Capri Holdings Backs FY22 EPS Outlook, But Trimmed Revenue Forecast

(RTTNews) - While reporting financial results for the second quarter on Wednesday, fashion luxury group Capri Holdings Ltd. (CPRI) maintains its earnings guidance for the full-year 2023, while trimming annual revenue outlook. The company also provided forecast for the third quarter.

For the third quarter, the company projects earnings of about $2.20 per share on revenues of about $1.53 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.43 per share on revenues of $1.64 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2023, the company continues to projects earnings of approximately $6.85 per share, but trimmed its revenue outlook to about $5.70 billion from the prior guidance of about $5.85 billion.

The Street is looking for earnings of $6.76 per share on revenues of $5.83 billion for the year.

The Company also announced that its Board of Directors approved a new share repurchase program of up to $1 billion of its outstanding ordinary shares, providing additional capacity to return cash to shareholders over the longer term.

This new two-year program will replace the Company's existing $1 billion share repurchase program which had $250 million of availability remaining.

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