Capri Holdings (CPRI) F1Q27 Earnings Review Michael Kors recovery still in focus as EMEA softens

Equity Research 5 August 2026 | 7:00PM MDT

Capri Holdings (CPRI) F1Q27 Earnings Review: Michael Kors recovery still in focus as EMEA softens

CPRI 12m Price Target: $18.00 Price: $16.02 Upside: 12.4% NEUTRAL Brooke Roach, CFA CPRI’s 1Q results were mixed. 1Q EPS at $0.67 outperformed | Goldman Sachs & Co. LLC GS/FactSet consensus of $0.41/$0.40 and FY EPS guidance was Mentesnot Adamu reaffirmed at $2.15. However, FY27 revenue guidance was reduced | Goldman Sachs & Co. LLC to ~$3.4bn (from ~$3.525bn prior), 2Q was guided below consensus, and gross margins missed in 1Q and were guided down Carly Chasen | Goldman Sachs & Co. LLC for the year.

At Michael Kors, management continues to demonstrate some Key Data _____________________________________ greenshoots in the Americas and Asia, pointing to positive full price Market cap: $1.8bn Enterprise value: $2.0bn comps and issuing constructive commentary regarding wholesale 3m ADTV: $61.4mn United States POS. That said, management reduced its outlook for FY27 revenue Americas Apparel & Accessories Brands by ~$135mn, with incremental fundamental pressure driven by M&A Rank: 3

EMEA (-$50mn) and revenue also weighed by 2Q inventory delays GS Forecast __________________________________ 3/26 3/27E 3/28E 3/29E ($50mn) and FX headwinds ($35mn). 2Q guidance for the MK brand Revenue ($ mn) New 3,474.0 3,396.2 3,445.5 3,548.9

calls for revenue down ~-11% despite a 4pt easier compare. As a Revenue ($ mn) Old 3,474.0 3,529.6 3,603.6 3,711.7 EBITDA ($ mn) result, we expect investor focus to center on the achievability of the EBIT ($ mn)

implied improvement embedded in management’s outlook for F2H EPS ($) New EPS ($) Old as the company cycles quality of sales initiatives, invests in P/E (X) Dividend yield (%) 0.0 0.0 0.0 0.0 marketing activities, and scales new product launches (particularly Net debt/EBITDA (X) 0.9 0.7 0.2 (0.1) in the Outlet channel). 6/26 9/26E 12/26E 3/27E EPS ($) Jimmy Choo was a bright spot for the quarter. 1Q results came in above expectations, with revenue up 10.5% Y/Y and growth across GS Factor Profile ______________________________ Growth channels, regions, and categories. Management raised its FY27 revenue outlook for the brand and continues to expect a return to Financial Returns

profitability this year. Multiple

Our take: We step away from the quarter incrementally guarded on Integrated

the timeline to recovery at MK. We are pleased by the incremental Percentile 20th 40th 60th 80th 100th

proofpoints at the Jimmy Choo brand, and are encouraged by management’s continued delivery of positive comps in full price MK CPRI relative to Americas Coverage CPRI relative to Americas Apparel & Accessories Brands Asia and NA. Offsetting this is continued softness in MK Outlet, Source: Company data, Goldman Sachs Research estimates. where visibility to a sustainable inflection in revenue growth remains See disclosures for details. a key debate for investors. With fall product launches now delayed

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Capri Holdings (CPRI)

Capri Holdings (CPRI) Balance Sheet ($ mn) _______________________________________ NEUTRAL Rating since Jan 8, 2026 3/26 3/27E 3/28E 3/29E Cash & cash equivalents Accounts receivable Inventory Ratios & Valuation __________________________________________ Other current assets /26 3/27E 3/28E 3/29E Total current assets 1,153.0 1,068.8 1,171.8 1,264.1 P/E (X) Net PP&E 1,225.0 1,237.3 1,271.5 1,358.0 EV/EBITDA (X) Net intangibles EV/sales (X) 0.8 0.6 0.5 0.4 Total investments 0.0 0.0 0.0 0.0 FCF yield (%) Other long-term assets EV/DACF (X) 5.3 4.0 3.4 2.9 Total assets 3,234.0 3,159.1 3,296.3 3,475.1 CROCI (%) ROE (%) Accounts payable Net…