhibits
- 2025-05-28 10-K Annual Report
- 2025-05-28 8-K Earnings Release; Financial Statements and Exhibits
- 2025-04-10 8-K Material Agreement Entered; Financial Statements and Exhibits
- 2025-04-01 8-K Officer/Director Change; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-02-05 10-Q Quarterly Report
- 2025-02-05 8-K Earnings Release; Financial Statements and Exhibits