Capri Holdings Q1 profit beats on Jimmy Choo growth

Capri Holdings said fiscal first-quarter revenue fell 3.5% year over year, beating analyst expectations.

Adjusted earnings per share and adjusted net income for the fiscal first quarter also beat analyst expectations.

The company repurchased $50 million of shares during the quarter.

Capri Holdings said first-quarter gross margin rose 200 basis points, driven by higher full-price sell-throughs and lower tariff rates.

The company attributed Michael Kors revenue decline partly to earlier timing of wholesale shipments and expense deleverage on lower revenue.

Jimmy Choo revenue rose 10.5% year over year, with improved operating margin driven by expense leverage on higher revenue.

Capri Holdings now sees fiscal 2027 revenue of about $3.4 billion, down from its prior view.

The company maintained its fiscal 2027 EPS outlook at about $2.15 despite the lower revenue forecast.

For the second quarter, Capri Holdings expects revenue of about $780 million, citing inventory delays and softer EMEA trends.