Jimmy Choo revenue rose while Michael Kors revenue declined in Capri Holdings' quarter ended September 26. The company's report, published on October 30, showed group revenue of $809 million, down 5.5 per cent year on year. The figures relate to the second quarter of fiscal 2027: the name of the financial year does not match the calendar year.
Michael Kors revenue of $663 million was 8.6 per cent lower than a year earlier. Jimmy Choo revenue, at $146 million, increased by 11.5 per cent. Those are reported changes. At constant exchange rates, the brands' performances were minus 8.0 and plus 12.2 per cent respectively, while the group declined by 4.9 per cent. The two sets of measures should not be interchanged.
A better outlook is not a completed turnaround
Capri now expects full-year revenue of $3.42 billion and adjusted diluted earnings per share of $2.20. According to Reuters' independent report, the previous targets were $3.40 billion and $2.15 respectively. The news agency also reported a substantial share-price rise on results day. That reflects a change in expectations, not a direct measure of consumer demand for the brands.
An important detail in the release is that approximately $20 million of quarterly revenue came from wholesale shipments made earlier than anticipated. These moved forward from the following quarter. The timing affected about $15 million at Michael Kors and $5 million at Jimmy Choo. Consequently, the current revenue figure cannot simply tell us how many more products end consumers purchased.
In our editorial reading, this distinction is precisely what makes the results interesting. A shipment arriving earlier at a department store or another retailer can improve revenue for a particular period, while the customer's purchasing decision comes later. In fashion, the rhythm of a collection, the movement of stock and the timing of a sale are three connected but distinct stories.
Watch the two brands separately
The group's gross margin improved from 61.0 to 63.3 per cent. Capri attributes this partly to improved full-price selling, brand mix and lower tariff rates. That explanation comes from the company. It does not establish that demand strengthened in every store or product category.
Better results depend on the timing and composition of sales as well as their size.
The comparison concerns continuing operations. The Versace sale was completed on December 2, 2025, and the business is treated separately as discontinued operations in both periods presented. The report therefore provides a basis for assessing Michael Kors and Jimmy Choo, rather than an unchanged version of the former three-brand group.
For Hungarian shoppers, the emphasis on full-price selling may be the most tangible point. It does not automatically imply Hungarian price increases or fewer local promotions. The earnings release is neither a Hungarian price list nor a local inventory report. It shows the business direction the brands' owner is trying to pursue.
Next quarter, it will be worth watching how the figures develop alongside the effect of the shipments brought forward, and whether the two brands' trajectories move closer together. Chief executive John Idol's expectation of growth remains a corporate forecast. The next actual sales figures will need to substantiate the turnaround.
Related reading: The apparel story behind adidas’s quarterly results
