Capri Holdings Limited reported a total revenue of $769 million for the three months ended June 27, 2026, a decrease of 3.5% compared to $797 million for the same period in the previous year. The decline was primarily attributed to a 7.1% drop in revenue from the Michael Kors segment, which generated $590 million, while the Jimmy Choo segment saw a 10.5% increase, reaching $179 million. The overall gross profit margin improved to 65.0%, up from 63.0% in the prior year, despite a slight decrease in gross profit to $500 million from $502 million.

In terms of profitability, Capri Holdings reported net income of $70 million, a 32.1% increase from $53 million in the previous year. This growth was driven by a rise in income from continuing operations, which reached $17 million, compared to $16 million in the prior year. The company also experienced a significant increase in interest income, which rose to $31 million from $18 million, reflecting lower average borrowings. The effective tax rate for the quarter was (34.6)%, compared to (40.0)% in the previous year, influenced by changes in valuation allowances.

Operationally, Capri Holdings has made strategic adjustments, including a focus on reducing promotional activity to enhance the quality of sales. The company has also been actively managing its supply chain and sourcing costs amid ongoing macroeconomic pressures, including inflation and geopolitical instability. The company’s cash flow from operating activities improved significantly, reaching $73 million compared to $20 million in the prior year, primarily due to better management of tax payments and net income adjustments.

Capri Holdings continues to navigate challenges in the retail environment, including fluctuations in consumer confidence and supply chain disruptions. The company has also been proactive in its share repurchase program, buying back 2.6 million shares for $50 million during the quarter, with $871 million remaining under the program. Looking ahead, Capri Holdings anticipates ongoing volatility in market conditions but remains committed to executing its growth strategies and optimizing operational efficiencies.

About Capri Holdings Ltd

Capri Holdings Limited is a global luxury fashion group owning iconic brands Versace, Jimmy Choo, and Michael Kors. It designs, manufactures, and retails high-end apparel, footwear, accessories, and fragrances through retail stores, e-commerce, and wholesale channels worldwide. The company emphasizes craftsmanship, brand heritage, and innovative product offerings to serve affluent consumers across key markets, leveraging strong brand recognition and a diversified global distribution network.

This description was generated via AI from an annual report. Updated about 1 year ago.

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