Executive Summary

• Capri Holdings reported 1Q20 adjusted EPS of $0.95, above the $0.90 consensus estimate. Revenues increased 11.9% to $1.34 billion on a reported basis, missing the $1.37 billion estimate.
• By brand, Michael Kors revenues declined 4.8% to $981 million; Jimmy Choo revenues declined 8.7% to $158 million; and, Versace revenues were $207 million.
• For FY20, the company expects net revenues to reach $5.8 billion with an operating margin of around 15.5%. The company forecasts 2Q20 revenues of around $1.45 billion.