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Capri Holdings Limited Announces First Quarter Fiscal 2020 Results

August 7, 2019

First Quarter Adjusted Earnings Per Share Exceeds Expectations

Reaffirm Fiscal 2020 Adjusted Earnings Per Share Guidance

Announces New $500 Million Share Repurchase Program

LONDON--(BUSINESS WIRE)-- Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today announced its financial results for the first quarter of fiscal 2020 ended June 29, 2019.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190807005225/en/

First Quarter Fiscal 2020 Highlights

  • First quarter revenue growth of 11.9%
  • First quarter adjusted earnings per share of $0.95
  • Reaffirm Fiscal 2020 adjusted earnings per share guidance of $4.95

John D. Idol, the Company’s Chairman and Chief Executive Officer, said, “We are pleased with our first quarter results, which reflect 12% revenue growth as well as better than expected operating margin and earnings per share. These results continue to position our company to execute against our strategic initiatives. Based on our first quarter performance, we are reaffirming our earnings per share guidance for Fiscal 2020, which includes the impact of the strengthening U.S. dollar and additional tariffs on imports from China.”

Mr. Idol continued, “As previously stated, Fiscal 2020 will be an investment year for Capri Holdings. We are investing in Versace and Jimmy Choo to position these preeminent luxury houses for long term revenue growth and margin expansion. We are also executing on our strategic initiatives at Michael Kors to return the brand to growth. With the power of Versace and Jimmy Choo, and the strength of Michael Kors, we remain confident that our three iconic, founder-led fashion brands position Capri Holdings to grow revenue to $8 billion over time and deliver multiple years of earnings growth."

First Quarter Fiscal 2020 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.

Overview of Capri Holdings First Quarter Fiscal 2020 Results:

  • Total revenue of $1.346 billion increased 11.9% compared to last year. On a constant currency basis, total revenue increased 13.8%.
  • Gross profit was $834 million and gross margin was 62.0%, compared to $751 million and 62.4% in the prior year. Adjusted gross profit was $840 million and adjusted gross margin was 62.4%, compared to $754 million and 62.6% in the prior year.
  • Income from operations was $64 million and operating margin was 4.8% compared to $215 million and 17.9% in the prior year. Adjusted income from operations was $190 million and operating margin was 14.1%, compared to $233 million and 19.4% in the prior year.
  • Net income was $45 million, or $0.30 per diluted share compared to $186 million, or $1.22 per diluted share in the prior year. This year includes a $97 million store impairment charge, primarily related to lease assets recorded in connection with the adoption of the new lease accounting standard and largely attributable to the Michael Kors retail fleet. Adjusted net income was $145 million, or $0.95 per diluted share, compared to $201 million or $1.32 per diluted share in the prior year.
  • Inventory at June 29, 2019 was $1.016 billion, a 45.8% increase compared to the prior year, primarily reflecting incremental Versace inventory.

Versace First Quarter Fiscal 2020 Results:

  • Versace revenue was $207 million and comparable store sales increased double digits on a constant currency basis compared to stand-alone results from the prior year.
  • Versace operating loss was $3 million and operating margin was (1.4)%. Adjusted operating income was $3 million and adjusted operating margin was 1.4%.

Jimmy Choo First Quarter Fiscal 2020 Results:

  • Jimmy Choo revenue of $158 million decreased 8.7% compared to the prior year. On a constant currency basis, total revenue decreased 5.8%. On a constant currency basis, comparable store sales were flat.
  • Jimmy Choo operating income was $11 million and operating margin was 7.0%, compared to an operating income of $22 million and operating margin of 12.7% in the prior year. Adjusted operating income was $25 million and adjusted operating margin was 14.5% in the prior year.

Michael Kors First Quarter Fiscal 2020 Results:

  • Michael Kors revenue of $981 million decreased 4.8% compared to the prior year. On a constant currency basis, total revenue decreased 3.0%. On a constant currency basis, comparable store sales decreased low single digits.
  • Michael Kors operating income was $201 million and operating margin was 20.5%, compared to $230 million and 22.3% in the prior year.

Share Repurchase Program

On August 1, 2019, the Company's Board of Directors authorized a new $500 million share repurchase program, demonstrating the strength of the Company's free cash flow. 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. All comparable store sales guidance is provided on a constant currency basis.

Full Year Fiscal 2020 Outlook

For Capri Holdings, the Company expects the following.

  • Total revenue of approximately $5.8 billion, a reduction from prior guidance primarily reflecting additional unfavorable foreign currency impact and lower Michael Kors revenue, predominately related to North America wholesale
  • Operating margin of approximately 15.5%
  • Interest expense in a range of $15 million to $25 million
  • Weighted average diluted shares outstanding of approximately 153 million
  • Effective tax rate of approximately 14%
  • Diluted earnings per share of $4.95, including approximately $0.20 per share of dilution from Versace, as well as the impact of recently announced U.S. tariffs on product produced in China

Second Quarter Fiscal 2020 Outlook

For Capri Holdings, the Company expects the following.

  • Total revenue of approximately $1.45 billion
  • Operating margin of approximately 15%
  • Interest expense of approximately $5 million
  • Weighted average diluted shares outstanding of approximately 153 million
  • Effective tax rate of approximately 11%
  • Diluted earnings per share of $1.21 to $1.26, including approximately $0.05 per share of dilution from Versace

For Versace, the Company expects the following.

  • Revenue of approximately $220 million
  • Comparable store sales growth in the mid single digits
  • Positive operating margin reflecting normal seasonality, partially offset by increased investments

For Jimmy Choo, the Company expects the following.

  • Revenue of approximately $125 million
  • Comparable store sales approximately flat to prior year
  • Negative operating margin reflecting normal seasonality

For Michael Kors, the Company expects the following.

  • Revenue of approximately $1.1 billion
  • Comparable store sales approximately flat to last year
  • Operating margin to be below prior year, but to decline less than the year-over-year decrease in the first quarter

Conference Call Information

A conference call to discuss first quarter results is scheduled for today, August 7, 2019 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 August 14, 2019. 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 9873349. 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.

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 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 relating to certain one-time costs associated with the Jimmy Choo acquisition and the Versace acquisition and restructuring and non-cash impairment 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 non-recurring 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 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 “targets”, “plans”, “believes”, “expects”, “aims”, “intends”, “will”, “should”, “could”, “would”, “may”, “anticipates”, “estimates”, “synergy”, “cost-saving”, “projects”, “goal”, “strategy”, “budget”, “forecast” or “might” or, words or terms of similar substance or the negative thereof, are forward-looking statements. Forward-looking statements include statements relating to future capital expenditures, expenses, revenues, earnings, economic performance, indebtedness, financial condition, share buybacks, dividend policy, losses and future prospects of the Company, business and management strategies and the expansion and growth of the Company’s operations, and benefits from any acquisition. 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 Company’s ability to integrate successfully and to achieve anticipated benefits of any acquisition; the risk of disruptions to the Company’s businesses; 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); future availability of credit; 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 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 30, 2019 (File No. 001-35368). 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.

SCHEDULE 1

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except share and per share data)

(Unaudited)

 

 

Three Months Ended

 

 

June 29,
2019

 

June 30,
2018

Total revenue

 

$

1,346

 

 

$

1,203

 

Cost of goods sold

 

512

 

 

452

 

Gross profit

 

834

 

 

751

 

Total operating expenses

 

770

 

 

536

 

Income from operations

 

64

 

 

215

 

Other income, net

 

(2

)

 

(1

)

Interest expense, net

 

13

 

 

8

 

Foreign currency loss

 

2

 

 

3

 

Income before provision for income taxes

 

51

 

 

205

 

Provision for income taxes

 

6

 

 

19

 

Net income attributable to Capri

 

$

45

 

 

$

186

 

Weighted average ordinary shares outstanding:

 

 

 

 

Basic

 

151,049,572

 

 

149,502,101

 

Diluted

 

152,334,153

 

 

152,399,655

 

Net income per ordinary share:

 

 

 

 

Basic

 

$

0.30

 

 

$

1.25

 

Diluted

 

$

0.30

 

 

$

1.22

 

 

SCHEDULE 2

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions, except share data)

(Unaudited)

 

 

June 29,
2019

 

March 30,
2019

 

June 30,
2018

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

160

 

 

$

172

 

 

$

170

 

Receivables, net

 

310

 

 

383

 

 

263

 

Inventories

 

1,016

 

 

953

 

 

697

 

Prepaid expenses and other current assets

 

337

 

 

221

 

 

165

 

Total current assets

 

1,823

 

 

1,729

 

 

1,295

 

Property and equipment, net

 

608

 

 

615

 

 

561

 

Operating lease right-of-use assets

 

1,718

 

 

 

 

 

Intangible assets, net

 

2,250

 

 

2,293

 

 

1,178

 

Goodwill

 

1,652

 

 

1,659

 

 

806

 

Deferred tax assets

 

111

 

 

112

 

 

46

 

Other assets

 

221

 

 

242

 

 

75

 

Total assets

 

$

8,383

 

 

$

6,650

 

 

$

3,961

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

355

 

 

$

371

 

 

$

279

 

Accrued payroll and payroll related expenses

 

96

 

 

133

 

 

68

 

Accrued income taxes

 

36

 

 

34

 

 

33

 

Current operating lease liabilities

 

408

 

 

 

 

 

Short-term debt

 

514

 

 

630

 

 

267

 

Accrued expenses and other current liabilities

 

372

 

 

374

 

 

299

 

Total current liabilities

 

1,781

 

 

1,542

 

 

946

 

Long-term operating lease liabilities

 

1,754

 

 

 

 

 

Deferred rent

 

 

 

132

 

 

133

 

Deferred tax liabilities

 

437

 

 

438

 

 

182

 

Long-term debt

 

1,917

 

 

1,936

 

 

554

 

Other long-term liabilities

 

210

 

 

166

 

 

104

 

Total liabilities

 

6,099

 

 

4,214

 

 

1,919

 

Commitments and contingencies

 

 

 

 

 

 

Redeemable noncontrolling interest

 

4

 

 

4

 

 

 

Shareholders’ equity

 

 

 

 

 

 

Ordinary shares, no par value; 650,000,000 shares authorized;

216,742,279 shares issued and 151,565,342 outstanding at June 29, 2019;

216,050,939 shares issued and 150,932,306 outstanding at March 30, 2019,

and 212,209,545 shares issued and 149,168,595 outstanding at June 30, 2018

 

 

 

 

 

 

Treasury shares, at cost (65,176,937 shares at June 29, 2019;

65,118,633 shares at March 30, 2019; and 63,040,950 shares at

June 30, 2018)

 

(3,225

)

 

(3,223

)

 

(3,122

)

Additional paid-in capital

 

1,040

 

 

1,011

 

 

850

 

Accumulated other comprehensive (loss) income

 

(93

)

 

(66

)

 

(40

)

Retained earnings

 

4,555

 

 

4,707

 

 

4,350

 

Total shareholders’ equity of Capri

 

2,277

 

 

2,429

 

 

2,038

 

Noncontrolling interest

 

3

 

 

3

 

 

4

 

Total shareholders’ equity

 

2,280

 

 

2,432

 

 

2,042

 

Total liabilities and shareholders’ equity

 

$

8,383

 

 

$

6,650

 

 

$

3,961

 

 

SCHEDULE 3

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED SEGMENT DATA

($ in millions)

(Unaudited)

 

 

Three Months Ended

 

 

June 29,
2019

 

June 30,
2018

Revenue by Segment and Region:

 

 

 

 

Versace

 

The Americas

 

$

44

 

 

$

 

 

 

EMEA

 

92

 

 

 

 

 

Asia

 

71

 

 

 

Versace Revenue

 

207

 

 

 

 

 

 

 

 

 

 

Jimmy Choo

 

The Americas

 

30

 

 

26

 

 

 

EMEA

 

79

 

 

102

 

 

 

Asia

 

49

 

 

45

 

Jimmy Choo Revenue

 

158

 

 

173

 

 

 

 

 

 

 

 

Michael Kors

 

The Americas

 

655

 

 

692

 

 

 

EMEA

 

189

 

 

200

 

 

 

Asia

 

137

 

 

138

 

Michael Kors Revenue

 

981

 

 

1,030

 

 

 

 

 

 

Total Revenue

 

$

1,346

 

 

$

1,203

 

 

 

 

 

 

Income from Operations:

 

 

 

 

Versace

 

 

 

$

(3

)

 

$

 

Jimmy Choo

 

 

 

11

 

 

22

 

Michael Kors

 

 

 

201

 

 

230

 

Total segment income from operations

 

209

 

 

252

 

Less: Corporate expenses

 

(33

)

 

(22

)

Restructuring and other charges

 

(15

)

 

(11

)

Impairment of long-lived assets

 

(97

)

 

(4

)

Total Income from Operations

 

$

64

 

 

$

215

 

 

 

 

 

 

 

 

Operating Margin:

 

 

 

 

 

 

Versace

 

 

 

(1.4

)%

 

%

Jimmy Choo

 

 

 

7.0

%

 

12.7

%

Michael Kors

 

 

 

20.5

%

 

22.3

%

Capri Operating Margin

 

 

 

4.8

%

 

17.9

 

%

SCHEDULE 4

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES

SUPPLEMENTAL RETAIL STORE INFORMATION

(Unaudited)

 

 

 

 

As of

Retail Store Information:

 

June 29, 2019

 

June 30, 2018

Versace

 

196

 

Jimmy Choo

 

215

 

191

Michael Kors

 

853

 

847

Total number of retail stores

 

 

 

1,264

 

1,038

SCHEDULE 5

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES

CONSTANT CURRENCY DATA

(In millions)

(Unaudited)

 

 

Three Months Ended

 

% Change

 

 

June 29,
2019

 

June 30,
2018

 

As

Reported

 

Constant

Currency

Total revenue:

 

 

 

 

 

 

 

 

Versace

 

$

207

 

 

$

 

 

NM

 

NM

Jimmy Choo

 

158

 

 

173

 

 

(8.7)%

 

(5.8)%

Michael Kors

 

981

 

 

1,030

 

 

(4.8)%

 

(3.0)%

Total revenue

 

$

1,346

 

 

$

1,203

 

 

11.9%

 

13.8%

___________________

NM Not meaningful

SCHEDULE 6

NON-GAAP RECONCILIATIONS OF REPORTED TO ADJUSTED MEASURES,

EXCLUDING LONG-LIVED ASSET IMPAIRMENTS, RESTRUCTURING AND OTHER CHARGES,

INVENTORY STEP-UP RELATED TO VERSACE ACQUISITION AND

ERP IMPLEMENTATION COSTS

(In millions, except share and per share data)

(Unaudited)

 

 

Three Months Ended June 29, 2019

 

 

As Reported

 

Impairment Charges

 

Restructuring

and Other

Charges(1)

 

Inventory

Step-up

Adjustment

 

ERP Implementation

 

As Adjusted

Gross profit

 

$

834

 

 

$

 

 

$

 

 

$

6

 

 

$

 

 

$

840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

770

 

 

$

(97

)

 

$

(15

)

 

$

 

 

$

(8

)

 

$

650

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Versace operating income

 

$

(3

)

 

$

 

 

$

 

 

$

6

 

 

$

 

 

$

3

 

Total income from operations

 

$

64

 

 

$

97

 

 

$

15

 

 

$

6

 

 

$

8

 

 

$

190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

$

51

 

 

$

97

 

 

$

15

 

 

$

6

 

 

$

8

 

 

$

177

 

Provision for income taxes

 

$

6

 

 

$

19

 

 

$

3

 

 

$

2

 

 

$

2

 

 

$

32

 

Net income attributable to Capri

 

$

45

 

 

$

78

 

 

$

12

 

 

$

4

 

 

$

6

 

 

$

145

 

Diluted net income per ordinary share - Capri

 

$

0.30

 

 

$

0.51

 

 

$

0.08

 

 

$

0.02

 

 

$

0.04

 

 

$

0.95

 

______________________

  1. Includes store closure costs recorded in connection with the Michael Kors Retail Fleet Optimization Plan and other restructuring initiatives, and transaction and transition costs recorded in connection with the acquisitions of Gianni Versace S.r.l. and Jimmy Choo Group Limited.

SCHEDULE 7

NON-GAAP RECONCILIATIONS OF REPORTED TO ADJUSTED MEASURES,

EXCLUDING LONG-LIVED ASSET IMPAIRMENTS,

RESTRUCTURING AND OTHER CHARGES, AND

INVENTORY STEP-UP RELATED TO JIMMY CHOO ACQUISITION

(In millions, except share and per share data)

(Unaudited)

 

 

Three Months Ended June 30, 2018

 

 

As Reported

 

Impairment Charges

 

Restructuring

and Other

Charges(1)

 

Inventory

Step-up

Adjustment

 

As Adjusted

Gross profit

 

$

751

 

 

$

 

 

$

 

 

$

3

 

 

$

754

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

$

536

 

 

$

(4

)

 

$

(11

)

 

$

 

 

$

521

 

 

 

 

 

 

 

 

 

 

 

 

Jimmy Choo operating income

 

$

22

 

 

$

 

 

$

 

 

$

3

 

 

$

25

 

Total income from operations

 

$

215

 

 

$

4

 

 

$

11

 

 

$

3

 

 

$

233

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

$

205

 

 

$

4

 

 

$

11

 

 

$

3

 

 

$

223

 

Provision for income taxes

 

$

19

 

 

$

1

 

 

$

2

 

 

$

 

 

$

22

 

Net income attributable to Capri

 

$

186

 

 

$

3

 

 

$

9

 

 

$

3

 

 

$

201

 

Diluted net income per ordinary share - Capri

 

$

1.22

 

 

$

0.02

 

 

$

0.06

 

 

$

0.02

 

 

$

1.32

 

______________________

  1. Includes store closure costs recorded in connection with the Michael Kors Retail Fleet Optimization Plan, as well as transaction and transition costs recorded in connection with the acquisition of Jimmy Choo Group Limited.

Investor Relations:
Jennifer Davis
(201) 514-8234
Jennifer.Davis@CapriHoldings.com

Media:
Dinesh Kandiah
(917) 934-2427
Press@CapriHoldings.com

Source: Capri Holdings Limited

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Neither Capri Holdings Limited nor its affiliates, subsidiaries, officers, directors or agents (collectively, "Capri" or the "Company") have any control over (a) the External Site or any linked websites accessible through any External Site, or (b) any data or other content contained, or accessible, therein or in or through any such linked websites. The link to the External Site is provided for convenience purposes only. The information and other content on the External Site is not meant to modify, qualify, supplement or amend information disclosed by or on behalf of the Company under corporate, securities or other legislation in any jurisdiction, and should not be used to make investment decisions involving the Company's securities.

By clicking "Accept" below you acknowledge and agree that neither Capri nor the third party provider of the External Site, Virtua Research, Inc. ("Virtua"), is responsible, or accepts or assumes any responsibility or liability whatsoever for, the content, the data contained in or accessible on or through, or the technical operation of the External Site. Capri and Virtua are not liable to you for, and take no responsibility for, third party pricing data provided for informational purposes and certain ratio results formulated from the provided third party pricing data. Further, by entering the External Site, you also acknowledge and agree that you completely and irrevocably forever waive, and release Capri from, any and all rights and claims against Capri and Virtua and further acknowledge and agree that in no event shall Capri or Virtua, its officers, employees, directors and agents be liable for any (i) direct or indirect, consequential, incidental, special, compensatory, punitive or other damages, (ii) damages for loss of income, loss of business profits, business interruption, loss of data or business information, loss of or damage to property, (iii) claims of third parties, or (iv) other pecuniary loss, arising out of or related to this disclaimer or the External Site or any linked websites.

By entering the External Site, you further acknowledge and agree that the disclaimer of warranties and limitations of liability set out in this disclaimer shall apply regardless of the causes, circumstances or form of action giving rise to the loss, damage, claim or liability, even if such loss, damage, claim or liability is based upon breach of contract (including, without limitation, a claim of fundamental breach or breach of a fundamental term), tort (including, without limitation, negligence), strict liability or any other legal or equitable theory, and even if Capri and Virtua are advised of the possibility of the loss, damage, claim or liability. The waiver and release specifically includes, without limitation, any and all rights and claims pertaining to the processing of personal data, including but not limited to any rights under any applicable data protection statute(s).

If in any jurisdiction, any part of this disclaimer is determined to be unenforceable by a court of competent jurisdiction, such part of this disclaimer shall be restricted or eliminated to the minimum extent necessary to comply with such determination and the remaining disclaimer shall otherwise remain in full force and effect.

Please note the information presented is given as at the date and the time of its original release. Changes in such historical information may occur due to adjustments in accounting and reporting standards & procedures.

Non-GAAP Information

In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), the Company provides non-GAAP financial measures. These amounts are not in accordance with, or an alternative to, GAAP. The Company uses non-GAAP financial measures to, among other things, evaluate its operating performance and in order to represent the manner in which the Company conducts and views its business. Please see the Company’s SEC filings for more information concerning the Company’s use of non-GAAP financial measures.