Capri Q1 2026 Earnings Report

Capri EPS Results

• Actual EPS: $0.50
• Consensus EPS: $0.13
• Beat/Miss: Beat by +$0.37
• One Year Ago EPS: $0.04

Capri Revenue Results

• Actual Revenue: $797.00 million
• Expected Revenue: $773.18 million
• Beat/Miss: Beat by +$23.82 million
• YoY Revenue Growth: -6.00%

Capri Announcement Details

• Quarter: Q1 2026
• Date: 8/6/2025
• Time: Before Market Opens
• Conference Call Date: Wednesday, August 6, 2025
• Conference Call Time: 8:30AM ET

Capri (NYSE:CPRI) designs, markets, distributes, and retails branded women's and men's apparel, footwear, and accessories in the United States, Canada, Latin America, Europe, the Middle East, Africa, and Asia. It operates through three segments: Versace, Jimmy Choo, and Michael Kors. The company offers ready-to-wear, accessories, footwear, handbags, scarves and belts, small leather goods, eyewear, watches, jewelry, fragrances, and home furnishings through a distribution network, including boutiques, department, and specialty stores, as well as through e-commerce sites. It also engages in licensing agreements to the manufacture and sale of watches, jewelry, eyewear, and fragrances. The company was formerly known as Michael Kors Holdings Limited and changed its name to Capri Holdings Limited in December 2018. Capri Holdings Limited was founded in 1981 and is headquartered in London, the United Kingdom.

Capri Q1 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: First quarter revenue of $797 million and EPS of $0.50 exceeded expectations with sequential improvement across all regions, underscoring early traction on strategic initiatives.
• Positive Sentiment: Michael Kors full-price channel saw sequential gains in traffic, strong sell-through on new styles and AURs turned positive for the first time in three years, indicating revived consumer demand.
• Negative Sentiment: Incremental tariffs on imports are now expected to raise COGS by $85 million in FY26 (up from $60 million), pressuring margins into the back half of the year.
• Positive Sentiment: Jimmy Choo accessories gained momentum—its new Curve bag line (priced $595–$995) and the Cinch bag drove strong sell-through and attracted new customers.
• Positive Sentiment: Capri Holdings lifted FY26 revenue guidance to $3.375–$3.45 billion and expects to stabilize operations this year, positioning the company to return to top- and bottom-line growth in FY27.

Presentation

[Operator]

Greetings, and welcome to the Capri Holdings Limited First Quarter Fiscal twenty twenty six Financial Results Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. Please note this conference is being recorded. I would now like to turn the conference over to your host, Jennifer Davis. Please go ahead.

[Jennifer Davis, Vice President, Investor Relations at Capri]

Good morning, everyone, and thank you for joining us on Capri Holdings Limited First Quarter fiscal twenty twenty six conference call. With me this morning are Chairman and Chief Executive Officer, John Idol and Interim Chief Financial Officer, Raj Mehta. Before we begin, let me remind you that certain statements made on today's call may constitute forward looking statements, which are subject to risks and uncertainties that could cause actual results to differ from those we expect. Those risks and uncertainties are described in today's press release and in the company's SEC filings, which are available on the company's website. Investors should not assume that the statements made during this call will remain operative at a later time, and the company undertakes no obligation to update any information discussed on today's call.

[Jennifer Davis, Vice President, Investor Relations at Capri]

Unless otherwise noted, all financial information on today's call will be presented on a non GAAP basis. These non GAAP measures exclude certain costs associated with CapRe transformation costs, restructuring and other charges and transaction related costs. To view the corresponding GAAP measures and related reconciliation, please view our latest earnings release posted to our website earlier today at capreholdings.com. Additionally, the company has classified the results of operations and cash flows of its Versace business as discontinued operations. Unless otherwise noted, all information on today's call relates only to continuing operations.

[Jennifer Davis, Vice President, Investor Relations at Capri]

I would also like to note that in today's eight ks, we included supplemental quarterly segment data for fiscal twenty twenty five. Now I would like to turn the call over to Mr. John Idol, Chairman and Chief Executive Officer. John?

[John Idol, Chairman & CEO at Capri]

Thank you, Jennifer, and good morning, everyone. We are encouraged by our first quarter results. Trends improved sequentially, leading to both revenue and earnings per share that exceeded our expectations. This performance demonstrates the progress we are making as we execute against our strategic initiatives to reenergize our fashion luxury houses. While still early, we are beginning to see signs that our strategies are working.

[John Idol, Chairman & CEO at Capri]

Although the global macroeconomic environment remains dynamic, we are on track to stabilize our business this year, while establishing a strong foundation for a return to growth in fiscal twenty twenty seven. Now looking at our first quarter results, total company revenue decreased 6% versus last year to $797,000,000 on a reported basis and earnings per share were $0.50 Our results reflected a sequential improvement in trends across all regions. At Michael Kors, first quarter revenue decreased 6% on a reported basis compared to prior year with similar trends in both retail and wholesale. In our retail channel, we are starting to see encouraging signs of momentum. First, traffic trends in our full price stores improved sequentially.

[John Idol, Chairman & CEO at Capri]

Second, we achieved stronger full price sell throughs on new styles. And third, AUR trends continued to improve sequentially, turning positive in our full price channel for the first time in three years. We view these as early but meaningful indicators that our strategies are gaining traction. In the wholesale channel, performance at point of sale improved sequentially. Wholesale shipments also saw a sequential improvement versus prior quarter, but continue to be impacted by the broad based softness in the channel as well as our prior initiatives to reduce wholesale exposure.

[John Idol, Chairman & CEO at Capri]

As a point of reference, we have exited 30% of U. S. Department store doors over the past year. We anticipate the majority of wholesale door reductions will be completed by the end of the year. Now turning to brand awareness and consumer engagement.

[John Idol, Chairman & CEO at Capri]

We saw continued positive consumer response to our Hotel Story series underscoring the appeal of our compelling fashion and travel storytelling approach. The first chapter of Hotel Stories took place in Ibiza at the Mataso Hotel, featuring English actress and singer Suki Waterhouse. The narrative captured exciting fashion moments in Ibiza and at the hotel while celebrating the joy of traveling the world in style. As we look ahead to fall, the next chapter of Hotel Stories will take place in Rome, capturing the glamour of the season through the lens of fashion and culture. During the first quarter, we built upon the Hotel Stories narrative by broadening our reach with local activations and an expanded network of influencers.

[John Idol, Chairman & CEO at Capri]

We have pivoted our approach to better leverage the power of social media platforms and influencer partnerships to not only engage with consumers whenever and wherever they are, but also to deliver our story through trusted voices in fashion. By aligning with relevant influencers and celebrities, we are creating more authentic brand moments that resonate with our consumers. We believe our Travel the World in Style brand vision combined with our expanded network of influencers is helping us to reignite brand desirability. According to our consumer insights, we have seen a further positive shift in brand affinity, signaling that our strategies are resonating. Looking ahead to the fall, we plan to build on this momentum with an expanded influencer strategy designed to not only further extend our reach and deeper consumer engagement, but also drive incremental revenue growth.

[John Idol, Chairman & CEO at Capri]

Additionally, Michael Kors once again had a strong presence at the Met Gala with a number of celebrities wearing Michael's tailored sophisticated styles. The event highlighted Michael's leadership in the world of fashion and drove strong consumer engagement, generating nearly 6,000,000,000 impressions. The combined power of our hotel stories narratives, global events, activations and influencer partnerships helped amplify our reach. Enhanced by the utilization of our advanced data analytics capabilities, these efforts contributed to a 9% year over year increase in Michael Kors global database. Our data analytics capabilities are reshaping the way we approach marketing, enabling us to develop deeper consumer understandings, anticipate behavior and make more informed strategic decisions.

[John Idol, Chairman & CEO at Capri]

Now turning to product. Our strategy is centered around Michaels' design vision, delivering exciting fashion with standout style. We have also adjusted our pricing architecture to align with historic levels. In accessories, consumers continue to respond positively to new introductions that celebrate our iconic brand codes and align with our new strategic pricing architecture. Groups including Layla, Nolita and Bryant are experiencing strong full price sell throughs and contributed to a sequential improvement in accessories AURs.

[John Idol, Chairman & CEO at Capri]

Additionally, we saw continued growth in our iconic signature styles reinforcing their appeal with consumers. Turning to footwear, revenue was down double digits during the quarter driven by a sequential decline in the dress category. Casual styles continued to perform better. During the quarter, we began introducing new styles that embody iconic Michael Kors branding elements and heritage design details. Early performance of these styles has been strong and we are expanding the assortment to build on this momentum.

[John Idol, Chairman & CEO at Capri]

Looking at ready to wear, revenues increased driven by higher AURs as consumers responded to styles reflecting Michaels' effortless glamour and timeless sophistication. Turning to men's, revenue was approximately flat. AURs in our full price channel were up and improved sequentially. Consumers responded positively to the latest men's sportswear styles, which reflect the brand's modern jet set lifestyle. Next, I'd like to review our fleet optimization program.

[John Idol, Chairman & CEO at Capri]

Our retail stores remain a critical pillar in supporting our sales recovery and we believe our global store renovation program will play a pivotal role in elevating the overall consumer experience and revitalizing Michael Kors sales trajectory. Over the next three years, we plan to renovate approximately 50% of our store fleet as well as key department store locations. We believe that our renovation program will drive higher store productivity and we look forward to sharing our progress and results with you in the future. Additionally, we remain on track to close 75 underproductive Michael Kors stores in fiscal twenty twenty six. Following these closures, our store rationalization program will be largely complete.

[John Idol, Chairman & CEO at Capri]

Looking forward, Michael Kors is a powerful fashion luxury brand with a forty four year heritage that continues to resonate with consumers. Building on this legacy and guided by our data analytics and consumer insights, we believe we have the right strategies underway to return the brand to growth and remain optimistic about our ability to achieve $4,000,000,000 in revenues over time. Now moving to Jimmy Choo, which is an iconic brand with a sense of glamour and a playful daring spirit. We are focusing our initiatives to leverage the strength of this highly recognized luxury brand. First quarter revenue decreased 6% on a reported basis compared to prior year.

[John Idol, Chairman & CEO at Capri]

Retail sales declined mid single digits, while wholesale declined double digits, which was primarily due to shipment phasing. Looking at trends in our retail channel. First quarter performance improved sequentially relative to the fourth quarter. Performance also improved sequentially as the quarter progressed driven by the successful launch of new product introductions. Importantly, these styles are driving higher full price sell throughs and AURs.

[John Idol, Chairman & CEO at Capri]

In the wholesale channel, revenue at point of sale improved sequentially and was flat in North American department stores indicating that our new product is resonating with consumers. Turning to brand awareness and consumer engagement. Our storytelling continues to focus on glamour, inspiring joy and empowering confidence. For summer, our initiatives emphasized new seasonal styles featuring American actress and fashion icon Chloe Seven Yi. In June, Jimmy Choo named Chinese actress Bai Lu as its new Asia Pacific ambassador.

[John Idol, Chairman & CEO at Capri]

Her debut campaign featured the launch of the new curve bag, which she unveiled to her extensive fan base. As one of China's most followed actresses, Bai Lu's involvement helped the campaign reach over 56,000,000 consumers across social media channels in Asia Pacific alone. We also continue to extend our reach and deepen consumer engagement through high impact influencer partnerships that balance glamour with authenticity. By collaborating with style leaders and cultural tastemakers, Jimmy Choo is crafting meaningful moments that resonate with consumers. The integration of our storytelling, global events, activations, influencer partnerships and clienteling initiatives helped amplify our reach.

[John Idol, Chairman & CEO at Capri]

Enhanced by our data analytics capabilities, these efforts contributed to a 9% year over year increase in Jimmy Choo's global consumer database. Turning to product. Jimmy Choo's product strategy remains focused on further developing accessories and expanding our casual footwear offering. In accessories, we are pleased with recent momentum, driven by the continued strong sales of our Bon Bon and Cinch bags. The Cinch bag is now Jimmy Choo's best selling day bag of all time.

[John Idol, Chairman & CEO at Capri]

Additionally, towards the end of the quarter, we introduced the Curve Group with styles priced between $5.95 and 9.95 While still early, we are encouraged by the strong initial consumer response. We are equally pleased to see Curb attracting new consumers to the brand. In the fall, we plan to introduce The Bar Group, an additional collection within this price range to capture a broader segment of luxury consumers. With our strong brand equity and design authority, we believe Jimmy Choo is well positioned to capture share within this luxury price segment. We expect this initiative to drive significant growth in our accessories business over time.

[John Idol, Chairman & CEO at Capri]

Turning to footwear, our dress category remains soft. We are focused on bringing excitement to this assortment with innovation and animation. In May, Jimmy Choo launched the Archive Collection, a curated edit of re edition footwear styles from the first five years of the house. By fusing nostalgia and discovery, the collection resonated with a wide audience from original Jimmy Choo fans to millennials and Gen Zs. The collection delivered strong sell through rates while also generating over 50,000,000 social media impressions, highlighting its strong market reception and brand resonance.

[John Idol, Chairman & CEO at Capri]

Jimmy Choo's strategy to expand day and casual footwear gained traction in the first quarter with an increase in full price sales. We continue to believe there is a meaningful opportunity to expand our offering. Active footwear sales in our full price channel increased mid single digits driven by strong demand for the Velis and Diamond Flex sneakers. We are also expanding our casual assortments beyond active. For example, in June, we introduced the Jelly Ballerina Flat, which blends nostalgic design with modern glamour.

[John Idol, Chairman & CEO at Capri]

Priced at $395 the Jelly is experiencing extremely strong full price sell throughs and attracting new customers to the brand. Looking forward, we believe we are on the right path to unlock Jimmy Choo's unique potential by expanding its position within the world of fashion luxury and ultimately achieving our revenue target of $800,000,000 over time. In conclusion, with the Versace transaction expected to close in the 2025, We are fully focused on energizing our two iconic brands Michael Kors and Jimmy Choo. We are pleased to see early indications that our strategic initiatives are beginning to work. Looking ahead, we continue to expect trends to improve in the back half of fiscal twenty twenty six positioning us to return to growth in fiscal twenty twenty seven.

[John Idol, Chairman & CEO at Capri]

Long term, we remain optimistic about the sustainable growth potential of both Michael Kors and Jimmy Choo. Now Raj will review our first quarter results and guidance in more detail.

[Rajal Mehta, Interim CFO at Capri]

Thank you, John, and good morning, everyone. Before we begin, I would like to remind you that today's financial results exclude Versace, which was reclassified as a discontinued operation. My discussion today will reflect results from continuing operations and our financial statements have been adjusted for prior periods to exclude Versace. We continue to anticipate the sale of Versace will close in the 2025. Now looking at our first quarter results, total company revenue of $797,000,000 decreased 6% versus prior year on a reported basis and 7.7% in constant currency representing a sequential year over year improvement relative to the fourth quarter.

[Rajal Mehta, Interim CFO at Capri]

Net income was $60,000,000 resulting in diluted earnings per share of $0.50 Performance exceeded our expectations driven by better than anticipated results at both Michael Kors and Jimmy Choo as our strategic initiatives begin to take hold. Results also reflect a discrete tax benefit. Now turning to first quarter results in more detail. Starting with revenue by channel, total company retail sales declined mid single digits. In the wholesale channel, revenue declined high single digits reflecting continued broad based softness in the channel as well as our prior initiatives to reduce wholesale exposure.

[Rajal Mehta, Interim CFO at Capri]

Turning to revenue performance by geography. In The Americas, revenue decreased 9%. Revenue in EMEA increased 6%, while revenue in Asia declined 15%. Looking at revenue performance by brand, at Michael Kors revenue decreased 5.9% compared to prior year on a reported basis and 7.3% in constant currency. Global retail and wholesale sales decreased mid single digits.

[Rajal Mehta, Interim CFO at Capri]

Store closures negatively impacted retail sales in the low single digit range. By geography, sales in The Americas decreased 8%. Revenue in EMEA increased 9%, while revenue in Asia declined 16%. At Jimmy Choo, revenue decreased 6.4% compared to prior year on a reported basis and 9.2% in constant currency. Global retail sales declined mid single digits and wholesale decreased double digits.

[Rajal Mehta, Interim CFO at Capri]

By geography, total revenue in The Americas decreased 12%. Revenue in EMEA increased 1% while revenue in Asia decreased 14%. Now looking at total company margin performance. Gross margin of 63% was approximately flat to prior year. We estimate higher tariffs negatively impacted gross margin by 30 basis points.

[Rajal Mehta, Interim CFO at Capri]

By brand, Michael Kors gross margin of 61.1% compared to 62.1% last year. The decline versus prior year was primarily driven by the impact of our new strategic pricing architecture and tariffs. Jimmy Choo gross margin of 70.4% compared to 67.1% last year. The increase versus prior year was primarily driven by channel mix. Mix.

[Rajal Mehta, Interim CFO at Capri]

Operating expense decreased $22,000,000 The decline versus prior year was primarily attributable to our cost reduction program. As a percentage of revenue, operating expense was 60.5% compared to 59.5% last year, primarily reflecting expense deleverage on lower revenue. Total company operating margin was 2.5% compared to 3.7% last year. By brand, Michael Kors operating margin of 9.9% compared to 11.1% last year. And Jimmy Choo operating margin of 2.5% was slightly above prior year.

[Rajal Mehta, Interim CFO at Capri]

Our tax rate for the quarter was negative 36.4%, reflecting a tax benefit related to our valuation allowance due to the mix of earnings across jurisdictions. Now turning to our balance sheet. Looking at inventory, at quarter end inventory totaled $779,000,000 a $76,000,000 or 10.8% increase versus prior year. This increase primarily reflects $50,000,000 of planned earlier receipts of product. Additionally, foreign currency exchange rates and tariffs combined increased inventory by approximately 25,000,000 Looking ahead, we expect year over year inventory levels to sequentially decline.

[Rajal Mehta, Interim CFO at Capri]

We ended the quarter with cash of $129,000,000 and debt of $1,670,000,000 resulting in net debt of approximately $1,500,000,000 Now turning to guidance. While we are encouraged by our first quarter results and the early signs that our strategic initiatives are working, the global macroeconomic environment remains dynamic. Since our last earnings call, trade policies have evolved and tariff rates have increased. Our updated guidance reflects incremental tariff rates on imports from China at 30%, India at 25%, the rest of Asia at 19% to 20% and the European Union at 15%. As a result, we now estimate unmitigated impact of tariffs on products shipped into The United States will increase our cost of goods sold by approximately $85,000,000 in fiscal twenty twenty six, up from our prior estimate of approximately $60,000,000 As a reminder, our sourcing is broadly diversified with the majority of Michael Kors production originating from Vietnam, Cambodia and Indonesia.

[Rajal Mehta, Interim CFO at Capri]

Jimmy Choo sources the vast majority of its products from Italy. As a note, China represents approximately 5% of total Capri U. S. Production volumes. Our global supply chain is highly agile, supported by long standing relationships with our manufacturing partners.

[Rajal Mehta, Interim CFO at Capri]

We anticipate offsetting a majority of the impact from tariffs in fiscal twenty twenty seven through a combination of one, working with our sourcing partners to create cost efficiencies two, sourcing optimization to minimize tariff exposure and three, implementing targeted price increases. Additionally, the benefits of our strategic initiatives particularly efforts to drive higher full price sell throughs will further support gross margin expansion. Turning to revenue. In fiscal twenty twenty six, we now expect total company revenue to be between $3,375,000,000 and $3,450,000,000 We are raising prior revenue guidance to reflect the recent weakening of the U. S.

[Rajal Mehta, Interim CFO at Capri]

Dollar as well as our outperformance in the first quarter. By brand we expect Michael Kors revenue between approximately 2,800,000,000.0 and $2,875,000,000 and Jimmy Choo revenue between $565,000,000 and $575,000,000 As we think about the cadence of the year we anticipate a gradual sequential improvement in trends in the back half of the year supported by new product deliveries and the growing impact of our marketing initiatives. For the year, we now expect gross margin of approximately 60.5% to 61% reflecting higher tariff rates. We continue to anticipate operating expenses of approximately $2,000,000,000 We continue to expect full year operating income of approximately 100,000,000 reflecting our increased revenue outlook and diligent expense management. By brand, we continue to anticipate Michael Kors operating margin in the high single digit range and Jimmy Choo operating margin in the negative mid single digit range.

[Rajal Mehta, Interim CFO at Capri]

In terms of non operating items, we expect net interest income between $85,000,000 and 95,000,000 an effective tax rate in the mid teens range and weighted average shares outstanding of approximately $119,000,000 As a result, we continue to expect to generate diluted earnings per share between $1.2 and $1.4 In terms of our capital allocation plans, our first priority remains to invest in our brands through store renovations, technology and digital enhancements as well as other brand building initiatives. Our second priority is to reduce debt. And our third priority is to return cash to shareholders via a share repurchase program in the future. Now turning to second quarter guidance. We expect total company revenue to be between $815,000,000 and $835,000,000 with Michael Kors revenue between $685,000,000 and 700,000,000 and Jimmy Choo revenue between $130,000,000 and $135,000,000 Looking at gross margin, we expect the second quarter gross margin rate to decline approximately two fifty to 300 basis points impacted by our new strategic pricing architecture and greater tariff headwinds.

[Rajal Mehta, Interim CFO at Capri]

In terms of operating margin, we expect second quarter operating margin to be slightly positive. By brand, we anticipate Michael Kors' operating margin in the high single digit range and Jimmy Choo operating margin in the negative mid single digit range. Turning to our expectations around certain non operating items, we anticipate second quarter net interest income of approximately $15,000,000 We forecast an effective tax rate of approximately 40% in the second quarter due to expected shifts in the geographic mix of earnings and the related valuation allowance impacts. We anticipated weighted average shares outstanding of approximately 119,000,000 As a result, we expect to generate diluted earnings per share of approximately $0.10 to $0.15 In closing, we are encouraged by the early signs that our strategic initiatives are working. We anticipate trends will improve in the back half of fiscal twenty twenty six as our strategic initiatives gain traction.

[Rajal Mehta, Interim CFO at Capri]

Looking ahead to fiscal twenty twenty seven, we expect to return to revenue and earnings growth. Longer term we remain confident that Capri Holdings is well positioned to deliver sustainable growth while increasing shareholder value. Now we will open up the line for questions.

[Operator]

Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. Please limit yourself to one question.

[Operator]

You may press 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. And we'll go first to Matthew Boss with JPMorgan.

[Matt Boss, Equity Research Analyst at JP Morgan]

Great, thanks and congrats on the sequential improvement. So, John, on Michael Kors, could you elaborate on recent sell through trends on product launches across direct to consumer and wholesale, maybe where the product assortment stands today relative to back half opportunities and any initial signs of demand elasticity or how best to think about pricing power for the brand?

[John Idol, Chairman & CEO at Capri]

Good morning, Matt, and thank you for that nice comment about our sequential improvement. At Michael Kors, as you know, from our previous calls, around October, November, we made a decision to first change the strategic storytelling around Michael Kors to focus, again on Jet Set, but through a modern lens. And that, was through our hotel stories and traveling the world in style. So the first results are that we're seeing consumers very much engage with that storytelling. Second thing that we did was we changed our marketing approach and leaned much more heavily into influencers and into certain social media channels where we might not have had as great of a presence.

[John Idol, Chairman & CEO at Capri]

And you're gonna see that continue to grow throughout the fiscal year. And as we are seeing these improved results from marketing through those channels, and seeing the consumer response, we are increasing certain of our of our marketing spend, whether that's in channels or or in totality from our original budgets inside the company. So it's it's nice to be able to see results. And it's nice to be able to see that we can put our foot gently on the accelerator as we're seeing the consumer respond. And the last point around that is we have a very robust consumer insight program that's been going on now for close to two years.

[John Idol, Chairman & CEO at Capri]

And so we really understand a lot more about the consumers intent around the brand, around engaging with the brand, and now engaging with the product that we think is the right product. So so the last part of what we did is we analyzed our sell throughs. And for the prior eighteen months to when we started making changes, which really most of which happened kind of from January on, we saw our discounting actually growing because we were marking product down because the consumer just wasn't responding to the prices that we had it at. And there were design issues as well. So we've changed the design in particular on handbags.

[John Idol, Chairman & CEO at Capri]

In particular, we were able to get the the the price value relationship right on access on on ready to wear as well. We haven't quite got it right on footwear. And and what we've seen is the trends in our own retail stores, as you heard, we did turn AUR positive in full price, and that's been quite some time. We have seen a very significant sequential improvement in comps in our full price stores. We're also seeing that again this quarter, which is very nice to see.

[John Idol, Chairman & CEO at Capri]

Two quarters does not make a year or a long term trend, but it certainly is a very good indicator that our strategic initiatives are working. And and we we saw also our women's ready to wear turn turn positive. So it was AURs and accessories, AURs in in our in our women's ready to wear. We've really seen some positive indicators that our strategies are working. The wholesale channel is also seeing that.

[John Idol, Chairman & CEO at Capri]

I wouldn't say it's turned positive yet, but it but it's definitely heading in in the right direction. And I think I commented to you on our last call that we had pretty much been around the globe, met with our partners, really shown everyone the new strategies. And there's a real excitement level, whether that's the various mall owners around the world, who are really embracing our project to, renovate approximately half of our store fleet as well as our department store partners who are also on board. And, you're gonna see a lot of that starting to happen. It'll be more in the spring season of next year, but you'll see some happening here in New York.

[John Idol, Chairman & CEO at Capri]

Hopefully, we'll get you all up to our Rock Center store, which will be renovated and reopened mid to late October, our Regent Street store as well. And then there'll be, you know, dozens behind that that are coming quite quickly. We've had a few open so far and we are seeing positive lift from the renovations. So what we can report to you today is that the strategies we put in place are working and the consumer is responding to them. The forward looking data that we've gotten from our consumer insights show that actually our fall marketing, product, and and the way the customer is is perceiving the brand is even stronger than what we saw in the spring season.

[John Idol, Chairman & CEO at Capri]

That we obviously have to see that, come to fruition in sell through as a product, but all the leading indicators show things are positive. And so far in the quarter, again, we're only a month or so into it, but we are seeing actually better results than we even saw in our Q1 to date. Thank you, Matt.

[Operator]

And our next question comes from Brooke Roche with Goldman Sachs.

[Brooke Roach, VP - Equity Research at Goldman Sachs]

Good morning, and thank you for taking our question. It's great to commentary regarding the positive AUR and pricing strategy trends. Can you talk a little bit about how you expect that to translate to margins into the back half of this fiscal year and into FY 2027? Can you help us talk through the puts and takes of the tariff mitigation opportunity over time as you look to offset some of those incremental costs and where you see the largest opportunities in gross margin ahead? Thank you.

[John Idol, Chairman & CEO at Capri]

Brooke, I'm going to let Raj take that. But before he does, I just want to say I think the company has done an excellent job. You know, since we started the year, we've had approximately 85,000,000 of tariff impact to the company. And, you know, we just gave our guidance where we've raised our revenue and we've been able to hold our operating income. And I think that's a testament to some of the things that Raj is gonna talk about in our margin.

[John Idol, Chairman & CEO at Capri]

But it's also a testament to the fact that the teams are doing a great job with our cost reduction programs throughout the organization, our store up our fleet optimization programs, which we talked about in our prepared remarks. So there's a real focus on continuing to reduce the SG and A impact in the company. And next year, we feel very strongly we're going to create leverage with modest revenue growth. Raj will talk about some gross margin growth, and then really being able to hold that SG and A relatively tight. And so we think there's going to be a significant inflection in next year, again, assuming that our strategic initiatives at both Michael Kors and Jimmy Choo continue to bear fruit and show this, in particular, back half improvement where we anticipate not being a 100% positive, but pretty close to it.

[John Idol, Chairman & CEO at Capri]

And that will be a real sign for for where where the company should be able to leverage off of for fiscal year 'twenty seven. But let me turn it over to Raj for the gross margin piece.

[Rajal Mehta, Interim CFO at Capri]

Thanks, John, and good morning, Brook. So obviously, as John stated, there have been the tariff situation has been extremely fluid. And we've now incorporated some additional new information into our guidance. We now anticipate approximately $85,000,000 of unmitigated tariff impact in this year, up from our previous estimates of 60,000,000 And then as we look at the quarter, in the first quarter gross margin was approximately flat to last year. We saw some puts and takes in reference to the resetting of our pricing and approximately a 30 basis point impact of tariffs offset by some upside in channel mix.

[Rajal Mehta, Interim CFO at Capri]

And then as we look to the second quarter, we're forecasting to be down approximately two fifty to 300 basis points, as we'll see increased tariff impact as well as the continued impacts of the pricing strategy that we previously spoke about. And then the higher tariff impact is going to continue throughout the quarters and throughout the year. The second half, we'll see some offsets from the benefits of our strategic initiatives as we realize some of the offsets of the mitigation efforts that are related to creating cost efficiencies with our sourcing partners, sourcing optimization and targeted price increases. And then as we look to fiscal twenty twenty seven, we expect to return to gross margin expansion, and that's really going to come from our strategic initiatives around driving higher full price sell throughs and AURs coupled with our mitigation efforts. Thanks, Brooke.

[John Idol, Chairman & CEO at Capri]

And Brooke, let me add one further note as well. One of the things that you're going to start to see in the back half of the year and certainly into next year is we have reduced our promotional cadence, particular, in our outlet channel. We're down approximately 35%, in in in in store wide promotional activity. That's having an impact on revenue. We know that we're going to continue that strategy.

[John Idol, Chairman & CEO at Capri]

We're very focused on improving gross margin. So to improve gross margin, we need to reduce the sale activity. That's the first thing. Secondly, we have done some things, in particular related to the Daigou channel, where the company, has had a history of servicing that channel, as do many of our competitors. And, we have reduced the discount there significantly.

[John Idol, Chairman & CEO at Capri]

And therefore that has also reduced revenues because of our reduction of that. And again, we think that's a good thing for us. It's healthy long term. It reduces product that flows to certain air channels, both inside The United States and outside. And we're going to look to really tighten that considerably going forward.

[John Idol, Chairman & CEO at Capri]

So that will have an impact in particular in our outlet channel. So we're we're gonna we're gonna work our way through that over the next year. And and we hope to see gross margin improvement from that and AURs. We've said to you previously, we're very focused on raising the AURs in the company, that will be one of the initiatives around doing that. Thank you, Brooke.

[Brooke Roach, VP - Equity Research at Goldman Sachs]

Great. Thanks so much. I'll pass it on.

[Operator]

We'll go next to Ike Boruchow with Wells Fargo.

[Ike Boruchow, MD & Senior Analyst - Retailing, Specialty Softlines & E-commerce at Wells Fargo]

Hey, everyone. Congrats, John, on the sequential improvement. A couple of things from me. Just from a modeling perspective, John, are you guys in your guidance, are you baking in growth in any quarter this year at Michael Kors in either the retail or the wholesale channel? And then to that point, which channel would you expect an inflection to hit first?

[Ike Boruchow, MD & Senior Analyst - Retailing, Specialty Softlines & E-commerce at Wells Fargo]

And then just a quick follow-up is just once the Versace sale closes, just can you give us a high level perspective on what you expect the balance sheet to look like? Are you are you gonna go zero debt? Just an update there would be helpful.

[John Idol, Chairman & CEO at Capri]

Sure, I so I there is no growth or, obviously, there's sequential improvement, but there is no year over year growth planned in in any of the channels yet. I I would say the first channel that we're anticipating seeing that is in our full price channel, and and we're we're getting close to that right now.

[John Idol, Chairman & CEO at Capri]

And and that's a very good indicator as you know. If you've got the full price channel working, that's an area where you can really kind of solidify the rest of of the company. And and again, we moved very quickly last October, November around the full price. It was making sure that we got different product to the floor more quickly. We took a very focused approach to our strategic pricing architecture, and and that is absolutely paying off.

[John Idol, Chairman & CEO at Capri]

We did not we weren't just couldn't move as fast to do that in the outlet channel. And and so that's gonna come into the you're gonna see that new product flowing into the outlet channel really in the fourth calendar quarter of this year. So more of our third quarter of fiscal, where you're see that product flowing in a lot more newness and at higher price points. So, you know, we're doing a lot of things in the outlet channel that might impact us from a revenue standpoint. But from a health standpoint, it's gonna be much better for the company from an AUR standpoint, from less promotional activity, and just a lot more newness.

[John Idol, Chairman & CEO at Capri]

Additionally, in our outlet channel, us, like many of our, people who who are in our world, we will be introducing our full price product into the outlet channel in September. So this is a program called called icons, and inside of that will be, three of our best selling full price handbag groups. We've seen in that channel anywhere between 1020% of multiple companies revenue coming from full price product in that channel. And so we're gonna take advantage of what we think is a a very strong opportunity for us. We actually already do it in Jimmy Choo in a in a number of locations, and we're expanded for for Jimmy Choo as well.

[John Idol, Chairman & CEO at Capri]

So I would tell you again, I think the full price channel is the first place that we are expecting to see growth in and I would look at that as more of a third and fourth quarter area and initiative for us. The last thing I want to note is that across the group, at all three of our houses, we are seeing a much better sell through on new product and full price product. The customer, while they're very discerning, and yes, they are looking very closely at pricing, they definitely want newness. So our full price new product sell throughs are up double digit, and that's right across the group. So that's a that's a very good sign.

[John Idol, Chairman & CEO at Capri]

And and probably if anywhere we're seeing softness, it's really more in the in the clearance heavy clearance product where it's, you know, she's just not turning to that. That's not her her go to. And that also may be a, you know, a consumer issue in terms of, of where they are in their in their fiscal personal situations. So again, that's how we think that the the year will flow out. And I don't think we'll see a return to positive growth in the outlet channel until next year.

[John Idol, Chairman & CEO at Capri]

In terms of Versace, I will turn it over to Raj to talk about that.

[Rajal Mehta, Interim CFO at Capri]

Hi, good morning, Ike. Yeah, regarding the Versace sale proceeds, as we stated previously, we expect the Versace transaction to close in the back half of this calendar year. And as I spoke about, we plan to use the proceeds to substantially reduce our debt. So post the deal closing, we expect to have minimal debt remaining on our balance sheet. And then as the business stabilizes, we'll look to reevaluate reinstating a share repurchase program.

[Rajal Mehta, Interim CFO at Capri]

So we feel really good about having a strong balance sheet as we approach the end of the year. Thanks, Ike.

[John Idol, Chairman & CEO at Capri]

And the last on that, Ike as well, I think we've said in our previous calls, we intend on spending about $350,000,000 over the next three years on our store renovation program. And we're gonna have not only the cash from the transaction, but actually will be returning to a better free cash flow situation in particular next year. So so we want the money to really invest in the business to get the top line of this company going again. We are starting to see some very nice returns on the 100 plus million dollars that we spent over the last couple of years on our data analytics and replatforming our ecommerce areas. So again, we want to be strategic about how we invest.

[John Idol, Chairman & CEO at Capri]

But we have some very clear plans, because we think that revenue growth, very healthy revenue growth is the most important opportunity for this company. And then we create that leverage that I talked about before, holding the SG and A very, very tight. And then as Raj mentioned, some gross margin expansion next year based around, first and foremost, our better full price sell throughs, which we're already seeing engaging with the customer second, reduced promotional activity and then third, mitigating with our manufacturing partners who have been great. They've already working with us. We are going to get some of that benefit in this year.

[John Idol, Chairman & CEO at Capri]

That's already included in our guidance. But they have been terrific in helping us through what will be, for every company, a challenge to work through the tariffs, but we're committed to that. Oh, and then I forgot, strategic price increases, which for us will really start in our fiscal year our fiscal fourth quarter. That's when you'll start to see some of that, and they will be modest. Thank you, Mike.

[Ike Boruchow, MD & Senior Analyst - Retailing, Specialty Softlines & E-commerce at Wells Fargo]

Thanks, John.

[Operator]

Moving on to Oliver Chen with TD Securities.

[Oliver Chen, Managing Director - Retail, Luxury, New Platforms Sector Head at TD Cowen]

Hi John, thanks a lot. As we look forward to the sequential improvement opportunity to continue, what handbag families might be most important and how would you help us dissect traffic relative to AUR looking ahead? And then a quick follow-up, the store renovation sounds quite compelling in terms of what you're doing there. What are some of the principles or frameworks and what you want to see to continue to elevate the brand? Thank you.

[John Idol, Chairman & CEO at Capri]

Thank you and good morning, Oliver. So I think what we discussed in our, again, prepared remarks was in the full price, there's three handbag families. There's Layla, there is Nolita, and there is Bryant, which are are bags that are already in the pipeline today and and have seen some of the highest sell throughs this company's had in four plus years. So that's really encouraging for us. The other thing that is starting to happen is we we do have events that we have that that where we periodically will will put, the entire assortments, in our store store on sale.

[John Idol, Chairman & CEO at Capri]

We are removing certain products from those sales, and they have not impacted the sell throughs at all, which has been terrific. So we're gonna take higher we're gonna take more of the assortment and remove them, from certain sale activities inside of our store, really again reinforcing the importance of a platform to the consumer. We're very excited about a new group coming out for the fall season, which is called Hamilton. You may remember it. It's a legacy group from this company.

[John Idol, Chairman & CEO at Capri]

It's been redesigned and quite interesting in our consumer insights. It has ranked now the highest before we've even shipped a piece, before we've we've got any sell through results. It's had the highest response, from the consumer, in terms of the of the product and the marketing that we've given to this research. And and so we are very excited about what that will mean for us. We we really need to stay more focused and not try to introduce as much new product and and really spend a lot more time on on the storytelling on the products that exist inside of our our family.

[John Idol, Chairman & CEO at Capri]

So we feel good about that. And and, you know, hopefully, at this time, you know, when we speak on our next call, we'll be able to talk about some of the same initiatives that we will take inside the outlet channel as well. Yes. As I said, we're introducing the full price product into an an amount of stores. We're not prepared to say how many at this moment.

[John Idol, Chairman & CEO at Capri]

But and then secondly, we will have a similar strategy around really highlighting very iconic Michael Kors families and shapes. The the bigger you know, we're having, I would say, some very, very strong results from our our our accessories world. We're we're having a bit more of a challenge in our footwear world. I think I've said that on our call. We have some some initiatives in place to take advantage of that.

[John Idol, Chairman & CEO at Capri]

Still a big part of our business. And you have seen, and we've mentioned this about Jimmy Choo as well. There's been a softness in the very, very formal dress piece of the business, where casual, and and certain of the sneaker business has been a much stronger, growth opportunity. We've always had a big sneaker business at Michael Kors. We need to be a little faster with with with the fashion trends in that area, and I think you're gonna see that dealt with actually coming up here very shortly in kind of the next sixty days.

[John Idol, Chairman & CEO at Capri]

So we feel good about what could happen there too because we've got our handbag and our ready to wear business moving in the right direction. If we can get that footwear business going as well, I think that's gonna also help, not only traffic, but but also AURs. Once again, you know, when you're not delivering the right fashion or trend product, then you're marking it down and it hurts your AUR. So I think I think, you know, that's a little bit of the last piece of the puzzle, for our full price stores is getting that footwear fixed. And, hopefully, on our next call, I'll be able to have some some some good results for you.

[John Idol, Chairman & CEO at Capri]

In terms of the store program, there's two things. Number one, the stores are quite aged. And and for various reasons, we didn't move as quickly as we needed to to renovate a very, very large piece of the fleet. Some of that was related to while we were pending during the transaction with Tapestry. And part of that was prior to that we were spending more money on Versace and Jimmy Choo.

[John Idol, Chairman & CEO at Capri]

I would say the lion's share, 90 plus percent of our dollars are going directed right at Michael Kors. And what we were looking to do is not only renovate and improve the consumer experience, which again, we're having some very good results just in the short window of time of a handful of stores we've renovated, both full price and outlet, I might add. But also, it's a little bit of a good thing that happened in that we're very clear about what that aesthetic should be. And I think when you see the store, you're gonna see the the the very unique aesthetic that it has. And the last piece of this, which we will we will get into more, there is gonna be an experience inside the store.

[John Idol, Chairman & CEO at Capri]

We'll make that announcement a little bit later, closer towards when the store opening happens. But we are going to have have a different experience inside the store that is not just a typical retail ready to wear experience. So I'll I'll leave that as a little bit of a surprise as we get closer, to the store opening at at the the Rockefeller Center where we can hopefully take most, if not all, of you there to to see the location. Thank you, Oliver.

[Oliver Chen, Managing Director - Retail, Luxury, New Platforms Sector Head at TD Cowen]

Thank you.

[Operator]

Our next question comes from Rick Patel with Raymond James.

[Rick Patel, Managing Director at Raymond James Financial]

Good morning, my congrats on the progress. Can you expand on the evolving U. S. Distribution as you shrink exposure to U. S.

[Rick Patel, Managing Director at Raymond James Financial]

Department stores and lean into retail? Are you seeing signs that consumers are following you into the retail channel? And then just bigger picture, how are you envisioning the role of wholesale versus retail over the long term?

[John Idol, Chairman & CEO at Capri]

Good morning, Rick, and thank you. So a couple of things. Number one, on retail, I think you saw in our prepared remarks, we said we're going to close about 75 stores this year, which should more or less complete the fleet optimization program for Michael Kors. There'll be a few more in fiscal year twenty seven, but nothing of this magnitude. And quite interestingly, we are actually doing something different right now.

[John Idol, Chairman & CEO at Capri]

We are going back and looking at certain malls that we've actually left. What we have seen is when we close a store in an area or a location, we are not recapturing that business either at a outlet store that's nearby or in ecommerce. So we we know there are customers we're not servicing. And in certain markets, we may have left the market with our own store as well as the department store. So we've exited the market completely.

[John Idol, Chairman & CEO at Capri]

And and I'll give you a good example. That's Manchester, England, as a as a good example, where Downtown Manchester, the brand, it doesn't exist any longer. So we're in the process of of opening, reopening a freestanding store in that in that area. We now know the sizes that we need. We need to really open a store that's between 1,502,000 square feet.

[John Idol, Chairman & CEO at Capri]

And we have some pretty good understanding on the economics around what we need to do to be profitable in those stores. So I'm hoping that when we start to give you guidance for fiscal year twenty seven, you're actually gonna hear about modest store growth, in certain areas of The US and in certain areas of Europe, where we have left markets, and I'll talk about wholesale here in a second, but where we think we have an opportunity to engage. And these are gonna be fairly large markets. They're not gonna be small markets that wouldn't be able to house a Michael Kors store. And I would, again, like to reiterate that our our partners at the various, malls around the the world actually have been super excited to work with us on this concept.

[John Idol, Chairman & CEO at Capri]

And you're gonna hear about a further flagship concept, when we talk about it in in more in October. That's also getting a lot of, real good support from from the the the retail mall community and street store community. In terms of wholesale, we'll be almost complete with the closure of wholesales at the end of this calendar year, few more to go in spring. And and there, we're not looking to expand. There'll be a handful of department stores doors that will reenter, but it will be very minimal.

[John Idol, Chairman & CEO at Capri]

What we're really looking to do is go back in, renovate our our existing shop in shops. We have fantastic locations in in most of the department store partners that we're in today. The shops are old, they're tired. They need to reflect the new modern image of of Michael Kors and and Jet Set and traveling the world in style. And and so far, we've had nothing but great support in in The US department stores are on board to begin renovations, and those will begin this fall season.

[John Idol, Chairman & CEO at Capri]

And and we're just starting to roll that concept out with our European partners. So so far, so good. And I'd say, you know, a handful of limited additional doors that we'll we'll have in the in the full price markets, really remaining kind of static in wholesale for what we'll call this calendar twenty seven, and really focus on productivity increases. We are looking for the wholesale channel to turn positive in fiscal year twenty or calendar year twenty seven. And again, we're not there yet.

[John Idol, Chairman & CEO at Capri]

But there's some very good lead indicators that we should be able to get onto that track for modest retail growth in calendar year twenty seven. Thank you, Rick.

[Rick Patel, Managing Director at Raymond James Financial]

Thank you.

[Operator]

And our next question comes from Anisha Sherman with Bernstein Research.

[Aneesha Sherman, Senior Analyst at Bernstein]

Hey, thank you so much for taking my question and great to hear all the positive comments on this call. John, I wanted to ask about Jimmy It's historically been a different core category, different brand heritage, different sourcing mix from cores. Maybe some of those differences may be narrowing as you grow the handbags assortment and if you grow footwear at cores. But can you talk about how you think about the value added of Jimmy Choo to the portfolio? How does it complement Coors?

[Aneesha Sherman, Senior Analyst at Bernstein]

Where is it incremental? And would you ever consider divesting of this brand as you did with Versace?

[John Idol, Chairman & CEO at Capri]

Thank you, Anisha. And and so let me start with the last part of it. Jimmy Choo is not for sale. We we we do not have an intent on selling Jimmy Choo. And in fact, we're excited about the growth opportunity that Jimmy Choo represents for the company.

[John Idol, Chairman & CEO at Capri]

When we bought Jimmy Choo many years ago, one of the reasons first, we bought it is because it has an incredible name and and history and heritage with the fashion luxury consumer. It's highly recognized and it is in the shoe business and we thought we would actually learn a lot from them, which we have. And I might add also over the years, I'm not sure this has been clear, but we've actually bought two manufacturing facilities. So we produce over 50% of our own product in house. We are truly vertical, with Jimmy Choo, two beautiful factories that we have in Italy.

[John Idol, Chairman & CEO at Capri]

And we've just built a brand new spectacular r and d center for our employees there to work out of. So Jimmy Choo is in very good shape. Store fleets in excellent shape. We spent a lot of money over the years renovating the stores and hopefully you get a chance to see our new flagship on Madison Avenue. It's fantastic and and doing really well.

[John Idol, Chairman & CEO at Capri]

And so so the investments we've made now we can leverage. We bought the company knowing that we could add some value to that, in particular around accessories, which is something we think we know a little bit about. We got distracted over the last couple of years. Again, the the the merger did not help things. People didn't spend as much time focusing on that.

[John Idol, Chairman & CEO at Capri]

We are completely reengaged on the accessories side. There's a very big opportunity for Jimmy Choo. We're in a luxury consumers wardrobe today. We're in their closet. So so it's not a matter of getting people to to say, oh, I like or dislike Jimmy Choo.

[John Idol, Chairman & CEO at Capri]

That's not the issue. The issue is getting product in particular and accessories that is more relevant to that consumer. And as we pointed out, our Jimmy Choo accessories business has been getting healthier, especially as of late around two bags. One is an evening group called Bon Bon. And the one is more of a day bag called Cinch.

[John Idol, Chairman & CEO at Capri]

And Cinch has now become the largest selling day bag group for for the company in its history. We've just done something very strategic. We've introduced something called the curve bag, which you may have seen online. And we took a very strategic pricing approach to it. The bags retail from $9.95 to $5.95 We think that there's been a lot of very significant pricing increase in the upper end of luxury.

[John Idol, Chairman & CEO at Capri]

And we think there's customer resistance to that. So we want to use Jimmy Choo and try to have both. We're going to have bags that are in the 1,500 to 2,500 range, but we are going to have two groups, one being the new curve. And we just are introducing, I think it's gonna launch today, online with Sydney Sweeney. Hopefully, it's today or tomorrow, our bar group, which is also priced in that same range.

[John Idol, Chairman & CEO at Capri]

So, and and I think you also heard, me say in my prepared remarks that our sneaker category has had some very strong, growth as well as we just introduced this new jelly, which has been fantastic, and it retails for $395. So these are still very healthy price points, but they're also broadening our our our strategy around pricing and using the great leverage of the Jimmy Choo name, and brand affinity with the consumer. So we're excited about what Jimmy Choo, can can can do for the company. We do need to build more product in the accessories range because, Jimmy Choo is, today 80 ish percent in footwear. Footwear is always a tougher margin business because it's sized.

[John Idol, Chairman & CEO at Capri]

But if we can really leverage our know how, our knowledge, and this customer affinity to the brand with accessories, we think we've got a very nice margin lift opportunity. We can get this business back to a double digit operating margin. I don't know, 600, 700, maybe $108,100,000,000 dollar business, that's a very nice return. And so we've made all the investment. We're excited about Jimmy Choo and we think it's going to be very much a core part of the CapRe family.

[John Idol, Chairman & CEO at Capri]

So thank you, Nisa. On that note, I'd like to say thank you for everyone for joining us today. We are encouraged by the first quarter results. We are also encouraged by what we see so far in the second quarter. The consumer remains engaged and appears to be getting more engaged with both brands.

[John Idol, Chairman & CEO at Capri]

And if we continue to stay focused on our initiatives, we believe that we will end the year with in the range of the guidance that we gave. And we feel that in fiscal year twenty seven, we will return CapRe to growth. And we think the leverage that that will create along with mitigating the majority of the current tariffs will bode very well for the earnings per share growth for the company. So thank you for joining us today.

[Operator]

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

Participants

Executives

• Jennifer Davis, Vice President, Investor Relations
• John Idol, Chairman & CEO
• Rajal Mehta, Interim CFO

Analysts

• Matt Boss, Equity Research Analyst at JP Morgan
• Brooke Roach, VP - Equity Research at Goldman Sachs
• Ike Boruchow, MD & Senior Analyst - Retailing, Specialty Softlines & E-commerce at Wells Fargo
• Oliver Chen, Managing Director - Retail, Luxury, New Platforms Sector Head at TD Cowen
• Rick Patel, Managing Director at Raymond James Financial
• Aneesha Sherman, Senior Analyst at Bernstein