Capri Holdings首季持續經營盈利增25% 完成出售Versace後僅餘兩品牌營運

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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 27, 2026
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     
Commission file number: 001-35368

 

CAPRI HOLDINGS LIMITED

(Exact Name of Registrant as Specified in Its Charter)

British Virgin IslandsN/A
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification No.)

90 Whitfield Street 
2nd Floor
London, United Kingdom 
W1T 4EZ 
(Address of principal executive offices)
(Registrant’s telephone number, including area code: 44 207 632 8600)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on which Registered
Ordinary Shares, no par valueCPRINew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
☒Yes☐No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 
☒Yes☐No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
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.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
☐Yes☒No

As of July 31, 2026, Capri Holdings Limited had 113,651,618 ordinary shares outstanding.

TABLE OF CONTENTS
 
Page
Number
PART I FINANCIAL INFORMATION

Item 1.Financial Statements:

Consolidated Balance Sheets (unaudited) as of June 27, 2026 and March 28, 2026
4

Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited) for the three months ended June 27, 2026 and June 28, 2025
5

Consolidated Statements of Shareholders’ Equity (unaudited) for the three months ended June 27, 2026 and June 28, 2025
6

Consolidated Statements of Cash Flows (unaudited) for the three months ended June 27, 2026 and June 28, 2025
7

Notes to Consolidated Financial Statements (unaudited)
8

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
29

Item 3.Quantitative and Qualitative Disclosures About Market Risk
42

Item 4.Controls and Procedures
43

PART II OTHER INFORMATION

Item 1.Legal Proceedings
44

Item 1A.Risk Factors
44

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
45

Item 5. Other Information
45

Item 6.Exhibits
45

Signatures
46

2

Special Note on Forward-Looking Statements
This report 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 management of Capri Holdings Limited (“Capri” or 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 herein, 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, but are not limited to, macroeconomic pressures and general uncertainty regarding the overall future economic environment, the imposition or threat of imposition of new or additional duties, tariffs or trade restrictions on the importation of our products; risks related to the recovery of estimated tariff refund receivables, including delays in government processing, administrative offsets, appeals of court orders directing refunds, or changes in law or policy affecting the refund process; changes in fashion, consumer traffic and retail trends; fluctuations in demand for our products; loss of market share and increased competition; risks associated with operating in international markets and global sourcing activities, including foreign currency fluctuations; our ability to mitigate the effects of adverse foreign currency fluctuations through derivative and hedging programs; disruptions or delays in manufacturing or shipments; departure of key employees or failure to attract and retain highly qualified personnel; levels of cash flow and future availability of credit; Capri’s ability to successfully execute its growth strategies or cost reduction measures; the risk of cybersecurity threats and privacy or data security breaches; reductions in our wholesale channel; high consumer debt levels, recession and inflationary pressures and general economic, political, business or market conditions; the impact of epidemics, pandemics, disasters or catastrophes; extreme weather conditions and natural disasters; acts of war and other geopolitical conflicts; risks related to the pending federal securities law class action, as well as those risks that are set forth in Part II, Item 1A. “Risk Factors” and elsewhere in this report and in the Company’s Annual Report on Form 10-K for the fiscal year ended March 28, 2026. Any forward-looking statement in this report speaks only as of the date made and Capri disclaims any obligation to update or revise any forward-looking or other statements contained herein other than in accordance with legal and regulatory obligations.
3

PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions, except share data) (Unaudited)
June 27,
2026March 28,
2026
Assets
Current assets
Cash and cash equivalents$114 $135 
Receivables, net188 211 
Inventories, net624 581 
Prepaid expenses and other current assets217 226 

Total current assets1,143 1,153 
Property and equipment, net359 371 
Operating lease right-of-use assets855 854 
Intangible assets, net554 562 
Goodwill201 202 

Other assets98 92 

Total assets$3,210 $3,234 
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable$350 $311 
Accrued payroll and payroll related expenses87 122 
Accrued income taxes32 23 
Short-term operating lease liabilities227 233 
Short-term debt14 14 
Accrued expenses and other current liabilities251 251 

Total current liabilities961 954 
Long-term operating lease liabilities827 830 
Deferred tax liabilities68 88 
Long-term debt324 343 
Other long-term liabilities887 935 

Total liabilities3,067 3,150 
Commitments and contingencies
Shareholders’ equity
Ordinary shares, no par value; 650,000,000 shares authorized; 230,248,252 shares issued and 113,609,022 outstanding at June 27, 2026; 229,042,390 shares issued and 115,175,268 outstanding at March 28, 2026
— — 
Treasury shares, at cost (116,639,230 shares at June 27, 2026 and 113,867,122 shares at March 28, 2026)
(5,597)(5,543)
Additional paid-in capital1,525 1,512 
Accumulated other comprehensive loss(293)(323)
Retained earnings4,503 4,434 
Total shareholders’ equity of Capri138 80 
Noncontrolling interest5 4 
Total shareholders’ equity143 84 
Total liabilities and shareholders’ equity$3,210 $3,234 

See accompanying notes to consolidated financial statements.
4

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

Three Months Ended
June 27,
2026June 28,
2025
Total revenue$769 $797 
Cost of goods sold269 295 
Gross profit500 502 
Selling, general and administrative expenses451 455 
Depreciation and amortization29 30 

Restructuring and other expense3 1 
Total operating expenses483 486 
Income from continuing operations17 16 
Other income, net(3)(1)
Interest income, net(31)(18)
Foreign currency gain(1)(5)
Income from continuing operations before income taxes52 40 
Benefit for income taxes(18)(16)
Net income from continuing operations70 56 
Net loss from discontinued operations, net of tax— (3)
Net income70 53 
Less: Net income attributable to noncontrolling interest from continuing operations1 — 
Net income attributable to Capri$69 $53 

Weighted average ordinary shares outstanding:
Basic115,424,288 118,799,819 
Diluted116,039,226 119,107,663 
Net income (loss) per ordinary share attributable to Capri:
Basic from continuing operations$0.60 $0.47 
Basic from discontinued operations— (0.03)
Basic per ordinary share$0.60 $0.44 

Diluted from continuing operations$0.60 $0.47 
Diluted from discontinued operations— (0.03)
Diluted per ordinary share$0.60 $0.44 

Statements of Comprehensive Income (Loss):
Net income$70 $53 
Foreign currency translation adjustments28 (451)
Net gain (loss) on derivatives2 (2)
Comprehensive income (loss)100 (400)
Less: Net income attributable to noncontrolling interest1 — 

Comprehensive income (loss) attributable to Capri$99 $(400)

See accompanying notes to consolidated financial statements.
5

CAPRI HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions, except share data which is in thousands)
(Unaudited)

Ordinary SharesAdditional
Paid-in
CapitalTreasury SharesAOCI(1)
Retained
EarningsTotal Equity of CapriNon-controlling InterestTotal Equity
SharesAmountsSharesAmounts
Balance at March 28, 2026229,042 $— $1,512 (113,867)$(5,543)$(323)$4,434 $80 $4 $84 
Net income— — — — — — 69 69 1 70 
Other comprehensive income— — — — — 30 — 30 — 30 
Total comprehensive income— — — — — — — 99 1 100 
Vesting of restricted awards, net of forfeitures1,206 — — — — — — — — — 

Share-based compensation expense— — 13 — — — — 13 — 13 
Repurchase of ordinary shares— — — (2,772)(54)— — (54)— (54)

Balance at June 27, 2026230,248 $— $1,525 (116,639)$(5,597)$(293)$4,503 $138 $5 $143 

Ordinary SharesAdditional
Paid-in
CapitalTreasury SharesAOCI(1)
Retained
EarningsTotal Equity of CapriNon-controlling InterestTotal Equity
SharesAmountsSharesAmounts
Balance at March 29, 2025227,672 $— $1,476 (109,759)$(5,462)$57 $4,297 $368 $4 $372 
Net income — — — — — — 53 53 — 53 
Other comprehensive income— — — — — (453)— (453)— (453)
Total comprehensive income— — — — — — — (400)— (400)
Vesting of restricted awards, net of forfeitures1,214 — — — — — — — — — 

Share-based compensation expense— — 16 — — — — 16 — 16 
Repurchase of ordinary shares— — — (87)(1)— — (1)— (1)

Balance at June 28, 2025228,886 $— $1,492 (109,846)$(5,463)$(396)$4,350 $(17)$4 $(13)

(1)Accumulated other comprehensive (loss) income.

See accompanying notes to consolidated financial statements.

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CAPRI HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) (Unaudited)

Three Months Ended
June 27,
2026June 28,
2025
Cash flows from operating activities
Net income $70 $53 
Net loss from discontinued operations, net of tax— (3)
Net income from continuing operations70 56 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization29 30 
Share-based compensation expense13 14 

Deferred income taxes(29)(17)

Changes to lease related balances, net(9)(18)

Foreign currency adjustments4 (1)

Other non-cash adjustments2 1 
Change in assets and liabilities:
Receivables, net23 50 
Inventories, net(45)(55)
Prepaid expenses and other current assets9 (16)
Accounts payable40 15 
Accrued expenses and other current liabilities(31)(34)

Other long-term assets and liabilities(3)(5)
Net cash provided by operating activities of continuing operations73 20 
Net cash used in operating activities of discontinued operations— (28)
Net cash provided by (used in) operating activities73 (8)
Cash flows from investing activities
Capital expenditures(25)(13)

Net cash used in investing activities of continuing operations(25)(13)
Net cash used in investing activities of discontinued operations— (6)
Net cash used in investing activities(25)(19)
Cash flows from financing activities
Debt borrowings485 597 
Debt repayments(504)(502)
Debt issuance costs(3)— 
Repurchase of ordinary shares(54)(1)

Net cash (used in) provided by financing activities of continuing operations(76)94 
Net cash used in financing activities of discontinued operations— — 
Net cash (used in) provided by financing activities(76)94 
Effect of exchange rate changes on cash, cash equivalents and restricted cash8 (32)
Net (decrease) increase in cash, cash equivalents and restricted cash (20)35 
Beginning of period145 175 
End of period$125 $210 
Supplemental disclosures of cash flow information
Cash paid for interest$3 $15 
Net cash paid for income taxes $6 $46 
Supplemental disclosure of non-cash investing and financing activities
Accrued capital expenditures$6 $15 

Summary of cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash of continuing operations, end of period$125 $139 
Cash, cash equivalents and restricted cash of discontinued operations, end of period— 71 
Cash, cash equivalents and restricted cash, end of period$125 $210 

See accompanying notes to consolidated financial statements.
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CAPRI HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Unaudited)

1. Business and Basis of Presentation
The Company was incorporated in the British Virgin Islands on December 13, 2002 as Michael Kors Holdings Limited and changed its name to Capri Holdings Limited (“Capri”, and together with its subsidiaries, the “Company”) on December 31, 2018. The Company is a holding company that owns brands that are leading designers, marketers, distributors and retailers of branded women’s and men’s accessories, apparel and footwear bearing the Michael Kors and Jimmy Choo tradenames and related trademarks and logos. The Company operates in two reportable segments: Michael Kors and Jimmy Choo. Refer to Note 17 - “Segment Information” for additional information regarding the Company’s segments.
On April 10, 2025, the Company and Prada S.p.A. (“Prada”) entered into a Stock Purchase Agreement (the “Purchase Agreement”) whereby Prada agreed to acquire certain subsidiaries of the Company which operate the Company’s Versace business. As a result, the Company determined that the held for sale and discontinued operations criteria were met during the first quarter of Fiscal 2026 and the Company classified its results of operations and cash flows of the Versace business as discontinued operations in its consolidated statements of operations and comprehensive income (loss) and consolidated statements of cash flows for all periods presented. On December 2, 2025, the Company completed the sale of its Versace business. Unless otherwise noted, discussion within these notes to the consolidated interim financial statements relate to continuing operations. Refer to Note 3 - “Discontinued Operations” for further information.
The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of the Company and its wholly-owned or controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The interim consolidated financial statements as of June 27, 2026 and for the three months ended June 27, 2026 and June 28, 2025 are unaudited. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The interim consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, necessary for a fair presentation in conformity with U.S. GAAP. The interim consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended March 28, 2026, as filed with the Securities and Exchange Commission on May 27, 2026, in the Company’s Annual Report on Form 10-K. The results of operations for interim periods should not be considered indicative of results to be expected for the full fiscal year.
The Company utilizes a 52- to 53-week fiscal year and the term “Fiscal Year” or “Fiscal” refers to that 52-week or 53-week period. The results for the three months ended June 27, 2026 and June 28, 2025 are based on 13-week periods. The Company’s Fiscal Year 2027 is a 53-week period ending April 3, 2027.
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2. Summary of Significant Accounting Policies
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires management to use judgment and make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. The most significant assumptions and estimates involved in preparing the financial statements include allowances for customer deductions, sales returns, credit losses, estimates of inventory net realizable value, the valuation of deferred taxes, goodwill, intangible assets, operating lease right-of-use assets and property and equipment, along with the estimated useful lives assigned to these assets. Actual results could differ from those estimates.
Seasonality 
The Company experiences certain effects of seasonality with respect to its business. The Company generally experiences greater sales during its third fiscal quarter, primarily driven by holiday season sales.
U.S. Import Tariffs
On February 20, 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act (“IEEPA”) does not provide the U.S. executive branch of government the authority to impose import tariffs, which invalidated the IEEPA tariffs imposed in April of 2025. Following the Supreme Court’s decision, the U.S. Court of International Trade (“CIT”) ordered the United States Customs and Border Protection (“CBP”) to begin providing refunds to all importers of record whose entries were subject to the IEEPA tariffs. On April 20, 2026, the CBP launched its Consolidated Administration and Processing of Entries (“CAPE”) system intended to automate and expedite the refund of the IEEPA tariffs. The Company has submitted its CAPE declarations for all entries currently eligible for CAPE. 
During Fiscal 2026, the Company paid approximately $65 million of IEEPA tariffs. As of March 28, 2026, the Company accounted for the IEEPA tariff refunds pursuant to ASC 410-30, Environmental Obligations, as the Company intends to recover the full amount of IEEPA tariffs paid and recorded a $65 million IEEPA tariff refund receivable within prepaid expenses and other current assets on the consolidated balance sheet. During the three months ended June 27, 2026, the Company received $6 million in cash from the CBP and, as of June 27, 2026, the IEEPA tariff refund receivable was $59 million. 
Subsequent to June 27, 2026, the Company collected additional cash from the CBP of $43 million for a total of $49 million through July 31, 2026. The Company expects to collect the remaining IEEPA tariff refund receivable in full. 
Cash, Cash Equivalents and Restricted Cash
All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. Included in the Company’s cash and cash equivalents as of both June 27, 2026 and March 28, 2026 were credit card receivables of $18 million which generally settle within two to three business days.
A reconciliation of cash, cash equivalents and restricted cash as of June 27, 2026 and March 28, 2026 from the consolidated balance sheets to the consolidated statements of cash flows is as follows (in millions):

June 27,
2026March 28,
2026
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$114 $135 
Restricted cash included within prepaid expenses and other current assets11 10 
Total cash, cash equivalents and restricted cash shown on the consolidated statements of cash flows from continuing operations$125 $145 

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Inventories
Inventories primarily consist of finished goods with the exception of raw materials and work in process. The combined total of raw materials and work in process recorded on the Company’s consolidated balance sheets was $16 million and $20 million as of June 27, 2026 and March 28, 2026, respectively.
Derivative Financial Instruments
The Company enters into derivative contracts for specific risk management purposes and does not enter into derivative contracts for trading or speculative purposes. Inherently, entering into derivative contracts exposes the Company to the risk that the counterparties may fail to meet their contractual obligations. In order to mitigate counterparty credit risk, the Company only enters into contracts with carefully selected financial institutions based upon their credit ratings and certain other financial factors, adhering to established limits for credit exposure. 
Forward Foreign Currency Exchange Contracts
The Company uses forward foreign currency exchange contracts to manage its exposure to fluctuations in foreign currencies for certain transactions. The Company, in its normal course of business, enters into transactions with foreign suppliers and seeks to minimize risks related to these transactions. The Company employs these forward contracts to hedge the Company’s cash flows, as they relate to transactions denominated in foreign currencies. Certain of these contracts are designated as hedges for accounting purposes, while others may remain undesignated. All of the Company’s derivative instruments are recorded in the Company’s consolidated balance sheets at fair value on a gross basis, regardless of their hedge designation.
The Company designates certain contracts related to the purchase of inventory that qualify for hedge accounting as cash flow hedges. Formal hedge documentation is prepared for all derivative instruments designated as hedges, including a description of the hedged transaction, the hedging instrument and the risk being hedged. The changes in the fair value for contracts designated as cash flow hedges are recorded in equity as a component of accumulated other comprehensive loss until the hedged item affects earnings. When the inventory related to forecasted inventory purchases that are being hedged is sold to a third-party, the gains or losses deferred in accumulated other comprehensive loss are recognized within cost of goods sold. The Company uses regression analysis to assess effectiveness of derivative instruments that are designated as hedges, which compares the change in the fair value of the derivative instrument to the change in the related hedged item. If the hedge is no longer expected to be highly effective, future changes in the fair value are recognized in earnings. For those contracts that are not designated as hedges, changes in the fair value are recorded to foreign currency gain in the Company’s consolidated statements of operations and comprehensive income (loss). The Company classifies cash flows relating to its forward foreign currency exchange contracts related to the purchase of inventory consistently with the classification of the hedged item, within cash flows from operating activities. The aforementioned forward contracts generally have a term less than 12 months. The period of these contracts is directly related to the transactions they are intended to hedge.
Net Investment Hedges
The Company also uses cross currency swap agreements to hedge its net investments in foreign operations against future volatility in the exchange rates between different currencies. The Company has elected the spot method of designating these contracts under ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” and has designated these contracts as net investment hedges. The net gain or loss on the net investment hedge is reported within foreign currency translation income (loss) (“CTA”), as a component of accumulated other comprehensive loss on the Company’s consolidated balance sheets. Interest accruals and coupon payments are recognized directly in interest income, net, in the Company’s consolidated statements of operations and comprehensive income (loss). Upon discontinuation of a hedge, all previously recognized amounts remain in CTA until the net investment is sold or liquidated.
Interest Rate Swap Agreements
The Company also uses interest rate swap agreements to hedge the variability of its cash flows resulting from floating interest rates on the Company’s borrowings. When an interest rate swap agreement qualifies for hedge accounting as a cash flow hedge, the changes in the fair value are recorded in equity as a component of accumulated other comprehensive loss and are reclassified into interest income, net, in the same period during which the hedged transactions affect earnings.
10

Leases

The Company leases retail stores, office space and warehouse space under operating lease agreements that expire at various dates through September 2043. The Company’s leases generally have terms of up to ten years, generally require fixed rent payments and may require the payment of additional rent if store sales exceed negotiated amounts. Although most of the Company’s equipment is owned, the Company has limited equipment leases that expire on various dates through March 2030. The Company acts as sublessor in certain leasing arrangements, primarily related to closed stores. Fixed sublease payments received are recognized on a straight-line basis over the sublease term. The Company determines the sublease term based on the date it provides possession to the subtenant through the expiration date of the sublease.

The Company recognizes operating lease right-of-use assets and lease liabilities at the lease commencement date, based on the present value of fixed lease payments over the expected lease term. The Company uses its incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable for the Company’s leases. The Company’s incremental borrowing rates are based on the term of the leases, the economic environment of the leases and reflect the expected interest rate it would incur to borrow on a secured basis. Certain leases include one or more renewal options, generally for the same period as the initial term of the lease. The exercise of lease renewal options is generally at the Company’s sole discretion and as such, the Company typically determines that exercise of these renewal options is not reasonably certain. As a result, the Company generally does not include the renewal option period in the expected lease term and the associated lease payments are not included in the measurement of the operating lease right-of-use asset and lease liability. Certain leases also contain termination options with an associated penalty. Generally, the Company is reasonably certain not to exercise these options and as such, they are not included in the determination of the expected lease term. The Company recognizes operating lease expense on a straight-line basis over the lease term.

Leases with an initial lease term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for its short-term leases on a straight-line basis over the lease term.

The Company’s leases generally provide for payments of non-lease components, such as common area maintenance, real estate taxes and other costs associated with the leased property. The Company accounts for lease and non-lease components of its real estate leases together as a single lease component and, as such, includes fixed payments of non-lease components in the measurement of the operating lease right-of-use assets and lease liabilities for its real estate leases. Variable lease payments, such as percentage rent based on store sales, periodic adjustments for inflation, reimbursement of real estate taxes, any variable common area maintenance and any other variable costs associated with the leased property, are expensed as incurred as variable lease costs and are not recorded on the balance sheet. The Company’s lease agreements do not contain any material residual value guarantees or material restrictions or covenants.
The following table presents the Company’s supplemental cash flow information related to leases (in millions):
Three Months Ended
June 27,
2026June 28,
2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases 
$78 $85 

During each of the three months ended June 27, 2026 and June 28, 2025, the Company recorded sublease income of $2 million within selling, general and administrative expenses. 
Net Income (Loss) per Share
The Company’s basic net income (loss) per ordinary share is calculated by dividing net income (loss) by the weighted average number of ordinary shares outstanding during the period. Diluted net income (loss) per ordinary share reflects the potential dilution that would occur if restricted share units (“RSUs”) or any other potentially dilutive instruments were converted or exercised into ordinary shares. These potentially dilutive securities are included in diluted shares to the extent they are dilutive under the treasury stock method for the applicable periods. Performance-based RSUs are included in diluted shares if the related performance conditions are considered satisfied as of the end of the reporting peri