실적분석 2026년 8월 5일

Capri Holdings ($CPRI) Fiscal 2027 Q1 Earnings Analysis — Adjusted EPS Tops Expectations by Wide Margin, Full-Year Revenue Guidance Cut

Earnings Scorecard

Revenue: $769 million (down 3.5% year-over-year, estimate $753 million) ✅ Beat

EPS: Adjusted $0.67 (estimate $0.40) ✅ Beat

Guidance: Revenue lowered, EPS maintained — full-year revenue about $3.4 billion, adjusted EPS about $2.15

Stock reaction: After-hours -0.12% ($16.5) — as of 08:57 KST, August 5

Highlights

Adjusted EPS surprise: Adjusted $0.67 significantly topped the $0.40 estimate

Jimmy Choo growth & profitability: Revenue up 10.5%, operating margin improved to 7.3%

Gross margin improvement: Overall gross margin expanded to 65.0%, up 200bp year-over-year

Capri Holdings is a global fashion luxury group that owns Michael Kors and Jimmy Choo (the Versace sale to Prada is complete, and these figures are on a continuing-operations basis). Fiscal 2027 first-quarter revenue came in at $769 million, down 3.5% from $797 million a year earlier, but slightly above the $753 million consensus. Adjusted EPS of $0.67 comfortably beat both the prior year's $0.50 and the $0.40 estimate, while GAAP diluted EPS was $0.60. Net income attributable to common shareholders was $69 million (continuing-operations basis).

Jimmy Choo revenue grew 10.5% year-over-year to $179 million (+9.3% on a constant-currency basis), with operating income of $13 million and an operating margin that improved sharply to 7.3% from 2.5% a year earlier. Overall gross margin expanded to 65.0%, supported by a higher mix of full-price selling and tariff relief. Inventory was $624 million, down 20% year-over-year, and free cash flow reached $48 million.

Lows

Revenue contraction: Total revenue fell 3.5% year-over-year (-4.1% on a constant-currency basis)

Michael Kors weakness: Revenue down 7.1%, operating margin slipped to 9.3%

Full-year revenue guidance cut: About $3.4 billion set on inventory delays, EMEA softness, and FX

Flagship brand Michael Kors revenue declined 7.1% year-over-year to $590 million (-7.6% on a constant-currency basis), with operating margin narrowing to 9.3% from 9.9%. The company attributed the pressure to the deleveraging effect of lower revenue on fixed costs. Note that Q1 wholesale shipments were pulled forward, contributing roughly $10 million in revenue that could become a drag in the next quarter.

The full-year outlook is also cautious. The company set fiscal 2027 revenue at approximately $3.4 billion, reflecting Q2 Michael Kors inventory delays (about $50 million), EMEA softness tied to Middle East conflict fallout (about $50 million), and FX headwinds (about $35 million). Q2 guidance calls for revenue of about $780 million and adjusted EPS of about $0.20, with inventory delays and FX/regional softness expected to persist.

What Management Said

Chairman and CEO John D. Idol said first-quarter results exceeded company expectations and highlighted that the company is deepening consumer engagement through brand storytelling and product innovation at both Michael Kors and Jimmy Choo. He noted that Jimmy Choo is expected to continue its growth and return to profitability for the balance of the fiscal year.

At the same time, management acknowledged that, on the Michael Kors side, Q2 inventory shortages, weaker EMEA demand, and revised FX assumptions are weighing on the revenue outlook. The company stressed that, rather than pushing the revenue bar higher, it will lean on operating cost reductions to hold the full-year adjusted EPS guide of approximately $2.15 (about 40% growth year-over-year). The market read the print as "strong near-term results, but the core brand's growth recovery is still pending."

Market Reaction and What's Next

Even though both adjusted EPS and revenue beat estimates, the lower full-year revenue guide and Michael Kors revenue decline arrived in the same print, with positives and negatives largely offsetting. Jimmy Choo's recovery, gross margin improvement, and cost discipline preserving the profit target appear to have limited the downside.

How much of the Michael Kors Q2 inventory delay (company guidance about $645 million) actually shows up in the quarter will be a key checkpoint.

Watch whether EMEA demand and FX assumptions deteriorate further along the path to roughly $3.4 billion in full-year revenue.

Whether cost cuts are enough to protect the full-year adjusted EPS guide of about $2.15, and whether Jimmy Choo's return to profitability sustains, are the core questions going forward.