Capri Holdings Projects Record Revenue, EPS In FY23

(RTTNews) - Capri Holdings Limited (CPRI) said, in fiscal 2023, the company expects to achieve another year of record revenue and earnings per share. Longer term, the company is confident in its ability to resume double digit revenue increases.

For fiscal 2023, for Capri Holdings, the company expects: total revenue of approximately $5.95 billion, increasing approximately 5% versus prior year on a reported basis and approximately 10% in constant currency. Earnings per share is projected to be approximately $6.85.

For the first quarter, for Capri Holdings, the company expects: total revenue of approximately $1.3 billion; and earnings per share of approximately $1.35.

Fourth quarter adjusted net income was $152 million, or $1.02 per share, compared to $59 million, or $0.38 per share, a year ago. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.82, for the quarter. Analysts' estimates typically exclude special items.

Net income was $81 million, or $0.54 per share, compared to a net loss of $183 million, or $1.21 per share, last year.

Fourth quarter total revenue was $1.492 billion, up 24.6% compared to last year. On a constant currency basis, total revenue increased 28.4%. On a 13-week basis, total revenue increased 18.8%. Analysts on average had estimated $1.41 billion in revenue.

On June 1, the Board of Directors approved a new share repurchase program of up to $1 billion of its outstanding ordinary shares. The new two-year program will replace the existing $1 billion share repurchase program which had $500 million of availability remaining.