“We were pleased with our third quarter performance which exceeded our expectations. Across both Michael Kors and Jimmy Choo, we continue to advance our strategic initiatives to position our iconic brands for long-term success. Looking ahead, we remain confident that these strategies will support a return to growth in fiscal 2027 as well as establish the groundwork for sustainable performance well into the future”, commented John D. Idol, the Company’s Chairman and Chief Executive Officer. 

Third Quarter Results

In the third quarter of the 2026 fiscal year, which ended on the 27^th of December 2025, Capri Holdings recorded a total revenue of 1.03 billion US dollars. This represented a 4.0% decrease (or a 5.9% decrease on a constant currency basis), as compared to the same period in the previous fiscal year. 

Michael Kors contributed 858 million US dollars to the company’s third quarter revenue, which was down by 5.6% (or 7.3% on a constant currency basis). Meanwhile, Jimmy Choo contributed 167 million US dollars, which was up by 5.0% (or 1.9% on a constant currency basis). Both figures are comparable to the third quarter of the 2025 fiscal year.

In the third quarter of its current fiscal year, Capri Holdings reported a net income of 57 million US dollars (0.47 US dollars per diluted share), as compared to 6 million US dollars (0.05 US dollars per diluted share) in the same period of the prior year. On an adjusted basis, net income increased from 74 million US dollars, or 0.63 US dollars per diluted share, a year earlier, to 98 million US dollars, or 0.81 US dollars per diluted share.

Nevertheless, while reported margins also improved year-on-year, the adjusted operating margin fell from 9.1% to 7.7% in the third quarter. This suggests that the improvement in net income was primarily driven by non-operating factors, such as lower interest expenses resulting from significant debt reduction after Versace’s sales, rather than an improvement in underlying operating profitability.

“Recently we completed the sale of Versace which was a thoughtful decision to strengthen our financial foundation, ensuring we have the flexibility to support Michael Kors and Jimmy Choo’s strategic initiatives and enhance long term shareholder value. The proceeds from the sale were used to significantly reduce our debt levels and we ended the quarter with 80 million US dollars of net debt”, concluded Mr. Idol. 

Full Year 2026 Outlook

For the fiscal year 2026, Capri Holdings expects a total revenue of approximately between 3.45 and 3.475 billion US dollars and an operating income of approximately 100 million US dollars.