Capri Holdings, parent company of Michael Kors and Jimmy Choo, delivered first-quarter results for fiscal 2026 that exceeded expectations, offering fresh optimism to investors. Chairman and CEO John D. Idol stated: “We are encouraged by our first-quarter results. Trends showed sequential improvement, resulting in revenue and earnings per share above expectations. While it’s still early, we are beginning to see signs that our strategies are working.”
First-Quarter Results
For the quarter ended June 28, Capri’s total revenue declined 6% year-over-year to $797 million.
- Michael Kors: $635 million revenue, down 5.9%
- Jimmy Choo: $162 million revenue, down 6.4%
- Versace: Classified as discontinued operations, pending its acquisition by Prada in the second half of 2025.
Gross profit came in at $502 million with a gross margin of 63%. Operating income rose to $16 million from $11 million in the prior year, while net income surged to $56 million compared with just $5 million a year ago.
Full-Year Outlook
Despite rising U.S. tariffs on imports from the EU, Asia, and other countries, Capri maintained its full-year guidance:
- Revenue between $3.375 – $3.45 billion
- Operating income of $100 million
- Diluted EPS in the range of $1.20 – $1.40
Capri Holdings emphasized that its strategic initiatives are helping reinvigorate its luxury fashion houses, setting the stage for sustainable growth.
