Michael Kors-owner Capri Holdings cut its revenue forecast for 2026 on Wednesday signaling that tariff-related uncertainty was weighing on an already fragile demand for its leather handbags and accessories in North America and Asia.

The company now expects total annual revenue in the range of $3.3 billionto $3.4 billion, compared with its February forecast of about $4.1 billion. Analysts expected sales to fall 7.3% to $4.07 billion, according to data compiled by LSEG.

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