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Capri Holdings Ltd. – ‘10-Q’ for 7/2/22 – ‘R22’

On:  Tuesday, 8/9/22, at 4:04pm ET   ·   For:  7/2/22   ·   Accession #:  1530721-22-131   ·   File #:  1-35368

Previous ‘10-Q’:  ‘10-Q’ on 2/2/22 for 12/25/21   ·   Next:  ‘10-Q’ on 11/9/22 for 10/1/22   ·   Latest:  ‘10-Q’ on 2/8/24 for 12/30/23   ·   1 Reference:  To:  Capri Holdings Ltd. – ‘8-K’ on / for 7/1/22

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  As Of               Filer                 Filing    For·On·As Docs:Size

 8/09/22  Capri Holdings Ltd.               10-Q        7/02/22   89:8M

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   1.63M 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     29K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     30K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     27K 
 5: EX-32.2     Certification -- §906 - SOA'02                      HTML     27K 
11: R1          Cover Page                                          HTML     77K 
12: R2          Consolidated Balance Sheets                         HTML    153K 
13: R3          Consolidated Balance Sheets (Parenthetical)         HTML     33K 
14: R4          Consolidated Statements of Operations and           HTML    133K 
                Comprehensive Income                                             
15: R5          Consolidated Statements of Shareholders' Equity     HTML     91K 
16: R6          Consolidated Statements of Cash Flows               HTML    116K 
17: R7          Business and Basis of Presentation                  HTML     29K 
18: R8          Summary of Significant Accounting Policies          HTML     72K 
19: R9          Revenue Recognition                                 HTML     66K 
20: R10         Receivables, net                                    HTML     36K 
21: R11         Property and Equipment, net                         HTML     42K 
22: R12         Intangible Assets and Goodwill                      HTML     45K 
23: R13         Current Assets and Current Liabilities              HTML     53K 
24: R14         Restructuring and Other Charges                     HTML     30K 
25: R15         Debt Obligations                                    HTML     56K 
26: R16         Commitments and Contingencies                       HTML     29K 
27: R17         Fair Value Measurements                             HTML     75K 
28: R18         Derivative Financial Instruments                    HTML     86K 
29: R19         Shareholders' Equity                                HTML     56K 
30: R20         Share-Based Compensation                            HTML     45K 
31: R21         Income Taxes                                        HTML     30K 
32: R22         Segment Information                                 HTML     75K 
33: R23         Subsequent Events                                   HTML     28K 
34: R24         Summary of Significant Accounting Policies          HTML     85K 
                (Policies)                                                       
35: R25         Summary of Significant Accounting Policies          HTML     67K 
                (Tables)                                                         
36: R26         Revenue Recognition (Tables)                        HTML     57K 
37: R27         Receivables, net (Tables)                           HTML     35K 
38: R28         Property and Equipment, net (Tables)                HTML     41K 
39: R29         Intangible Assets and Goodwill (Tables)             HTML     67K 
40: R30         Current Assets and Current Liabilities (Tables)     HTML     55K 
41: R31         Debt Obligations (Tables)                           HTML     42K 
42: R32         Fair Value Measurements (Tables)                    HTML     71K 
43: R33         Derivative Financial Instruments (Tables)           HTML     84K 
44: R34         Shareholders' Equity (Tables)                       HTML     52K 
45: R35         Share-Based Compensation (Tables)                   HTML     44K 
46: R36         Segment Information (Tables)                        HTML     71K 
47: R37         Business and Basis of Presentation (Details)        HTML     26K 
48: R38         Summary of Significant Accounting Policies -        HTML     42K 
                Additional Information (Details)                                 
49: R39         Summary of Significant Accounting Policies - Cash   HTML     34K 
                and Cash Equivalents (Details)                                   
50: R40         Summary of Significant Accounting Policies -        HTML     32K 
                Supplemental Cash Flow Information Related to                    
                Leases (Details)                                                 
51: R41         Summary of Significant Accounting Policies -        HTML     62K 
                Components of Calculation of Basic Net Income Per                
                Ordinary Share and Diluted Net Income Per Ordinary               
                Share (Details)                                                  
52: R42         Revenue Recognition - Narrative (Details)           HTML     44K 
53: R43         Revenue Recognition - Schedule of Contractually     HTML     37K 
                Guaranteed Minimum Fees (Details)                                
54: R44         Revenue Recognition - Schedule of Revenue           HTML     52K 
                Disaggregation (Details)                                         
55: R45         Receivables, net - Schedule of Receivables          HTML     38K 
                (Details)                                                        
56: R46         Receivables, net - Narrative (Details)              HTML     32K 
57: R47         Property and Equipment, net - Schedule of Property  HTML     51K 
                and Equipment, Net (Details)                                     
58: R48         Property and Equipment, net - Additional            HTML     30K 
                Information (Details)                                            
59: R49         Intangible Assets and Goodwill - Carrying Values    HTML     58K 
                of Finite-Lived Intangible Assets (Details)                      
60: R50         Intangible Assets and Goodwill - Additional         HTML     28K 
                Information (Details)                                            
61: R51         Current Assets and Current Liabilities - Schedule   HTML     40K 
                of Prepaid Expenses and Other Current Assets                     
                (Details)                                                        
62: R52         Current Assets and Current Liabilities - Schedule   HTML     53K 
                of Accrued Expenses and Other Current Liabilities                
                (Details)                                                        
63: R53         Restructuring and Other Charges - Narrative         HTML     38K 
                (Details)                                                        
64: R54         Debt Obligations - Schedule of Debt Obligations     HTML     48K 
                (Details)                                                        
65: R55         Debt Obligations - Narrative (Details)              HTML    108K 
66: R56         Fair Value Measurements - Schedule of Fair Value    HTML     56K 
                and Carrying Value of Assets (Details)                           
67: R57         Fair Value Measurements - Schedule of Fair Value    HTML     39K 
                Measurement of Long-term Debt (Details)                          
68: R58         Fair Value Measurements - Narrative (Details)       HTML     27K 
69: R59         Derivative Financial Instruments - Additional       HTML     59K 
                Information (Details)                                            
70: R60         Derivative Financial Instruments - Schedule of      HTML     47K 
                Fair Value of Derivative Contracts Recorded on                   
                Gross Basis in Consolidated Balance Sheets                       
                (Details)                                                        
71: R61         Derivative Financial Instruments - Fair Values of   HTML     44K 
                Derivative Assets and Liabilities (Details)                      
72: R62         Derivative Financial Instruments - Summary of       HTML     34K 
                Pre-tax Impact of Gains (Losses) on Derivative                   
                (Details)                                                        
73: R63         Derivative Financial Instruments - Summary of       HTML     30K 
                Pretax Impact of Gain (Loss) Reclassified from                   
                AOCI (Details)                                                   
74: R64         Shareholders' Equity - Narrative (Details)          HTML     48K 
75: R65         Shareholders' Equity - Changes in Components of     HTML     67K 
                Accumulated Other Comprehensive Income (Loss), Net               
                of Taxes (Details)                                               
76: R66         Share-Based Compensation - Additional Information   HTML     51K 
                (Details)                                                        
77: R67         Share-Based Compensation - Summary of Share-based   HTML     54K 
                Compensation Activity (Details)                                  
78: R68         Share-Based Compensation - Summary of Compensation  HTML     29K 
                Expense Attributable to Share-Based Compensation                 
                (Details)                                                        
79: R69         Income Taxes (Details)                              HTML     26K 
80: R70         Segment Information - Additional Information        HTML     33K 
                (Details)                                                        
81: R71         Segment Information - Key Performance Information   HTML     52K 
                of Reportable Segments (Details)                                 
82: R72         Segment Information - Depreciation and              HTML     36K 
                Amortization Expense for Each Segment (Details)                  
83: R73         Segment Information - Total Revenue (as Recognized  HTML     39K 
                Based on Country of Origin) by Geographic Location               
                (Details)                                                        
84: R74         Subsequent Events (Details)                         HTML     49K 
87: XML         IDEA XML File -- Filing Summary                      XML    164K 
85: XML         XBRL Instance -- cpri-20220702_htm                   XML   1.99M 
86: EXCEL       IDEA Workbook of Financial Reports                  XLSX    152K 
 7: EX-101.CAL  XBRL Calculations -- cpri-20220702_cal               XML    216K 
 8: EX-101.DEF  XBRL Definitions -- cpri-20220702_def                XML    605K 
 9: EX-101.LAB  XBRL Labels -- cpri-20220702_lab                     XML   1.56M 
10: EX-101.PRE  XBRL Presentations -- cpri-20220702_pre              XML    991K 
 6: EX-101.SCH  XBRL Schema -- cpri-20220702                         XSD    166K 
88: JSON        XBRL Instance as JSON Data -- MetaLinks              430±   652K 
89: ZIP         XBRL Zipped Folder -- 0001530721-22-000131-xbrl      Zip    418K

‘R22’   —   Segment Information

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.22.2
Segment Information
 3 Months Ended
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates its business through three operating segments — Versace, Jimmy Choo and Michael Kors, which are based on its business activities and organization. The reportable segments are segments of the Company for which separate financial information is available and for which operating results are evaluated regularly by the Company’s chief operating decision maker (“CODM”) in deciding how to allocate resources, as well as in assessing performance. The primary key performance indicators are revenue and operating income for each segment. The Company’s reportable segments represent components of the business that offer similar merchandise, customer experience and sales/marketing strategies.
The Company’s three reportable segments are as follows:
•Versace — segment includes revenue generated through the sale of Versace luxury ready-to-wear, accessories, and footwear through directly operated Versace boutiques throughout the Americas, certain parts of EMEA and certain
parts of Asia, as well as through Versace outlet stores and e-commerce sites. In addition, revenue is generated through wholesale sales to distribution partners (including geographic licensing arrangements that allow third parties to use the Versace trademarks in connection with retail and/or wholesale sales of Versace branded products in specific geographic regions), multi-brand department stores and specialty stores worldwide, as well as through product license agreements in connection with the manufacturing and sale of jeans, fragrances, watches, jewelry, eyewear and home furnishings.
•Jimmy Choo — segment includes revenue generated through the sale of Jimmy Choo luxury footwear, handbags and small leather goods and accessories through directly operated Jimmy Choo retail and outlet stores throughout the Americas, certain parts of EMEA and certain parts of Asia, through its e-commerce sites, as well as through wholesale sales of luxury goods to distribution partners (including geographic licensing arrangements that allow third parties to use the Jimmy Choo trademarks in connection with retail and/or wholesale sales of Jimmy Choo branded products in specific geographic regions), multi-brand department stores and specialty stores worldwide. In addition, revenue is generated through product licensing agreements, which allow third parties to use the Jimmy Choo brand name and trademarks in connection with the manufacturing and sale of fragrances and eyewear.
•Michael Kors — segment includes revenue generated through the sale of Michael Kors products through four primary Michael Kors retail store formats: “Collection” stores, “Lifestyle” stores (including concessions), outlet stores and e-commerce sites, through which the Company sells Michael Kors products, as well as licensed products bearing the Michael Kors name, directly to consumers throughout the Americas, certain parts of EMEA and certain parts of Asia. The Company also sells Michael Kors products directly to department stores, primarily located across the Americas and Europe, to specialty stores and travel retail shops, and to its geographic licensees. In addition, revenue is generated through product and geographic licensing arrangements, which allow third parties to use the Michael Kors brand name and trademarks in connection with the manufacturing and sale of products, including watches, jewelry, fragrances and eyewear.
In addition to these reportable segments, the Company has certain corporate costs that are not directly attributable to its brands and, therefore, are not allocated to its segments. Such costs primarily include certain administrative, corporate occupancy, shared service and information system expenses, including enterprise resource planning system implementation costs. In addition, certain other costs are not allocated to segments, including restructuring and other charges and COVID-19 related charges. The segment structure is consistent with how the Company’s CODM plans and allocates resources, manages the business and assesses performance. All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance.
The following table presents the key performance information of the Company’s reportable segments (in millions):
 Three Months Ended
 July 2,
2022		June 26,
2021
Total revenue:
Versace$275 $240 
Jimmy Choo172 142 
Michael Kors913 871 
Total revenue$1,360 $1,253 
Income from operations:
Versace$52 $48 
Jimmy Choo19 11 
Michael Kors222 240 
Total segment income from operations293 299 
Less: Corporate expenses
(60)(41)
Restructuring and other charges(3)(3)
COVID-19 related charges1 3 
Total income from operations$231 $258 
Depreciation and amortization expense for each segment are as follows (in millions):
 Three Months Ended
 July 2,
2022		June 26,
2021
Depreciation and amortization:
Versace$12 $14 
Jimmy Choo7 7 
Michael Kors25 29 
Corporate1 — 
Total depreciation and amortization$45 $50 

Total revenue (based on country of origin) by geographic location are as follows (in millions):
 Three Months Ended
 July 2,
2022		June 26,
2021
Revenue:
The Americas (United States, Canada and Latin America) (1)
$794 $715 
EMEA364 302 
Asia202 236 
Total revenue$1,360 $1,253 
(1)Total revenue earned in the U.S. was $733 million and $671 million for the three months ended July 2, 2022 and June 26, 2021, respectively.

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:8/9/228-K
For Period end:7/2/22
6/26/2110-Q
 List all Filings 

1 Previous Filing that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 7/01/22  Capri Holdings Ltd.               8-K:1,2,9   7/01/22   11:1.5M                                   Paul Weiss Ri… LLP 01/FA
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Filing Submission 0001530721-22-000131   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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