Capri Holdings Ltd Form 8-K Current Event Report Filed 2021-05-26

SECURITIES AND EXCHANGE COMMISSION

FORM 8-K Current report filing

Filing Date: 2021-05-26 | Period of Report: 2021-05-20 SEC Accession No. 0001530721-21-000050

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FILER Capri Holdings Ltd Mailing Address Business Address 33 KINGSWAY 33 KINGSWAY CIK:1530721| IRS No.: 000000000 | Fiscal Year End: 0327 LONDON X0 WC2B 6UF LONDON X0 WC2B 6UF Type: 8-K | Act: 34 | File No.: 001-35368 | Film No.: 21962706 44 207 632 8600 SIC: 3100 Leather & leather products

Form 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): May 20, 2021

CAPRI HOLDINGS LTD (Exact name of Registrant as Specified in its Charter)

001-35368 (Commission File Number)

British Virgin Islands N/A

(State or other jurisdiction (I.R.S. Employer of incorporation) Identification No.)

33 Kingsway London, United Kingdom WC2B 6UF (Address of Principal Executive Offices) 44 207 632 8600

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange on which Registered Ordinary Shares, no par value CPRI New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period ☐ for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

As previously disclosed, on June 25, 2020, Capri Holdings Limited (the “Company”) entered into an amendment (the "Amendment") to its third amended and restated senior secured credit facility (the “Credit Facility”) with, among others, JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), to, among other things, add a $230 million revolving line of credit that matures on June 24, 2021 (the “364 Day Facility”).

The Company determined it no longer desires to maintain it in effect. Consequently on May 20, 2021, the Company delivered a notice to the Administrative Agent terminating the 364 Day Facility, and the 364 Day Facility terminated on May 25, 2021.

The Credit Facility remains in full force and effect.

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On May 26, 2021, the Company issued a press release containing its unaudited financial results for its fourth fiscal quarter and fiscal year ended March 27, 2021. A copy of the press release is attached hereto as Exhibit 99.1.

ITEM 8.01 OTHER EVENTS. As previously disclosed, the Amendment, among other things, also temporarily suspended the quarterly maximum leverage ratio covenant and imposed a minimum liquidity test during the period from June 25, 2020 until the earlier of (x) the date on which the Company delivers its financial statements for the fiscal quarter ending June 26, 2021 and (y) the date on which the Company certifies that its net leverage ratio as of the last day of the most recently ended fiscal quarter was no greater than 4.00 to 1.00 (the “Applicable Period”). During the Applicable Period, applicable margins and commitment fees under the Credit Facility are increased and certain covenant baskets for restricted payments, the incurrence of indebtedness, acquisitions and other investments made by the Company are more restrictive.

On May 26, 2021 (the “Election Date”), the Company delivered to the Administrative Agent the certificate required to terminate the Applicable Period.

Effective as of the Election Date, the Company will be required to comply with the quarterly maximum net leverage ratio test of 4.00 to 1.00, and the applicable margins, commitment fees and covenant baskets will revert to the levels in effect prior to the effective date of the Amendment.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

Exhibit No. 99.1 Press Release issued by Capri Holdings Limited, dated May 26, 2021. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Exhibit 99.1 is furnished to comply with Item 2.02 and Item 9.01 of Form 8-K. Exhibit 99.1 is not to be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall Exhibit 99.1 be deemed incorporated by reference in any filing under the Securities Act of 1933 (except as shall be expressly set forth by specific reference in such filing).

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CAPRI HOLDINGS LIMITED

Date: May 26, 2021 By: /s/ Thomas J. Edwards, Jr. Name: Thomas J. Edwards, Jr. Title: Executive Vice President, Chief Financial Officer and Chief Operating Officer

Capri Holdings Limited Announces Fourth Quarter and Full Year Fiscal 2021 Results

Revenue and Earnings Exceed Expectations

London — May 26, 2021 — Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today announced its financial results for the fourth quarter and full year fiscal 2021 ended March 27, 2021.

Fourth Quarter Fiscal 2021 Highlights

• Revenue was flat to prior year, a sequential improvement relative to the third quarter

◦ Retail sales increased 13% globally, with growth across all three luxury houses

◦ E-Commerce sales improved sequentially, increasing approximately 80%

• Adjusted gross margin expanded 280 basis points versus prior year, with margin expansion across all luxury houses

• Adjusted operating margin expansion of 360 basis points to 11.9%

• Adjusted earnings per share of $0.38

John D. Idol, the Company’s Chairman and Chief Executive Officer, said, "Looking back on fiscal 2021, the COVID-19 pandemic has had a profound effect on the entire world. The unprecedented challenges tested our business and industry in ways we could never have imagined. Despite these challenges, we were encouraged by the performance of all three of our luxury houses, with revenue and earnings significantly exceeding our expectations. These results are a testament to the strength of our brands as well as the dedication, resilience and agility of the entire Capri Holdings team."

Mr. Idol continued, “We were pleased with our fourth quarter results as revenue improved sequentially and exceeded our expectations. Retail sales increased 13% versus prior year, driven by an improvement in both E-Commerce and store sales. As we continued to execute on our strategic initiatives, earnings were higher than anticipated driven by better revenue results and gross margin expansion across all three of our luxury houses."

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Mr. Idol added, “During the year, we reevaluated and refined Capri Holding’s strategic direction to ensure the company emerges from the pandemic stronger and more profitable. For Versace and Jimmy Choo, we reaffirmed our long term plans and are even more enthusiastic about the prospects of these luxury houses. For Michael Kors, we recalibrated our plans to further elevate the brand positioning and deliver higher profit margins.”

Mr. Idol concluded, “Looking forward, we remain optimistic about the outlook for the fashion luxury industry and Capri Holdings. As the world starts to recover from the pandemic, we are confident in our growth opportunities for

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Versace, Jimmy Choo and Michael Kors. We believe our three luxury houses position Capri Holdings to deliver multiple years of revenue and earnings growth, as well as increase shareholder value.”

Fourth Quarter Fiscal 2021 Results

Financial Results and non-GAAP Reconciliation

The Company’s results are reported in this press release in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and on an adjusted, non-GAAP basis. A reconciliation of GAAP to non-GAAP financial information is provided at the end of this press release. Due to the current and ongoing impact of the COVID-19 pandemic, the Company will not be providing comparable store sales results. The Company believes the most comprehensive measure of performance in this environment is total revenues compared to the same period in the prior year.

Overview of Capri Holdings Fourth Quarter Fiscal 2021 Results

• Total revenue of $1.2 billion was approximately flat compared to last year. On a constant currency basis, total revenue decreased 3.8%. During the quarter, the Company experienced temporary door closures in geographies impacted by lockdowns associated with COVID-19 cases. On average, approximately 60% of the Company's retail stores in EMEA and approximately 40% of the Company’s retail stores in Canada were closed during fourth quarter fiscal 2021.

• Gross profit was $737 million and gross margin was 61.6%, compared to $631 million and 52.9% in the prior year. Adjusted gross profit was $760 million and adjusted gross margin was 63.5%, compared to $723 million and 60.7% in the prior year.

• Loss from operations was $139 million and operating margin was (11.6)% compared to a loss of $536 million and operating margin of (45.0)% in the prior year. Adjusted income from operations was $143 million and operating margin was 11.9%, compared to $99 million and 8.3% in the prior year.

• Net loss was $183 million, or $(1.21) per diluted share compared to a net loss of $551 million, or $(3.69) per diluted share in the prior year. Adjusted net income was $59 million, or $0.38 per diluted share. Last year, adjusted net income was $16 million or $0.11 per diluted share.

• Net inventory at March 27, 2021 was $736 million, an 11% decrease compared to the prior year.

Versace Fourth Quarter Fiscal 2021 Results

• Versace revenue of $235 million increased 10.3% compared to the prior year. On a constant currency basis, total revenue was approximately flat.

• Versace operating income was $29 million and operating margin was 12.3% compared to an operating loss of $2 million and operating margin of (0.9)% in the prior year.

Jimmy Choo Fourth Quarter Fiscal 2021 Results

• Jimmy Choo revenue of $124 million increased 15.9% compared to the prior year. On a constant currency basis, total revenue increased 10.3%.

• Jimmy Choo operating loss was $18 million and operating margin was (14.5)%, compared to operating loss of $23 million and operating margin of (21.5)% in the prior year.

• Michael Kors revenue of $838 million decreased 3.9% compared to the prior year. On a constant currency basis, total revenue decreased 6.5%.

• Michael Kors operating income was $172 million and operating margin was 20.5%, compared to operating income of $139 million and operating margin of 15.9% in the prior year.

The Company has maintained a strong financial position throughout the COVID-19 crisis. As a result, ahead of schedule, the Company terminated its $230 million 364 day Revolving Credit Facility, effective May 25, 2021. In addition, on May 26, 2021, the Company terminated the covenant relief waiver entered into June 2020.

Share Repurchase Authorization The Company has reinstated its share repurchase authorization which has $400 million of availability remaining. Share repurchases may be made in open market or privately negotiated transactions, subject to market conditions, applicable legal requirements, trading restrictions under the Company’s insider trading policy, and other relevant factors. The program may be suspended or discontinued at any time.

Outlook

The following guidance is provided on an adjusted, non-GAAP basis. Guidance does not incorporate any significant additional store closures, extensions of closures, or new government restrictions that could further impact traffic and sales trends.

The Company also notes that fiscal 2022 includes a 53rd week in its fiscal fourth quarter.

Fiscal Year 2022 Outlook

For Capri Holdings, the Company expects the following.

• Total revenue of approximately $5.1 billion

• Gross margin expansion of approximately 50 basis points, reflecting benefits from strategic initiatives, partially offset by higher transportation costs

• Operating margin of approximately 14%

• Net interest expense of approximately $20 million

• Effective tax rate of approximately 15%

• Weighted average diluted shares outstanding of approximately 156 million

• Diluted earnings per share of approximately $3.70 to $3.80

• Capital expenditures of approximately $200 million

First Quarter Fiscal 2022 Outlook

For Capri Holdings, the Company expects the following.

• Total revenue of approximately $1.1 billion

• Gross margin contraction of approximately 100 basis points, primarily due to higher wholesale channel mix

• Operating margin of approximately 12%

• Net interest expense of approximately $5 million

• Effective tax rate of approximately 9%

• Diluted earnings per share of approximately $0.75

For Capri Holdings, the Company expects the following.

• Total revenue of approximately $1.2 billion

• Operating margin of approximately 11%

• Diluted earnings per share of approximately $0.70 to $0.75

Third Quarter Fiscal 2022 Outlook

For Capri Holdings, the Company expects the following.

• Total revenue of approximately $1.4 billion

• Operating margin of approximately 20%

• Diluted earnings per share of approximately $1.65 to $1.70

Fourth Quarter Fiscal 2022 Outlook

For Capri Holdings, the Company expects the following.

• Total revenue of approximately $1.4 billion

• Operating margin of approximately 12%

• Diluted earnings per share of approximately $0.55 to $0.60

Conference Call Information

A conference call to discuss fourth quarter and full year fiscal 2021 results is scheduled for today, May 26, 2021 at 8:30 a.m. ET. A live webcast of the conference call will be available on the Company’s website, www.capriholdings.com. In addition, a replay will be available shortly after the conclusion of the call and remain available until June 2, 2021. To access the telephone replay, listeners should dial 1-844-512-2921 or 1-412-317-6671 for international callers. The access code for the replay is 13719371. A replay of the webcast will also be available within two hours of the conclusion of the call and will remain on the website for 90 days. Additionally, a fourth quarter fiscal 2021 earnings highlights presentation is posted on the company's website.

Investor Meeting

The Company will host a virtual Investor Meeting on Tuesday, June 29, 2021. Additional details about the event will be included in a subsequent announcement.

Use of Non-GAAP Financial Measures

Constant currency effects are non-GAAP financial measures, which are provided to supplement our reported operating results to facilitate comparisons of our operating results and trends in our business, excluding the effects of foreign currency rate fluctuations. Because we are a global company, foreign currency exchange rates may have a significant effect on our reported results. We calculate constant currency measures and the related foreign currency impacts by translating the current year’s reported amounts into comparable amounts using prior year’s foreign exchange rates for each currency. All

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document constant currency performance measures discussed below should be considered a supplement to and not in lieu of our operating performance measures calculated in accordance with U.S. GAAP. Additionally, this earnings release includes certain non-GAAP financial measures that exclude certain costs associated with COVID-19 related charges, long-lived asset impairments, ERP implementation costs, Capri transformation costs, charitable donations, an inventory step-up adjustment, acquisition foreign currency effects, restructuring and other charges. The Company uses non-GAAP financial measures, among other things, to evaluate its operating performance and in order to represent the manner in which the Company conducts and views its business. The Company believes that excluding these items helps its management and investors compare operating performance based on its ongoing operations. While the Company considers the non-GAAP measures to be useful supplemental measures in analyzing its results, they are not intended to replace, nor act as a substitute

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document for, any amounts presented in its consolidated financial statements prepared in conformity with U.S. GAAP and may be different from non-GAAP measures reported by other companies.

About Capri Holdings Limited

Capri Holdings Limited is a global fashion luxury group, consisting of iconic brands that are industry leaders in design, style and craftsmanship. Its brands cover the full spectrum of fashion luxury categories including women’s and men’s accessories, footwear and ready-to-wear as well as wearable technology, watches, jewelry, eyewear and a full line of fragrance products. The Company’s goal is to continue to extend the global reach of its brands while ensuring that they maintain their independence and exclusive DNA. Capri Holdings Limited is publicly listed on the New York Stock Exchange under the ticker CPRI.

Forward Looking Statements

This press release contains statements which are, or may be deemed to be, “forward-looking statements.” Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Capri Holdings Limited (the “Company”) about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. All statements other than statements of historical facts included in this press release may be forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “plans”, “believes”, “expects”, “intends”, “will”, “should”, “could”, “would”, “may”, “anticipates”, “might” or similar words or phrases, are forward-looking statements. These forward-looking statements are not guarantees of future financial performance. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions, which could cause actual results to differ materially from those projected or implied in any forward-looking statements. These risks, uncertainties and other factors include the impact of the COVID-19 pandemic, levels of cash flow and future availability of credit, compliance with restrictive covenants under the Company’s credit agreement, the Company’s ability to integrate successfully and to achieve anticipated benefits of any acquisition and to successfully execute our growth strategies; the risk of disruptions to the Company’s businesses; risks associated with operating in international markets and our global sourcing activities; the risk of cybersecurity threats and privacy or data security breaches; the negative effects of events on the market price of the Company’s ordinary shares and its operating results; significant transaction costs; unknown liabilities; the risk of litigation and/or regulatory actions related to the Company’s businesses; fluctuations in demand for the Company’s products; levels of indebtedness (including the indebtedness incurred in connection with acquisitions); the timing and scope of future share buybacks, which may be made in open market or privately negotiated transactions, and are subject to market conditions, applicable legal requirements, trading restrictions under the Company’s insider trading policy and other relevant factors, and which share repurchases may be suspended or discontinued at any time, the level of other investing activities and uses of cash; changes in consumer traffic and retail trends; loss of market share and industry competition; fluctuations in the capital markets; fluctuations in interest and exchange rates; the occurrence of unforeseen epidemics and pandemics, disasters or catastrophes; political or economic instability in principal markets; adverse outcomes in litigation; and general, local and global economic, political, business and market conditions, as well as those risks set forth in the reports that the Company files from time to time with the U.S. Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended March 28, 2020 (File No. 001-35368). Any forward-looking statement in this press release speaks only as of the date made and the Company disclaims any obligation to update or revise any forward-looking or other statements contained herein other than in accordance with legal and regulatory obligations.

Investor Relations: Jennifer Davis (201) 514-8234 [email protected]

Media: [email protected]

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share and per share data) (Unaudited)

Three Months Ended Fiscal Years Ended

March 27, March 28, March 27, March 28, 2021 2020 2021 2020

Total revenue $ 1,197 $ 1,192 $ 4,060 $ 5,551 Cost of goods sold 460 561 1,463 2,280

Gross profit 737 631 2,597 3,271 Total operating expenses 876 1,167 2,578 3,463

(Loss) income from operations (139) (536) 19 (192) Other income, net (3) (2) (7) (6) Interest expense (income), net 4 (1) 43 18 Foreign currency (gain) loss (4) 7 (20) 11

(Loss) income before provision for income taxes (136) (540) 3 (215) Provision for income taxes 46 12 66 10

Net loss (182) (552) (63) (225) Less: Net income (loss) attributable to noncontrolling interests 1 (1) (1) (2) Net loss attributable to Capri $ (183) $ (551) $ (62) $ (223)

Weighted average ordinary shares outstanding: Basic 151,104,434 149,380,121 150,453,568 150,714,598 Diluted 151,104,434 149,380,121 150,453,568 150,714,598 Net loss per ordinary share: Basic $ (1.21) $ (3.69) $ (0.41) $ (1.48) Diluted $ (1.21) $ (3.69) $ (0.41) $ (1.48)

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document SCHEDULE 2 CAPRI HOLDINGS LIMITED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited)

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document March 27, March 28, 2021 2020 Assets Current assets Cash and cash equivalents $ 232 $ 592 Receivables, net 373 308 Inventories, net 736 827 Prepaid expenses and other current assets 205 167

Total current assets 1,546 1,894 Property and equipment, net 485 561 Operating lease right-of-use assets 1,504 1,625 Intangible assets, net 1,992 1,986 Goodwill 1,498 1,488 Deferred tax assets 278 225 Other assets 178 167

Total assets $ 7,481 $ 7,946

Liabilities and Shareholders’ Equity Current liabilities Accounts payable $ 512 $ 428 Accrued payroll and payroll related expenses 116 93 Accrued income taxes 126 42 Short-term operating lease liabilities 447 430 Short-term debt 123 167 Accrued expenses and other current liabilities 297 241

Total current liabilities 1,621 1,401 Long-term operating lease liabilities 1,657 1,758 Deferred tax liabilities 397 465 Long-term debt 1,219 2,012 Other long-term liabilities 430 142

Total liabilities 5,324 5,778 Commitments and contingencies Shareholders’ equity Ordinary shares, no par value; 650,000,000 shares authorized; 219,222,937 shares issued and 151,280,011 outstanding at March 27, 2021; 217,320,010 shares issued and 149,425,612 outstanding at March 28, 2020 — — Treasury shares, at cost (67,942,926 shares at March 27, 2021 and 67,894,398 shares at March 28, 2020) (3,326) (3,325) Additional paid-in capital 1,158 1,085 Accumulated other comprehensive income 56 75 Retained earnings 4,270 4,332

Total shareholders’ equity of Capri 2,158 2,167 Noncontrolling interest (1) 1 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Total shareholders’ equity Please Consider the Environment Before Printing This Document 2,157 2,168

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES CONSOLIDATED SEGMENT DATA ($ in millions) (Unaudited)

March 27, March 28, March 27, March 28, 2021 2020 2021 2020 Revenue by Segment and Region: Versace The Americas $ 69 $ 53 $ 201 $ 186 EMEA 93 109 276 420 Asia 73 51 241 237 Versace Revenue 235 213 718 843

Jimmy Choo The Americas 31 22 102 107 EMEA 44 54 146 282 Asia 49 31 170 166 Jimmy Choo Revenue 124 107 418 555

Michael Kors The Americas 548 600 1,869 2,822 EMEA 160 169 607 821 Asia 130 103 448 510 Michael Kors Revenue 838 872 2,924 4,153

Total Revenue $ 1,197 $ 1,192 $ 4,060 $ 5,551

Income (Loss) from Operations: Versace $ 29 $ (2) $ 21 $ (8) Jimmy Choo (18) (23) (55) (13) Michael Kors 172 139 595 850 Total segment income from operations 183 114 561 829 Less: Corporate expenses (62) (38) (152) (152) Restructuring and other charges (14) (5) (32) (42) Impairment of long-lived assets (206) (488) (316) (708) COVID-19 related charges (40) (119) (42) (119)

Total (Loss) Income from Operations $ (139) $ (536) $ 19 $ (192)

Operating Margin: Versace 12.3 % (0.9)% 2.9 % (0.9)% Jimmy Choo (14.5)% (21.5)% (13.2)% (2.3)% Michael Kors 20.5 % 15.9 % 20.3 % 20.5 % Capri Operating Margin (11.6)% (45.0)% 0.5 % (3.5)%

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES SUPPLEMENTAL RETAIL STORE INFORMATION (Unaudited) As of

Retail Store Information: March 27, 2021 March 28, 2020 Versace 210 206 Jimmy Choo 227 226 Michael Kors 820 839

Total number of retail stores 1,257 1,271

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES CONSTANT CURRENCY DATA (In millions) (Unaudited) Three Months Ended % Change

March 27, March 28, As Constant 2021 2020 Reported Currency Total revenue: Versace $ 235 213 10.3 % (0.5)% Jimmy Choo 124 107 15.9 % 10.3 % Michael Kors 838 872 (3.9)% (6.5)%

Total revenue $ 1,197 $ 1,192 0.4 % (3.8)%

Fiscal Years Ended % Change

March 27, March 28, As Constant 2021 2020 Reported Currency Total revenue: Versace $ 718 $ 843 (14.8)% (19.8)% Jimmy Choo 418 555 (24.7)% (26.8)% Michael Kors 2,924 4,153 (29.6)% (30.9)%

Total revenue $ 4,060 $ 5,551 (26.9)% (28.8)%

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except share and per share data) (Unaudited)

Three Months Ended March 27, 2021

Restructuring COVID-19 As Impairment and Other Charitable Related Capri As Reported Charges (1) Charges (2) Donations Charges Transformation Adjusted

Gross profit $ 737 $ — $ — $ — $ 23 $ — $ 760

Operating expenses $ 876 $ (206) $ (14) $ (20) $ (17) $ (2) $ 617

Total (loss) income from operations $ (139) $ 206 $ 14 $ 20 $ 40 $ 2 $ 143

(Loss) income before provision for income taxes $ (136) $ 206 $ 14 $ 20 $ 40 $ 2 $ 146 Provision for income taxes $ 46 $ 23 $ 6 $ 5 $ 6 $ — $ 86 Net (loss) income attributable to Capri $ (183) $ 183 $ 8 $ 15 $ 34 $ 2 $ 59 Weighted average diluted ordinary shares outstanding 151,104,434 154,379,232 Diluted (loss) net income per ordinary share - Capri $ (1.21) $ 1.19 $ 0.06 $ 0.10 $ 0.22 $ 0.02 $ 0.38

______(1) Includes impairment charges of $94 million related to goodwill associated with the Jimmy Choo wholesale and licensing reporting units, $69 million related to the Jimmy Choo brand indefinite-lived intangible assets. These impairment charges were primarily related to higher discount rates in the current year driven by a change in market factors as well as a shift in expected revenue and earnings mix to the retail segment. This amount also includes $43 million primarily related to operating lease right-of-use assets and fixed assets of our retail store locations. (2) Includes store closure costs which have been incorporated into the Capri Retail Store Optimization Program, other restructuring initiatives, and other costs recorded in connection with the acquisitions of Gianni Versace S.r.l. and Jimmy Choo Group Limited.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except share and per share data) (Unaudited)

Fiscal Year Ended March 27, 2021

Restructuring COVID-19 As Impairment and Other Charitable Related ERP Capri As Reported Charges (1) Charges (2) Donations Charges Implementation Transformation Adjusted

Gross profit $ 2,597 $ — $ — $ — $ 10 $ — $ — $ 2,607

Operating expenses $ 2,578 $ (316) $ (32) $ (20) $ (32) $ (2) $ (4) $ 2,172

Total income from operations $ 19 $ 316 $ 32 $ 20 $ 42 $ 2 $ 4 $ 435

Income before provision for income taxes $ 3 $ 316 $ 32 $ 20 $ 42 $ 2 $ 4 $ 419 Provision for (benefit from) income taxes $ 66 $ 51 $ 4 $ 5 $ 4 $ (1) $ 1 $ 130 Net (loss) income attributable to Capri $ (62) $ 265 $ 28 $ 15 $ 38 $ 3 $ 3 $ 290 Weighted average diluted ordinary shares outstanding 150,453,568 152,157,901 Diluted net (loss) income per ordinary share - Capri $ (0.41) $ 1.74 $ 0.18 $ 0.10 $ 0.25 $ 0.02 $ 0.02 $ 1.90

______(1) Includes impairment charges of $153 million primarily related to operating lease right-of-use assets and fixed assets of our retail store locations. This amount also includes $94 million related to goodwill associated with the Jimmy Choo wholesale and licensing reporting units and $69 million related to the Jimmy Choo brand indefinite-lived intangible assets. The Jimmy Choo impairment charges were primarily related to higher discount rates in the current year driven by a change in market factors as well as a shift in expected revenue and earnings mix to the retail segment. (2) Includes store closure costs which have been incorporated into the Capri Retail Store Optimization Program, other restructuring initiatives, and other costs recorded in connection with the acquisitions of Gianni Versace S.r.l. and Jimmy Choo Group Limited.

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RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except share and per share data) (Unaudited)

Three Months Ended March 28, 2020

Restructuring COVID-19 Impairment and Other Related ERP Capri As Reported Charges (1) Charges (2) Charges Implementation Transformation As Adjusted

Gross profit $ 631 $ — $ — $ 92 $ — $ — $ 723

Total operating expenses $ 1,167 $ (488) $ (5) $ (27) $ (12) $ (11) $ 624

Total (loss) income from operations $ (536) $ 488 $ 5 $ 119 $ 12 $ 11 $ 99

(Loss) income before provision for income taxes $ (540) $ 488 $ 5 $ 119 $ 12 $ 11 $ 95 Provision for (benefit from) income taxes $ 12 $ 48 $ (1) $ 16 $ 3 $ 2 $ 80 Net (loss) income attributable to Capri $ (551) $ 440 $ 6 $ 103 $ 9 $ 9 $ 16 Weighted average diluted ordinary shares outstanding 149,380,121 150,623,391 Diluted net (loss) income per ordinary share - Capri $ (3.69) $ 2.95 $ 0.04 $ 0.69 $ 0.06 $ 0.06 $ 0.11

______(1) Includes impairment charges of $180 million related to the Jimmy Choo brand indefinite-lived intangible assets, $171 million related to goodwill associated with the Jimmy Choo retail and licensing reporting units and $137 million primarily related to operating lease right-of-use assets and fixed assets of our retail store locations. (2) Includes store closure costs recorded in connection with the Michael Kors Retail Fleet Optimization Plan and other restructuring initiatives, and other costs recorded in connection with the acquisitions of Gianni Versace S.r.l and Jimmy Choo Group Limited.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except share and per share data) (Unaudited)

Fiscal Year Ended March 28, 2020

Acquisition Restructuring Inventory Foreign COVID-19 Impairment and Other Step-up ERP Capri Currency Related As Reported Charges (1) Charges (2) Adjustment Implementation Transformation Effects Charges As Adjusted

Gross profit $ 3,271 $ — $ — $ 13 $ — $ — $ — $ 92 $ 3,376

Total operating expenses $ 3,463 $ (708) $ (42) $ — $ (41) $ (24) $ — $ (27) $ 2,621

Total (loss) income from operations $ (192) $ 708 $ 42 $ 13 $ 41 $ 24 $ — $ 119 $ 755

Foreign currency loss (gain) $ 11 $ — $ — $ — $ — $ — $ (1) $ — $ 10 (Loss) income before provision for income taxes $ (215) $ 708 $ 42 $ 13 $ 41 $ 24 $ 1 $ 119 $ 733 Provision for income taxes $ 10 $ 92 $ 7 $ 3 $ 10 $ 6 $ — $ 16 $ 144 Net (loss) income attributable to Capri $ (223) $ 616 $ 35 $ 10 $ 31 $ 18 $ 1 $ 103 $ 591 Weighted average diluted ordinary shares outstanding 150,714,598 151,922,050 Diluted net (loss) income per ordinary share - Capri $ (1.48) $ 4.05 $ 0.23 $ 0.07 $ 0.21 $ 0.12 $ 0.01 $ 0.68 $ 3.89

______

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document (1) Includes impairment charges of $357 million primarily related to operating lease right-of-use assets and fixed assets of our retail store locations, $180 million related to the Jimmy Choo brand indefinite-lived intangible assets and $171 million related to goodwill associated with the Jimmy Choo retail and licensing reporting units. (2) Includes store closure costs recorded in connection with the Michael Kors Retail Fleet Optimization Plan and other restructuring initiatives, and other costs recorded in connection with the acquisitions of Gianni Versace S.r.l and Jimmy Choo Group Limited.

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