Capri returns to profitability
Luxury group Capri Holdings Limited returned to profitability in fiscal 2026, which ended on March 28.
In the fourth quarter, Michael Kors revenue of $656 million decreased 6%, while Jimmy Choo revenue of $140 million increased 5%.
John Idol, Capri CEO and chairman, said: “We took deliberate actions to strengthen product innovation, brand desirability and consumer engagement and we see clear evidence that these efforts are resonating with consumers. Early validation of our strategic initiatives and improving trends across both brands reinforce our confidence in their return to revenue and earnings growth."
Following the US Supreme Court's February 2026 decision which held that tariffs imposed under the International Emergency Economic Powers Act were unlawful, the group expects a refund of $65 million.
Mr Idol added: "In fiscal 2027 we expect to return to low single digit revenue growth and approximately 40% earnings per share growth. Longer term we expect to grow Michael Kors revenue to $4 billion and Jimmy Choo revenue to $800 million while significantly increasing profitability.”
