Executive Summary

• Capri Holdings beat consensus adjusted EPS in 3Q19, reporting $1.76 versus $1.58. Revenues of $1.44 billion were flat year over year and estimate of $1.46 billion.
• Michael Kors (MK) Wholesale was a bright spot with 320 bps segment margin expansion despite an 8.3% drop in segment revenue.
• The Michael Kors brand continues to grow in awareness and followers globally, with more than 44 million social media followers.