- Earnings per share were $0.50, exceeding expectations due to better-than-anticipated results at Michael Kors and Jimmy Choo.
- Gross margin was approximately flat at 63%, with Michael Kors gross margin at 61.1% and Jimmy Choo at 2.5%.
- Inventory increased 10.8% year-over-year to $779 million, driven by planned earlier receipts and currency/tariff impacts.
- Jimmy Choo revenue decreased 6.4% reported and 9.2% constant currency; retail declined mid-single digits and wholesale declined double digits.
- Michael Kors revenue decreased 5.9% reported and 7.3% constant currency; retail and wholesale sales declined mid-single digits.
- Net income was $60 million with a negative tax rate of 36.4% due to a discrete tax benefit.
- Operating expenses decreased by $22 million but operating margin declined to 2.5% from 3.7% last year.
- Total company revenue decreased 6% year-over-year to $797 million on a reported basis in Q1 2026.
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Dafinchi