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Shuffle Board: Capri Supply Chain Lead Pivots to PVH, Puma Nabs HR Head
Yahoo Finance· 2025-10-10 20:48
Leadership Changes - PVH Corp. has appointed Patricia Gabriel as chief supply chain officer and global head of operations, succeeding David Savman, who will focus on his role as Calvin Klein's global brand president [1] - Toms has named Jessica Alsing as chief executive officer, marking the first time a woman leads the company [2] - Puma has appointed Thomas John as vice president of people and organization, effective October 16, succeeding Dietmar Knoess [3] - Vestiaire Collective has promoted Bernard Osta from chief financial officer to chief executive officer, replacing Maximilian Bittner [4] Strategic Focus - Patricia Gabriel will oversee global operations at PVH, bringing experience from her previous role at Capri Holdings [1] - Jessica Alsing previously served as chief digital officer, focusing on global e-commerce and digital engagement [2] - Bernard Osta plans to accelerate AI efforts, enhance brand and global presence, and improve authentication leadership at Vestiaire Collective [4]
Capri Holdings: A Risky Turnaround (NYSE:CPRI)
Seeking Alpha· 2025-09-30 14:19
This is the second article in a series I'm writing comparing three companies operating in the luxury sector. In the previous article , I discussed Prada ( OTCPK:PRDSY ); in this one, I'll focusI like to call myself a value investor because I try to invest in great companies by paying them less than they are worth to have a margin of safety. The first thing I think about before investing in a company is the potential loss I can incur and the likelihood of this occurring. I don't see volatility as a risk, I i ...
欧盟批准普拉达收购范思哲的交易
Ge Long Hui A P P· 2025-09-30 13:44
Group 1 - The European Commission has approved Prada's acquisition of fashion group Versace, stating that the transaction does not pose any competition issues [1] - Earlier this year, Prada reached a deal valued at $1.38 billion to acquire the smaller competitor Versace from Capri Holdings [1]
Capri: Awaiting Versace Sale And Business Stability (NYSE:CPRI)
Seeking Alpha· 2025-09-29 21:00
If you like to see more ideas, please subscribe to the premium service "Value in Corporate Events" here and try the free trial. In this service we cover major earnings events, M&A, IPOs and other significant corporate events with actionable ideas. Furthermore, we provide coverage of situations and names on request!In April, I concluded that Capri Holdings Limited (NYSE: CPRI ) was moving along without Versace. Following antitrust issues with Tapestry, Inc. ( TPR ) and leverage taken on in the years before, ...
路威酩轩、历峰、爱马仕、开云、PVH集团、斯沃琪集团等21家奢侈品企业2025年第二季度和上半年财报业绩汇总
Xin Lang Cai Jing· 2025-09-20 00:04
Group 1: LVMH Performance - LVMH reported H1 2025 revenue of €39.81 billion (approximately $46.6 billion), a 4% decrease from €41.68 billion in the same period last year [3] - Operating profit fell to €9.01 billion, down 15% from €10.65 billion year-on-year [3] - Net profit decreased by 22% to €5.70 billion from €7.27 billion in the previous year [3] Group 2: Richemont Performance - Richemont's total sales for Q1 2025 reached €5.41 billion (approximately $6.33 billion), up from €5.27 billion year-on-year [4] - Jewelry sales increased to €3.91 billion from €3.66 billion, while watch sales decreased to €0.82 billion from €0.91 billion [4] Group 3: Hermès Performance - Hermès reported H1 2025 revenue of €8.03 billion (approximately $9.4 billion), an increase from €7.50 billion in the same period last year [5] - Operating profit rose to €3.33 billion from €3.15 billion year-on-year [5] - Net profit for the group was €2.25 billion, down from €2.37 billion in the previous year [5] Group 4: Kering Performance - Kering's H1 2025 revenue was €7.59 billion (approximately $8.8 billion), down from €9.02 billion year-on-year [6] - Operating profit decreased to €1.00 billion from €1.57 billion [6] - Net profit attributable to the group fell to €0.47 billion from €0.88 billion [6][7] Group 5: EssilorLuxottica Performance - EssilorLuxottica reported adjusted revenue of €14.02 billion for H1 2025, up from €13.29 billion year-on-year [8] - Adjusted operating profit increased to €2.53 billion from €2.43 billion [8] - Adjusted net profit rose to €1.80 billion from €1.75 billion [8] Group 6: Other Companies Performance - Lao Feng Xiang reported H1 2025 revenue of ¥33.36 billion (approximately $4.68 billion), a 16.52% decrease year-on-year [9] - PVH Corp. reported Q2 2025 revenue of $2.17 billion, up from $2.07 billion year-on-year [10] - Swatch Group's H1 2025 net sales were CHF 3.06 billion (approximately $3.83 billion), down 11.2% from the previous year [11] - Tapestry reported Q4 2025 net sales of $1.72 billion, up from $1.59 billion year-on-year [12] - Ralph Lauren's Q1 2025 net sales were $1.72 billion, up from $1.51 billion [13] - Prada Group reported H1 2025 revenue of €2.74 billion (approximately $3.21 billion), an 8% increase year-on-year [15] - Signet Jewelers reported Q2 2025 sales of $1.54 billion, up from $1.49 billion year-on-year [16] - Puig reported H1 2025 revenue of €2.30 billion (approximately $2.69 billion), a 5.9% increase year-on-year [17] - Hugo Boss reported H1 2025 sales of €2.00 billion (approximately $2.34 billion), down from €2.03 billion [18] - Pandora reported Q2 2025 revenue of DKK 7.07 billion (approximately $1.11 billion), up from DKK 6.77 billion [19] - Capri Holdings reported Q1 2025 revenue of $797 million, down from $848 million [20] - Burberry reported Q1 2025 retail revenue of £433 million (approximately $586 million), down 6% year-on-year [21] - Ermenegildo Zegna Group reported H1 2025 revenue of €0.93 billion (approximately $1.09 billion), down from €0.96 billion [23] - Zhou Dasheng reported H1 2025 revenue of ¥4.60 billion (approximately $645 million), a 43.92% decrease year-on-year [24] - Salvatore Ferragamo reported H1 2025 revenue of €0.47 billion (approximately $0.55 billion), down 9.4% year-on-year [25] - Fossil Group reported Q2 2025 net sales of $220 million, down from $260 million [26]
Sipping with Style: Capri Sun and Christian Siriano Introduce the Fan-Fueled Pouch Purse
Businesswire· 2025-09-12 21:30
Core Insights - Capri Sun has evolved from a beverage brand to a cultural icon, with fans creatively repurposing its packaging into fashion items since the early 2000s [1] - The brand has partnered with renowned American fashion designer Christian Siriano to celebrate this trend and further enhance its status in the fashion industry [1] Brand Evolution - The transformation of Capri Sun's iconic silver pouch into a fashion statement has been driven by user-generated content on platforms like YouTube and TikTok [1] - This trend has engaged multiple generations of fans, turning them into at-home designers and reinforcing the pouch's status as a style statement [1] Collaboration - The collaboration with Christian Siriano marks a significant step for Capri Sun in merging beverage branding with high fashion [1] - This partnership aims to celebrate and elevate the creativity of Capri Sun enthusiasts while tapping into the fashion market [1]
International Markets and Capri Holdings (CPRI): A Deep Dive for Investors
ZACKS· 2025-08-11 14:16
Core Insights - Capri Holdings' international operations are crucial for understanding its financial resilience and growth potential [1][2] - The company's total revenue for the quarter ending June 2025 was $797 million, a decrease of 25.3% year-over-year [4] International Revenue Analysis - EMEA generated $228 million, accounting for 28.6% of total revenue, exceeding Wall Street's expectation of $213.7 million by +6.69% [5] - Asia contributed $110 million, representing 13.8% of total revenue, falling short of the expected $112.31 million by -2.06% [6] - For the upcoming fiscal quarter, total revenue is projected at $828 million, a decline of 23.3% year-over-year, with EMEA and Asia expected to contribute 29.8% ($246.49 million) and 9.6% ($79.12 million) respectively [7] - For the full year, total revenue is anticipated to be $3.42 billion, reflecting a 23% decline from the previous year, with EMEA and Asia expected to account for 28% ($957.53 million) and 11.5% ($394.21 million) respectively [8] Market Context - The dependency on global markets presents both opportunities and risks for Capri Holdings, making the monitoring of international revenue trends essential for predicting future performance [9][10] - The stock has appreciated by 2.3% over the past four weeks, in line with the Zacks S&P 500 composite, while over three months, it has increased by 6.1%, compared to the S&P 500's 13.2% rise [13]
安踏再传收购锐步;Crocs股价暴跌30%|二姨看时尚
Group 1: Market Overview - The luxury goods sector is experiencing a mixed performance, with some brands showing resilience while others struggle in a declining market environment [1] - Ralph Lauren reported a 14% year-over-year revenue increase to $1.7 billion in Q1 of FY2026, exceeding market expectations [3] - Capri Holdings saw a 6% decline in revenue to $797 million but turned a profit of $53 million, indicating a strategic focus on its core brands [4] Group 2: Brand Performance - Crocs' stock plummeted by 29.2% after a disappointing earnings outlook, forecasting a 9% to 11% revenue decline for Q3 [2] - Shiseido's sales fell by 7.6% to 470 billion yen (approximately 22.9 billion RMB) in the first half of FY2025, but core operating profit rose by 21.3% [6] - Hugo Boss reported flat sales of 2 billion euros in H1 2025, with a slight profit increase to 87 million euros [7] Group 3: Strategic Moves - Anta is reportedly acquiring Reebok, aiming to enhance its global presence, although the deal's finalization remains uncertain [8] - Tapestry has sold its struggling Stuart Weitzman brand for $120.2 million, allowing it to focus on its core brands Coach and Kate Spade [9] - Kering Group is partnering with Swire Properties to promote sustainable retail practices, aligning with its environmental commitments [11] Group 4: Regional Expansion - Fendi opened its first store in Cancun, Mexico, to expand its market presence, featuring a design that blends Italian aesthetics with local culture [10] - The Asian market showed significant growth for Ralph Lauren, with revenue increasing by over 30% in China [3] - The Americas and Asia regions reported growth for the global cosmetics giant Intercos, with a 15.6% increase in the Asian market [12]
Capri (CPRI) - 2026 Q1 - Quarterly Report
2025-08-07 20:08
PART I FINANCIAL INFORMATION This section presents the company's comprehensive financial statements and related disclosures for the quarter [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Capri Holdings Limited's unaudited consolidated financial statements and notes, including Versace's discontinued operations classification [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheets show an **increase** in **total assets** from **$5,213 million** at March 29, 2025, to **$5,469 million** at June 28, 2025, **primarily driven by** an **increase** in noncurrent assets held for sale and inventories Key Metrics | Metric | June 28, 2025 (in millions) | March 29, 2025 (in millions) | Change (in millions) | | :-------------------------------- | :-------------------------- | :--------------------------- | :------------------- | | Total assets | $5,469 | $5,213 | $256 | | Total liabilities | $5,482 | $4,841 | $641 | | Total shareholders' equity | $(13) | $372 | $(385) | - Current assets held for sale **increased** from **$342 million** to **$384 million**, and noncurrent assets held for sale **increased** from **$1,594 million** to **$1,707 million**, reflecting the classification of the Versace business as held for sale[10](index=10&type=chunk)[18](index=18&type=chunk)[52](index=52&type=chunk) - Long-term debt **increased** from **$1,466 million** to **$1,650 million**, **contributing to** the overall **rise in** liabilities[10](index=10&type=chunk) [Consolidated Statements of Operations and Comprehensive Income (Loss)](index=6&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%28Loss%29) For the three months ended June 28, 2025, Capri Holdings reported a net income of **$53 million**, a **significant improvement** from a net loss of **$12 million** in the prior year period Key Metrics | Metric | Three Months Ended June 28, 2025 (in millions) | Three Months Ended June 29, 2024 (in millions) | Change (in millions) | | :------------------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :------------------- | | Total revenue | $797 | $848 | $(51) | | Gross profit | $502 | $535 | $(33) | | Income from operations | $16 | $11 | $5 | | Net income from continuing operations | $56 | $5 | $51 | | Net loss from discontinued operations, net of tax | $(3) | $(17) | $14 | | Net income (loss) attributable to Capri | $53 | $(14) | $67 | | Diluted EPS | $0.44 | $(0.12) | $0.56 | - Total revenue **decreased by 6.0%** year-over-year, from **$848 million** to **$797 million**[11](index=11&type=chunk) - Income from operations **increased by 45.5%** to **$16 million**, and net income from continuing operations saw a **substantial increase** from **$5 million** to **$56 million**[11](index=11&type=chunk) - Comprehensive loss attributable to Capri was **$(400) million** for the three months ended June 28, 2025, compared to **$(43) million** in the prior year, **primarily due to** foreign currency translation adjustments[11](index=11&type=chunk) [Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Shareholders%27%20Equity) The consolidated statements of shareholders' equity show a **significant decrease** in **total shareholders' equity** from **$372 million** at March 29, 2025, to **$(13) million** at June 28, 2025 Key Metrics | Metric | March 29, 2025 (in millions) | June 28, 2025 (in millions) | Change (in millions) | | :-------------------------------- | :--------------------------- | :-------------------------- | :------------------- | | Total shareholders' equity | $372 | $(13) | $(385) | | Accumulated other comprehensive (loss) income | $57 | $(396) | $(453) | | Retained earnings | $4,297 | $4,350 | $53 | | Share-based compensation expense | N/A | $16 | N/A | - The accumulated other comprehensive (loss) income **shifted from** a **gain of $57 million** to a **loss of $(396) million**, largely **due to** foreign currency translation adjustments of **$(453) million**[13](index=13&type=chunk) - Net income of **$53 million contributed positively to** retained earnings, which **increased** from **$4,297 million** to **$4,350 million**[13](index=13&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the three months ended June 28, 2025, the company experienced net cash used in operating activities of **$(8) million**, a **decrease** from **$83 million** provided in the prior year Cash Flow Activities | Cash Flow Activity | Three Months Ended June 28, 2025 (in millions) | Three Months Ended June 29, 2024 (in millions) | Change (in millions) | | :--------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :------------------- | | Net cash (used in) provided by operating activities | $(8) | $83 | $(91) | | Net cash used in investing activities | $(19) | $(52) | $33 | | Net cash provided by (used in) financing activities | $94 | $(9) | $103 | | Effect of exchange rate changes on cash | $(32) | $(5) | $(27) | | Net increase in cash, cash equivalents and restricted cash | $35 | $17 | $18 | | End of period cash, cash equivalents and restricted cash | $210 | $222 | $(12) | - Operating cash flow from continuing operations **decreased** from **$66 million** to **$20 million**, while discontinued operations used **$(28) million** in cash, compared to providing **$17 million** in the prior year[15](index=15&type=chunk) - Net cash **provided by** financing activities **significantly increased** to **$94 million**, **primarily due to higher** net debt borrowings of **$95 million** (**$597 million** borrowings less **$502 million** repayments)[15](index=15&type=chunk) [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the company's business, accounting policies, the impact of the terminated merger, Versace's discontinued operations, revenue recognition, and specifics on various financial accounts [1. Business and Basis of Presentation](index=9&type=section&id=1.%20Business%20and%20Basis%20of%20Presentation) Capri Holdings Limited, a British Virgin Islands holding company, owns Michael Kors, Jimmy Choo, and Versace, with Versace now classified as discontinued operations due to its pending sale to Prada - Capri Holdings Limited owns and operates the Michael Kors, Jimmy Choo, and Versace brands[17](index=17&type=chunk) - On April 10, 2025, the Company entered into an agreement to sell its Versace business to Prada S.p.A. for **$1.375 billion** in cash[18](index=18&type=chunk)[51](index=51&type=chunk) - The Versace business has been classified as discontinued operations and held for sale in the financial statements for all periods presented[18](index=18&type=chunk)[52](index=52&type=chunk) [2. Termination of the Merger Agreement](index=9&type=section&id=2.%20Termination%20of%20the%20Merger%20Agreement) The merger agreement with Tapestry, Inc. was terminated on November 13, 2024, due to a U.S. FTC lawsuit and preliminary injunction, with Tapestry reimbursing Capri **$45 million** for expenses - The Merger Agreement with Tapestry, Inc. was **terminated** on November 13, 2024, **due to** the U.S. FTC's lawsuit and preliminary injunction[24](index=24&type=chunk)[25](index=25&type=chunk) - Tapestry reimbursed Capri approximately **$45 million** in cash for certain expenses related to the **terminated** merger[25](index=25&type=chunk) [3. Summary of Significant Accounting Policies](index=10&type=section&id=3.%20Summary%20of%20Significant%20Accounting%20Policies) This section outlines key accounting policies, including estimates, seasonality, cash, inventories, derivatives, leases, and net income per share, noting **no material impact** from Pillar Two initiatives - The company experiences seasonality, with **greater sales** in the third fiscal quarter (holiday season) and **lowest sales** in the first fiscal quarter[27](index=27&type=chunk) - The company uses forward foreign currency exchange contracts and cross currency swap agreements for hedging, with fair value changes recorded in equity or earnings depending on designation[31](index=31&type=chunk)[32](index=32&type=chunk)[34](index=34&type=chunk) - New accounting pronouncements (ASU 2023-09 for Income Taxes, ASU 2024-03 for Comprehensive Income) are being assessed for impact, with Pillar Two Global Anti-Base Erosion Rules not projected to have a **material impact**[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) [4. Discontinued Operations](index=14&type=section&id=4.%20Discontinued%20Operations) The Versace business is classified as discontinued operations and held for sale following an agreement to sell it to Prada for **$1.375 billion**, impacting consolidated financial statements - Versace business classified as discontinued operations and held for sale as of April 10, 2025, with a sale price of **$1.375 billion**[51](index=51&type=chunk)[52](index=52&type=chunk) Versace Assets Held for Sale | Versace Assets Held for Sale (in millions) | June 28, 2025 | March 29, 2025 | | :--------------------------------- | :------------ | :------------- | | Total assets held for sale | $2,091 | $1,936 | | Total liabilities held for sale | $927 | $879 | Versace Discontinued Operations | Versace Discontinued Operations (in millions) | Three Months Ended June 28, 2025 | Three Months Ended June 29, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | | Total revenue | $183 | $219 | | Net loss from discontinued operations, net of tax | $(3) | $(17) | [5. Revenue Recognition](index=16&type=section&id=5.%20Revenue%20Recognition) Revenue is recognized when control of goods or services transfers to customers across retail, wholesale, and licensing channels, disaggregated by segment and geographic location - Revenue is generated through three **primary channels**: retail (stores, e-commerce), wholesale (department stores, specialty stores), and licensing (royalty and advertising revenue)[57](index=57&type=chunk) Segment Revenue by Geographic Location | Segment Revenue by Geographic Location (in millions) | June 28, 2025 | June 29, 2024 | | :----------------------------------------- | :------------ | :------------ | | Michael Kors - the Americas | $413 | $451 | | Michael Kors - EMEA | $150 | $138 | | Michael Kors - Asia | $72 | $86 | | Total Michael Kors revenue | $635 | $675 | | Jimmy Choo - the Americas | $46 | $52 | | Jimmy Choo - EMEA | $78 | $77 | | Jimmy Choo - Asia | $38 | $44 | | Total Jimmy Choo revenue | $162 | $173 | | Total revenue | $797 | $848 | - Total contract liabilities were **$16 million** as of June 28, 2025, **up from $14 million** at March 29, 2025[68](index=68&type=chunk) [6. Receivables, net](index=18&type=section&id=6.%20Receivables%2C%20net) Receivables, net, **decreased** to **$171 million** at June 28, 2025, from **$215 million** at March 29, 2025, presented net of allowances for discounts, markdowns, operational chargebacks, and credit losses Receivables, Net | Receivables, net (in millions) | June 28, 2025 | March 29, 2025 | | :----------------------------- | :------------ | :------------- | | Trade receivables | $203 | $237 | | Receivables due from licensees | $14 | $20 | | Less: allowances | $(46) | $(42) | | Total receivables, net | $171 | $215 | - Allowance for credit losses **increased slightly** from **$13 million** to **$14 million**[72](index=72&type=chunk) [7. Property and Equipment, net](index=19&type=section&id=7.%20Property%20and%20Equipment%2C%20net) Property and equipment, net, **increased** to **$400 million** at June 28, 2025, from **$393 million** at March 29, 2025, with depreciation and amortization expense **decreasing** to **$23 million** Property and Equipment, Net | Property and Equipment, net (in millions) | June 28, 2025 | March 29, 2025 | | :---------------------------------------- | :------------ | :------------- |\ | Total property and equipment, gross | $1,094 | $1,050 | | Less: accumulated depreciation and amortization | $(713) | $(675) | | Total property and equipment, net | $400 | $393 | - Depreciation and amortization expense **decreased** from **$26 million** in Q1 2024 to **$23 million** in Q1 2025[73](index=73&type=chunk) [8. Intangible Assets and Goodwill](index=19&type=section&id=8.%20Intangible%20Assets%20and%20Goodwill) Net intangible assets **increased** to **$595 million** and goodwill to **$204 million** at June 28, 2025, **primarily due to** foreign currency translation adjustments, with no impairment charges Intangible Assets and Goodwill | Intangible Assets and Goodwill (in millions) | June 28, 2025 | March 29, 2025 | | :----------------------------------------- | :------------ | :------------- | | Net definite-lived intangible assets | $378 | $378 | | Net indefinite-lived intangible assets | $217 | $204 | | Intangible assets, net | $595 | $582 | | Goodwill | $204 | $199 | - Amortization expense for definite-lived intangible assets was **$7 million** for the three months ended June 28, 2025, **up from $6 million** in the prior year[75](index=75&type=chunk) - The changes in carrying values for customer relationships and the Jimmy Choo brand reflect foreign currency translation adjustments[74](index=74&type=chunk) [9. Other Current Assets and Other Current Liabilities](index=20&type=section&id=9.%20Other%20Current%20Assets%20and%20Other%20Current%20Liabilities) Prepaid expenses and other current assets **increased** to **$176 million** at June 28, 2025, from **$156 million** at March 29, 2025, mainly **due to higher** prepaid taxes Other Current Assets | Other Current Assets (in millions) | June 28, 2025 | March 29, 2025 | | :--------------------------------- | :------------ | :------------- | | Prepaid taxes | $96 | $65 | | Interest receivable related to hedges | $17 | $36 | | Total prepaid expenses and other current assets | $176 | $156 | Other Current Liabilities | Other Current Liabilities (in millions) | June 28, 2025 | March 29, 2025 | | :------------------------------------ | :------------ | :------------- | | Short-term derivative liability | $52 | $14 | | Return liabilities | $27 | $25 | | Total accrued expenses and other current liabilities | $265 | $233 | [10. Restructuring and Other Expense](index=20&type=section&id=10.%20Restructuring%20and%20Other%20Expense) The company recorded **$1 million** in net restructuring charges for the three months ended June 28, 2025, **consistent with** the prior year, **primarily for** severance and store closure costs under the Global Optimization Plan - Net restructuring charges were **$1 million** for both the three months ended June 28, 2025, and June 29, 2024[78](index=78&type=chunk) - Charges are **primarily for** severance and store closure costs under the Global Optimization Plan, partially offset by lease termination gains[78](index=78&type=chunk) - **15** retail stores were closed during the three months ended June 28, 2025, as part of the plan[78](index=78&type=chunk) [11. Debt Obligations](index=21&type=section&id=11.%20Debt%20Obligations) Total debt **increased** to **$1,677 million** at June 28, 2025, from **$1,496 million** at March 29, 2025, **primarily due to increased** borrowings under the Revolving Credit Facilities and 2025 Term Loans Debt Obligations | Debt Obligations (in millions) | June 28, 2025 | March 29, 2025 | | :----------------------------- | :------------ | :------------- | | Revolving Credit Facilities | $912 | $755 | | 2025 Term Loans | $738 | $712 | | Total debt | $1,677 | $1,496 | | Total long-term debt | $1,650 | $1,466 | - The 2025 Credit Facilities, totaling **$2.2 billion**, mature on July 1, 2027, and are secured by **substantially all** assets of the company and its U.S. subsidiaries[81](index=81&type=chunk)[82](index=82&type=chunk) - The company was in compliance with all debt covenants as of June 28, 2025[89](index=89&type=chunk) [12. Commitments and Contingencies](index=23&type=section&id=12.%20Commitments%20and%20Contingencies) The company is involved in routine legal proceedings, which are not expected to have a **material adverse effect** on its business, but faces class action complaints related to the terminated Tapestry merger, which could result in **substantial liability** - Routine legal proceedings are not expected to have a **material adverse effect**[92](index=92&type=chunk) - The company faces class action complaints related to the **terminated** merger with Tapestry, alleging federal securities law violations[93](index=93&type=chunk)[205](index=205&type=chunk) - The outcome of the merger-related litigation is **uncertain** and could result in **substantial liability**[205](index=205&type=chunk) [13. Fair Value Measurements](index=23&type=section&id=13.%20Fair%20Value%20Measurements) Financial assets and liabilities are measured at fair value using a three-level hierarchy, with derivative contracts and debt obligations valued using Level 2 inputs - Derivative contracts are measured at fair value using Level 2 inputs (broker quotations, observable market information)[98](index=98&type=chunk)[99](index=99&type=chunk) Derivative Liabilities | Derivative Liabilities (in millions) | June 28, 2025 (Level 2) | March 29, 2025 (Level 2) | | :--------------------------------- | :---------------------- | :----------------------- | | Forward foreign currency exchange contracts | $6 | $2 | | Net investment hedges | $874 | $289 | | Total derivative liabilities | $880 | $291 | - The fair value of debt (Revolving Credit Facilities and 2025 Term Loans) is approximated by carrying value or estimated using Level 2 measurements[100](index=100&type=chunk) [14. Derivative Financial Instruments](index=24&type=section&id=14.%20Derivative%20Financial%20Instruments) The company uses forward foreign currency exchange contracts to hedge inventory purchases and cross-currency swap agreements to hedge net investments in foreign operations - Outstanding forward foreign currency exchange contracts **increased** from **$50 million** to **$79 million** for the three months ended June 28, 2025[104](index=104&type=chunk) - The company maintained **$3.5 billion** in net investment hedges for CHF-denominated subsidiaries and **$2.364 billion** for Euro-denominated subsidiaries[107](index=107&type=chunk)[109](index=109&type=chunk) - Interest income from net investment hedges was **$36 million** for the three months ended June 28, 2025, **up from $24 million** in the prior year[110](index=110&type=chunk) Pre-Tax Losses Recognized in OCI | Pre-Tax Losses Recognized in OCI (in millions) | Three Months Ended June 28, 2025 | Three Months Ended June 29, 2024 | | :--------------------------------------------- | :------------------------------- | :------------------------------- | | Designated net investment hedges | $(585) | $(26) | [15. Shareholders' Equity](index=26&type=section&id=15.%20Shareholders%27%20Equity) The **$1.0 billion** share repurchase program expired, with no open market repurchases during the period, while accumulated other comprehensive loss **significantly decreased** due to foreign currency adjustments - The **$1.0 billion** share repurchase program **expired** on November 9, 2024, with no open market repurchases during the period[117](index=117&type=chunk)[118](index=118&type=chunk) - **86,365** shares were withheld to cover tax obligations for vested restricted share awards, valued at **$1 million**, for the three months ended June 28, 2025[119](index=119&type=chunk) AOCI Components | AOCI Components (in millions) | Balance at March 29, 2025 | Balance at June 28, 2025 | | :----------------------------- | :------------------------ | :----------------------- | | Foreign Currency Translation Adjustments | $67 | $(384) | | Net Loss on Derivatives | $(10) | $(12) | | Total AOCI | $57 | $(396) | - Foreign currency translation adjustments resulted in a **$451 million loss** before reclassifications, **primarily from** net investment hedges[120](index=120&type=chunk) [16. Share-Based Compensation](index=27&type=section&id=16.%20Share-Based%20Compensation) Share-based compensation expense **decreased** to **$14 million** for the three months ended June 28, 2025, from **$24 million** in the prior year Share-Based Compensation | Share-Based Compensation (in millions) | Three Months Ended June 28, 2025 | Three Months Ended June 29, 2024 | | :------------------------------------- | :------------------------------- | :------------------------------- | | Share-based compensation expense | $14 | $24 | | Tax benefit related to share-based compensation expense | $0 | $4 | - **2,147,786** service-based RSUs were granted during the three months ended June 28, 2025[122](index=122&type=chunk) - **996,684** ordinary shares were available for future equity award grants under the Incentive Plan as of June 28, 2025[121](index=121&type=chunk) [17. Income Taxes](index=28&type=section&id=17.%20Income%20Taxes) The **effective tax rate** for the three months ended June 28, 2025, was **(40)%**, a **significant change** from **55%** in the prior year, **primarily due to** a **reduction in** the valuation allowance Income Tax Metrics | Income Tax Metric | Three Months Ended June 28, 2025 | Three Months Ended June 29, 2024 | | :---------------- | :------------------------------- | :------------------------------- | | Effective tax rate | (40)% | 55% | | (Benefit) provision for income taxes | $(16) million | $6 million | - The **decrease** in the **effective tax rate** was **primarily due to** a **reduction in** the valuation allowance[125](index=125&type=chunk)[174](index=174&type=chunk) - The company is evaluating the future impact of the U.S. One Big Beautiful Bill Act of 2025 and new IRS regulations on dual consolidated losses[128](index=128&type=chunk)[129](index=129&type=chunk)[175](index=175&type=chunk)[176](index=176&type=chunk) [18. Segment Information](index=29&type=section&id=18.%20Segment%20Information) Capri Holdings operates through Michael Kors, Jimmy Choo, and Versace, with Versace's results excluded due to its discontinued operations classification, and both Michael Kors and Jimmy Choo experiencing revenue declines - The Versace business is excluded from segment information for all periods presented **due to** its classification as discontinued operations[130](index=130&type=chunk)[132](index=132&type=chunk) Segment Performance | Segment Performance (in millions) | Three Months Ended June 28, 2025 | Three Months Ended June 29, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | | Michael Kors Total revenue | $635 | $675 | | Jimmy Choo Total revenue | $162 | $173 | | Michael Kors Income from operations | $63 | $75 | | Jimmy Choo Income from operations | $4 | $4 | | Corporate expenses | $(50) | $(62) | - Michael Kors revenue **decreased by 5.9%** and Jimmy Choo revenue **decreased by 6.4%** year-over-year[134](index=134&type=chunk) [19. Subsequent Events](index=31&type=section&id=19.%20Subsequent%20Events) On August 7, 2025, shareholders approved an amendment to the Omnibus Incentive Plan, reserving an additional **2,500,000** ordinary shares for issuance - Shareholders approved an amendment to the Omnibus Incentive Plan on August 7, 2025[136](index=136&type=chunk) - An additional **2,500,000** ordinary shares were reserved for issuance under the Incentive Plan[136](index=136&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial performance and condition, detailing segment performance, consolidated indicators, and liquidity, including the impact of the terminated Tapestry merger and Versace's sale [Overview](index=32&type=section&id=Overview) Capri Holdings Limited, a global luxury fashion group, has classified Versace as discontinued operations due to its pending sale to Prada, and the Tapestry merger was terminated due to regulatory challenges - Capri Holdings operates Michael Kors, Jimmy Choo, and Versace brands, with Versace now classified as discontinued operations **due to** its sale to Prada[137](index=137&type=chunk)[141](index=141&type=chunk) - The merger agreement with Tapestry was **terminated** on November 13, 2024, following a U.S. FTC lawsuit and preliminary injunction[144](index=144&type=chunk)[145](index=145&type=chunk) - Key factors affecting financial condition include macroeconomic pressures, inflationary trends, manufacturing costs, tariffs, foreign currency fluctuations, and supply chain disruptions[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk) [Segment Information](index=34&type=section&id=Segment%20Information) Capri Holdings operates through Michael Kors and Jimmy Choo segments, with Versace now reported as discontinued operations; both segments experienced revenue declines **due to** a **slowdown in** luxury demand - Michael Kors revenue **decreased by 5.9%** to **$635 million**, and Jimmy Choo revenue **decreased by 6.4%** to **$162 million**[154](index=154&type=chunk) - The revenue **decline** was **primarily attributed to** a **slowdown in** demand for fashion luxury goods in North America and Asia[160](index=160&type=chunk)[161](index=161&type=chunk) - Unallocated corporate expenses **decreased by 27.4%** to **$45 million**, mainly **due to** the completion of Capri transformation projects and the absence of prior-year transaction-related costs[154](index=154&type=chunk)[167](index=167&type=chunk) Retail Stores by Brand | Retail Stores by Brand | June 28, 2025 | June 29, 2024 | | :--------------------- | :------------ | :------------ | | Michael Kors (full price) | 384 | 456 | | Jimmy Choo (full price) | 161 | 170 | | Michael Kors (outlet) | 311 | 308 | | Jimmy Choo (outlet) | 56 | 57 | | Total retail stores | 912 | 991 | [Key Consolidated Performance Indicators and Statistics](index=36&type=section&id=Key%20Consolidated%20Performance%20Indicators%20and%20Statistics) Total revenue **decreased by 6.0%** to **$797 million**. Gross profit margin remained **stable** at **63.0%**, while income from operations **significantly increased by 45.5%** to **$16 million**, **improving** the operating margin to **2.0%** Key Metrics | Metric | Three Months Ended June 28, 2025 | Three Months Ended June 29, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | | Total revenue | $797 million | $848 million | | Gross profit as a percent of total revenue | 63.0% | 63.1% | | Income from operations | $16 million | $11 million | | Income from operations as a percent of total revenue | 2.0% | 1.3% | - Total revenue **decreased by $51 million**, or **6.0%**, with a constant currency **decrease of 7.7%**[160](index=160&type=chunk) [Seasonality](index=36&type=section&id=Seasonality) The company's business is seasonal, with the **highest sales** typically occurring in the third fiscal quarter **due to** holiday sales, and the **lowest sales** in the first fiscal quarter - **Greater sales** are generally experienced during the third fiscal quarter, **driven by** holiday season sales[157](index=157&type=chunk) - The first fiscal quarter typically sees the **lowest sales**[157](index=157&type=chunk) [Critical Accounting Policies and Estimates](index=37&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) The preparation of financial statements requires management to make **significant** estimates and assumptions, with **no significant changes** to the company's critical accounting policies since March 29, 2025 - **No significant changes** to critical accounting policies and estimates since March 29, 2025[158](index=158&type=chunk) [Results of Operations](index=38&type=section&id=Results%20of%20Operations) For the three months ended June 28, 2025, total revenue **decreased by 6.0%** to **$797 million**, **primarily due to reduced** demand in North America and Asia [Total Revenue](index=38&type=section&id=Total%20Revenue) Total revenue **decreased by $51 million**, or **6.0%**, to **$797 million**, including a **$14 million favorable** foreign currency effect Revenue Breakdown | Revenue (in millions) | June 28, 2025 | June 29, 2024 | $ Change | % Change (As Reported) | % Change (Constant Currency) | | :-------------------- | :------------ | :------------ | :------- | :--------------------- | :--------------------------- | | Michael Kors | $635 | $675 | $(40) | (5.9)% | (7.3)% | | Jimmy Choo | $162 | $173 | $(11) | (6.4)% | (9.2)% | | Total revenue | $797 | $848 | $(51) | (6.0)% | (7.7)% | - **Favorable** foreign currency effects **contributed approximately $14 million** to total revenue[160](index=160&type=chunk) - The **decline in** both Michael Kors and Jimmy Choo revenues was **primarily due to** a continued **slowdown in** demand for fashion luxury goods, particularly in North America and Asia[160](index=160&type=chunk)[161](index=161&type=chunk) [Gross Profit](index=39&type=section&id=Gross%20Profit) Gross profit **decreased by $33 million**, or **6.2%**, to **$502 million**. The consolidated gross profit margin remained **stable** at **63.0%**, despite varying segment performance Gross Profit Breakdown | Gross Profit (in millions) | June 28, 2025 | June 29, 2024 | $ Change | % Change | | :------------------------- | :------------ | :------------ | :------- | :------- | | Michael Kors | $388 | $419 | $(31) | (7.4)% | | Jimmy Choo | $114 | $116 | $(2) | (1.7)% | | Total gross profit | $502 | $535 | $(33) | (6.2)% | | Michael Kors Gross Profit Margin | 61.1% | 62.1% | N/A | N/A | | Jimmy Choo Gross Profit Margin | 70.4% | 67.1% | N/A | N/A | - Michael Kors' gross profit margin **decrease** was attributed to **lower** initial markups from a new pricing strategy and **unfavorable** tariffs[165](index=165&type=chunk) - Jimmy Choo's gross profit margin **increase** was **due to** a **favorable** channel mix[165](index=165&type=chunk) [Total Operating Expenses](index=39&type=section&id=Total%20Operating%20Expenses) Total operating expenses **decreased by $38 million**, or **7.3%**, to **$486 million**, including a net **unfavorable** foreign currency impact of approximately **$7 million** Operating Expenses Breakdown | Operating Expenses (in millions) | June 28, 2025 | June 29, 2024 | $ Change | % Change | | :------------------------------- | :------------ | :------------ | :------- | :------- | | Total operating expenses | $486 | $524 | $(38) | (7.3)% | | Total operating expenses as % of total revenue | 61.0% | 61.8% | N/A | N/A | - Operating expenses included a net **unfavorable** foreign currency impact of approximately **$7 million**[163](index=163&type=chunk) [Selling, General and Administrative Expenses](index=39&type=section&id=Selling%2C%20General%20and%20Administrative%20Expenses) Selling, general and administrative (SG&A) expenses **decreased by $36 million**, or **7.3%**, to **$455 million**. This **reduction** was **primarily driven by** cost savings initiatives in Michael Kors and Jimmy Choo, leading to **lower** personnel and retail store-related costs, and a **decrease** in corporate unallocated expenses **due to** completed transformation projects SG&A Expenses Breakdown | SG&A Expenses (in millions) | June 28, 2025 | June 29, 2024 | $ Change | % Change | | :-------------------------- | :------------ | :------------ | :------- | :------- | | Michael Kors | $307 | $324 | $(17) | (5.2)% | | Jimmy Choo | $103 | $105 | $(2) | (1.9)% | | Corporate | $45 | $62 | $(17) | (27.4)% | | Total SG&A expenses | $455 | $491 | $(36) | (7.3)% | - Michael Kors and Jimmy Choo saw **decreases in** SG&A **due to** cost savings initiatives, including **lower** personnel and retail store-related costs[170](index=170&type=chunk) - Corporate unallocated expenses **decreased by $17 million**, mainly **due to** completed Capri transformation projects and the absence of prior-year transaction-related costs[167](index=167&type=chunk) [Restructuring and Other Expense](index=40&type=section&id=Restructuring%20and%20Other%20Expense) Restructuring and other expense remained **consistent** at **$1 million** for both periods, **primarily related to** store closure costs under the Global Optimization Plan, partially offset by gains on lease terminations - Restructuring and other expense was **$1 million** for both the three months ended June 28, 2025, and June 29, 2024[168](index=168&type=chunk) - These expenses were **primarily related to** store closure costs, partially offset by gains on lease terminations[168](index=168&type=chunk) [Income from Operations](index=40&type=section&id=Income%20from%20Operations) Income from operations **increased by $5 million**, or **45.5%**, to **$16 million**. The operating margin **improved** to **2.0%** from **1.3%** Income from Operations Breakdown | Income from Operations (in millions) | June 28, 2025 | June 29, 2024 | $ Change | % Change | | :----------------------------------- | :------------ | :------------ | :------- | :------- | | Michael Kors | $63 | $75 | $(12) | (16.0)% | | Jimmy Choo | $4 | $4 | $0 | 0% | | Unallocated corporate and other expenses, net | $(51) | $(68) | $17 | (25.0)% | | Total Income from operations | $16 | $11 | $5 | 45.5% | | Michael Kors Operating Margin | 9.9% | 11.1% | N/A | N/A | | Jimmy Choo Operating Margin | 2.5% | 2.3% | N/A | N/A | - Michael Kors' operating margin **decreased due to** deleveraging of operating expenses on **lower** revenues[171](index=171&type=chunk) - Jimmy Choo's operating margin **increased due to** a **favorable** channel mix[171](index=171&type=chunk) [Interest Income, net](index=41&type=section&id=Interest%20Income%2C%20net) Interest income, net, **significantly improved by $14 million** to **$18 million**, **primarily due to higher** interest income from net investment hedges and **lower** average borrowings and **effective** interest rates on outstanding debt Net Interest Income | Interest Income, net (in millions) | June 28, 2025 | June 29, 2024 | $ Change | | :--------------------------------- | :------------ | :------------ | :------- | | Interest income, net | $18 | $4 | $14 | - **Improvement driven by higher** interest income from net investment hedges and **lower** average borrowings/effective interest rates[172](index=172&type=chunk) [Foreign Currency (Gain) Loss](index=41&type=section&id=Foreign%20Currency%20%28Gain%29%20Loss) The company recognized a net foreign currency **gain of $5 million**, a **$9 million improvement** from a **$4 million loss** in the prior year, **primarily due to** the remeasurement of intercompany balances Foreign Currency Gain/Loss | Foreign Currency (Gain) Loss (in millions) | June 28, 2025 | June 29, 2024 | $ Change | | :--------------------------------------- | :------------ | :------------ | :------- | | Foreign currency (gain) loss | $(5) | $4 | $(9) | - The **gain** was **primarily attributable to** the remeasurement of intercompany balances between subsidiaries[173](index=173&type=chunk) [(Benefit) Provision for Income Taxes](index=41&type=section&id=%28Benefit%29%20Provision%20for%20Income%20Taxes) The company recorded a tax **benefit of $16 million** with an **effective tax rate of (40)%** for the three months ended June 28, 2025, a **significant change** from a **$6 million** provision and **55% effective tax rate** in the prior year Income Tax Details | Income Taxes (in millions) | June 28, 2025 | June 29, 2024 | $ Change | | :------------------------- | :------------ | :------------ | :------- | | (Benefit) provision for income taxes | $(16) | $6 | $(22) | | Effective tax rate | (40)% | 55% | N/A | - The **decrease** in the **effective tax rate** was **primarily related to** a **reduction in** the net valuation allowance during the period[174](index=174&type=chunk) [Net Income from Continuing Operations](index=41&type=section&id=Net%20Income%20from%20Continuing%20Operations) Net income from continuing operations was **$56 million** for the three months ended June 28, 2025, a **substantial increase** from **$5 million** in the prior year, reflecting **improved** operating performance and tax benefit Net Income from Continuing Operations | Net Income from Continuing Operations (in millions) | June 28, 2025 | June 29, 2024 | $ Change | | :------------------------------------------------ | :------------ | :------------ | :------- | | Net income from continuing operations | $56 | $5 | $51 | [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is **primarily supported by** cash flows from operations, credit facilities, and cash equivalents, with **sufficient liquidity expected** for the next 12 months and planned capital expenditures of **$110 million** for Fiscal 2026 [Liquidity Overview](index=42&type=section&id=Liquidity%20Overview) **Primary liquidity sources** are cash flows from operations, credit facilities, and cash equivalents, **expected to be sufficient** for working capital and capital investments, with projected capital expenditures of approximately **$110 million** for Fiscal 2026 - **Primary liquidity sources**: cash flows from operations, credit facilities, and cash and cash equivalents[179](index=179&type=chunk) - Expected capital expenditures for Fiscal 2026 are approximately **$110 million**, focusing on store renovations and IT/digital enhancements[179](index=179&type=chunk) Liquidity Indicators | Liquidity Indicators (in millions) | June 28, 2025 | March 29, 2025 | | :-------------------------------- | :------------ | :------------- | | Cash and cash equivalents | $129 | $107 | | Working capital | $240 | $185 | | Short-term debt | $21 | $24 | | Long-term debt | $1,650 | $1,466 | [Cash Flow Analysis](index=42&type=section&id=Cash%20Flow%20Analysis) Net cash used in operating activities was **$(8) million**, a **decrease** from **$83 million** provided in the prior year, mainly **due to** earlier inventory receipts and tax payment timing Cash Flow Activities | Cash Flow Activities (in millions) | Three Months Ended June 28, 2025 | Three Months Ended June 29, 2024 | | :--------------------------------- | :------------------------------- | :------------------------------- | | Operating activities | $20 | $66 | | Investing activities | $(13) | $(25) | | Financing activities | $94 | $(9) | | Net increase in cash and cash equivalents (continuing operations) | $69 | $27 | - **Decrease in** operating cash flow **primarily due to** earlier inventory receipt and timing of tax payments[181](index=181&type=chunk) - **Increase in** financing cash flow **primarily due to $101 million higher** net debt borrowings[183](index=183&type=chunk) [Debt Facilities](index=43&type=section&id=Debt%20Facilities) Total borrowings outstanding **increased** to **$1,671 million** at June 28, 2025, from **$1,490 million** at March 29, 2025, with **$610 million** remaining availability under credit facilities, and the company was in compliance with all debt covenants Debt Facilities Overview | Debt Facilities (in millions) | June 28, 2025 | March 29, 2025 | | :---------------------------- | :------------ | :------------- | | Revolving Credit Facility borrowings outstanding | $912 | $755 | | 2025 Term Loans borrowings outstanding, net | $732 | $706 | | Total borrowings outstanding | $1,671 | $1,490 | | Total remaining availability | $610 | $767 | - The company was in compliance with all covenants related to its 2025 Credit Facilities as of June 28, 2025[184](index=184&type=chunk) - The 2025 Credit Facilities are diversified among **17** financial institutions, with no single institution holding more than **10%** commitment[185](index=185&type=chunk) [Share Repurchase Program](index=44&type=section&id=Share%20Repurchase%20Program) The **$1.0 billion** share repurchase program **expired** on November 9, 2024, with no open market repurchases during the period, only shares withheld to cover tax obligations for vested restricted share awards - The **$1.0 billion** share repurchase program **expired** on November 9, 2024[187](index=187&type=chunk) - No open market share repurchases occurred during the period **due to** restrictions from the **terminated** merger agreement[187](index=187&type=chunk) Treasury Share Repurchases | Treasury Share Repurchases (in millions) | Three Months Ended June 28, 2025 | Three Months Ended June 29, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | | Fair value of shares withheld to cover tax obligations | $1 | $3 | | Shares withheld to cover tax withholding obligations | 86,365 | 93,738 | [Contractual Obligations and Commercial Commitments](index=44&type=section&id=Contractual%20Obligations%20and%20Commercial%20Commitments) For detailed information on contractual obligations and commercial commitments, refer to the company's Fiscal 2025 Annual Report on Form 10-K [Off-Balance Sheet Arrangements](index=44&type=section&id=Off-Balance%20Sheet%20Arrangements) The company does not have any special-purpose or off-balance sheet entities for capital raising or debt, with off-balance sheet commitments including **$27 million** in outstanding letters of credit and **$31 million** in bank guarantees - No special-purpose or off-balance sheet entities for capital raising or debt[190](index=190&type=chunk) - Off-balance sheet commitments include **$27 million** in outstanding letters of credit and **$31 million** in bank guarantees as of June 28, 2025[190](index=190&type=chunk) [Recent Accounting Pronouncements](index=44&type=section&id=Recent%20Accounting%20Pronouncements) Refer to Note 3 of the interim consolidated financial statements for details on recently issued accounting standards and their potential impact [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from foreign currency exchange rates and interest rates, using derivative instruments to mitigate these risks, with sensitivity analysis indicating potential impacts of currency fluctuations [Foreign Currency Exchange Risk](index=45&type=section&id=Foreign%20Currency%20Exchange%20Risk) The company uses forward foreign currency exchange contracts and cross-currency swap agreements to hedge foreign currency and net investment risks, with a **10%** U.S. dollar fluctuation impacting derivative fair values by millions - Uses forward foreign currency exchange contracts to manage exposure to fluctuations in foreign currencies for purchase commitments[193](index=193&type=chunk) - A **10%** appreciation/devaluation of the U.S. dollar would result in an approximate **$8 million** change in the fair value of forward contracts[194](index=194&type=chunk) - Net investment hedges for CHF-denominated subsidiaries (**$3.5 billion** notional) and Euro-denominated subsidiaries (**$2.364 billion** notional) are used to hedge against exchange rate volatility[195](index=195&type=chunk)[196](index=196&type=chunk) - A **10%** appreciation/devaluation of the U.S. dollar would result in approximately **$391 million** change for CHF hedges and **$252 million** for EUR hedges[195](index=195&type=chunk)[196](index=196&type=chunk) [Interest Rate Risk](index=45&type=section&id=Interest%20Rate%20Risk) The company is exposed to interest rate risk on its variable-rate borrowings under the 2022 Credit Facility, USD Term Loans, and EUR Term Loans, with **increases in** rates leading to **higher** interest expense - Exposure to interest rate risk from variable-rate borrowings under the 2022 Credit Facility, USD Term Loans, and EUR Term Loans[197](index=197&type=chunk) Debt Outstanding | Debt Outstanding (in millions) | June 28, 2025 | March 29, 2025 | | :----------------------------- | :------------ | :------------- | | 2022 Credit Facility | $912 | $755 | | 2025 Term Loans (net of debt issuance costs) | $732 | $706 | - **Increases in** applicable interest rates would cause an **increase to** interest expense[200](index=200&type=chunk) [Item 4. Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and Interim CFO, concluded that the company's disclosure controls and procedures were **effective** as of June 28, 2025, with **no material changes** in internal control over financial reporting - Disclosure controls and procedures were **effective** as of June 28, 2025, as concluded by management, CEO, and Interim CFO[202](index=202&type=chunk) - **No material changes in** internal control over financial reporting during the three months ended June 28, 2025[203](index=203&type=chunk) PART II OTHER INFORMATION This section provides additional information beyond the financial statements, including legal proceedings, risk factors, and other disclosures [Item 1. Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal proceedings not expected to **materially impact** its business, but faces class action complaints related to the terminated Tapestry merger, which could result in **substantial liability** - Routine legal proceedings are not expected to have a **material adverse effect** on the business[204](index=204&type=chunk) - Two class action complaints were filed against Capri, Tapestry, and certain officers, alleging federal securities law violations related to the **terminated** merger[205](index=205&type=chunk) - The outcome of the merger-related litigation is **uncertain** and could result in **substantial liability**[205](index=205&type=chunk) [Item 1A. Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) There are **no material changes** to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended March 29, 2025 - **No material changes** from the risk factors previously disclosed in the Fiscal 2025 Annual Report on Form 10-K[206](index=206&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter ended June 28, 2025, the company did not make any open market share repurchases under publicly announced programs, but withheld shares to satisfy tax withholding obligations for vested restricted share awards - No shares were purchased as part of publicly announced programs during the quarter[207](index=207&type=chunk) Shares Repurchased/Withheld | Shares Repurchased/Withheld | Three Months Ended June 28, 2025 | | :-------------------------- | :------------------------------- | | Total Number of Shares | 86,365 | | Average Price per Share | $17.12 | | Shares Purchased as Part of Publicly Announced Programs | 0 | | Remaining Dollar Value of Shares That May Be Purchased Under the Programs | $0 | | Shares withheld to cover tax withholding obligations | 86,365 | - Shares withheld relate to the 'withhold to cover' program for tax obligations on restricted share awards[207](index=207&type=chunk) [Item 5. Other Information](index=49&type=section&id=Item%205.%20Other%20Information) The company continues its Global Optimization Plan, closing **15** retail stores during the quarter, resulting in **$1 million** in net restructuring expense, with future charges and timing still undeterminable - The Global Optimization Plan resulted in **$1 million** in net restructuring expense for the quarter, **primarily from** severance and store closure costs[209](index=209&type=chunk) - **15** retail stores were closed during the three months ended June 28, 2025, as part of the plan[209](index=209&type=chunk) - The exact amounts and timing of future charges related to the Global Optimization Plan are currently undeterminable[210](index=210&type=chunk) - No director or officer adopted or **terminated** Rule 10b5-1 trading arrangements during the quarter[212](index=212&type=chunk) [Item 6. Exhibits](index=49&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed or furnished with the report, including the Stock Purchase Agreement with Prada S.p.A., certifications of principal executive and financial officers, and financial information formatted in Inline XBRL - Includes the Stock Purchase Agreement with Prada S.p.A. (Exhibit 2.3)[218](index=218&type=chunk) - Contains certifications of Principal Executive Officer and Principal Financial Officer (Exhibits 31.1, 31.2, 32.1, 32.2)[218](index=218&type=chunk) - Financial information is formatted in Inline eXtensible Business Reporting Language (XBRL) (Exhibit 101.1, 104)[218](index=218&type=chunk)[219](index=219&type=chunk)
异动盘点0807|宜搜科技涨超12%,曹操出行早盘涨超15%;美股Shopify大涨21.97%
贝塔投资智库· 2025-08-07 04:00
Group 1 - Yisou Technology (02550) rose nearly 12.63% after announcing a share subscription agreement with Lightnet Pte. Ltd., acquiring approximately 1.23% equity for $5 million [1] - Maifushi (02556) fell nearly 2.28% despite a profit forecast of RMB 31.8 million to RMB 41 million for the six months ending June 30, 2025, a significant turnaround from a loss of RMB 820 million in the same period last year [1] - New World Development (00086) increased nearly 4.19% after announcing a profit forecast of no less than HKD 800 million for the six months ending June 30, 2025, compared to HKD 75.4 million in the same period last year [2] Group 2 - Cao Cao Travel (02643) surged nearly 15.68% after signing a strategic cooperation memorandum with Victory Securities to explore virtual asset tokenization and stablecoin applications [2] - Boan Bio (06955) dropped nearly 5.06% after announcing a placement of 48 million shares at HKD 16.42 each, aiming to raise approximately HKD 780 million for R&D and operational purposes [2] - Huaxing Capital Holdings (01911) rose nearly 6%, with a year-to-date stock price increase of 1.1 times, as it plans to invest $100 million in Web 3.0 and cryptocurrency assets [3] Group 3 - Cathay Pacific Airways (00293) continued to decline nearly 3% after a report indicated an 8.3% year-on-year increase in net profit for the first half of the year, but operating profit fell short of market expectations [3] - Keep (03650) rose over 10%, with a cumulative increase of over 22% this week, reporting an adjusted net profit of approximately RMB 10 million for the first half of the year [4] - Smoore International (06969) increased nearly 5%, with BAT's new tobacco product revenue growing 2.4% year-on-year, and Smoore is expected to benefit from this growth [4] Group 4 - Xiaomi Group-W (01810) fell over 4% after Nomura raised its target price by 79% to HKD 61 but downgraded its rating to "Neutral" due to limited upside potential [5] - Apple (AAPL.US) rose 5.09% after announcing a commitment to invest an additional $100 billion in U.S. manufacturing, bringing its total investment commitment to $600 billion [6] - McDonald's (MCD.US) increased 2.98% with second-quarter revenue growing 5.4% year-on-year to $6.84 billion, exceeding analyst expectations [6]