Capri Holdings Limited reported a total revenue of $3.474 billion for the fiscal year ending March 28, 2026, reflecting a decrease of 4.1% compared to $3.621 billion in the previous fiscal year. The decline was primarily driven by a 4.7% drop in revenue from the Michael Kors segment, which generated $2.874 billion, and a slight decrease of 0.8% in Jimmy Choo's revenue, totaling $600 million. The company attributed the revenue decline to reduced promotional activity and a strategic shift towards quality of sale initiatives, which resulted in lower discounted sales.
In terms of profitability, Capri Holdings reported a net income of $138 million, a significant recovery from a net loss of $1.179 billion in the prior year. This turnaround was supported by a positive income from continuing operations of $23 million, compared to a loss of $26 million in the previous fiscal year. The improvement in net income was aided by a reduction in total operating expenses, which decreased by 6.0% to $2.140 billion, and a gross profit margin that remained stable at 62.3%.
Strategically, Capri Holdings completed the sale of its Versace business to Prada for approximately $1.395 billion in cash on December 2, 2025. This divestiture allowed the company to streamline its operations and focus on its core brands, Michael Kors and Jimmy Choo. The company also initiated a three-year share repurchase program of up to $1 billion, which commenced in the fourth quarter of Fiscal 2026, allowing for further capital return to shareholders.
Operationally, Capri Holdings operated 884 retail stores worldwide as of March 28, 2026, a decrease from 930 stores the previous year. The company reported a total employee headcount of approximately 11,200, down from 14,200 in the prior year, reflecting the impact of restructuring initiatives aimed at optimizing operations. The company continues to leverage its e-commerce capabilities, which accounted for a significant portion of its sales, and is focused on enhancing customer engagement through digital platforms.
Looking ahead, Capri Holdings expressed cautious optimism regarding its future performance, emphasizing the importance of adapting to changing consumer preferences and macroeconomic conditions. The company plans to continue executing its growth strategies for both Michael Kors and Jimmy Choo, with a goal to increase revenue for Michael Kors to $4 billion and for Jimmy Choo to $800 million over time. However, the company acknowledged potential risks, including inflationary pressures, geopolitical instability, and competition in the luxury goods market, which could impact its financial outlook.
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.
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