Capri Holdings (CPRI.N): Expect Slight 1Q EPS Beat, F27 EPS Guidance Reiteration

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Capri Holdings (CPRI.N): Expect Slight 1Q EPS Beat, F27 EPS Guidance Reiteration

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21 Jul 2026 05:00:00 ET │ 17 pages

Capri Holdings (CPRI.N)

Expect Slight 1Q EPS Beat, F27 EPS Guidance Reiteration

CITI'S TAKE

We expect 1Q EPS to be slightly above consensus/guidance. We model EPS

of $0.43 vs Visible Alpha consensus and guidance of $0.40, based on sales

-5.6% vs consensus -5.5% and guidance of -5.9%. We believe mgmt Buy

remains encouraged by performance in the Kors accessory biz, and we Price (20 Jul 26 16:00) US$15.94

expect full price comps to again be positive in 1Q. We expect the timing for

Target price US$31.00an inflection in the Kors brand to remain unchanged, with mgmt pointing to

2H as the time that total DTC sales (not just full price DTC sales) could turn Expected share price return 94.5%

positive. We expect mgmt to reiterate prior F27 EPS guidance of $2.15 (vs Expected dividend yield 0.0%

consensus $2.12), though moderate revenue guidance slightly based on Fx

Expected total return 94.5%and some incremental impact from lower Middle East tourism to Europe. We

expect the trajectory of a turnaround to remain on plan, and we do not Market Cap US$1,830M

expect a big stock move on the report.

Our ests and TP: There is no change to our F27E/28E EPS of $2.17/3.65. For F27, we

model sales +0.5% and op margin +200bps to 5.4%. Our TP represents 11.8x/7.7x Price Performance

our F27E/28E EBITDA. (RIC: CPRI.N, BB: CPRI US)

Where is Capri likely to guide? We expect mgmt to reiterate prior F27 EPS guidance,

though moderate revenue guidance slightly based on Fx and some incremental

headwinds from reduced tourism to Europe (from the Middle East). We expect sales

guidance of ~$3.50BN or +0.7% (vs consensus $3.52BN or +1.2%, and prior

guidance of $3.525BN, +1.5%).