Capri (NYSE:CPRI) Releases FY 2023 Earnings Guidance

Capri (NYSE:CPRIGet Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $6.85-$6.85 for the period, compared to the consensus estimate of $6.78. The company issued revenue guidance of $5.85 billion-$5.85 billion, compared to the consensus revenue estimate of $5.86 billion.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Cowen decreased their target price on shares of Capri from $80.00 to $70.00 and set an outperform rating on the stock in a research report on Thursday, June 2nd. Citigroup dropped their price target on shares of Capri from $82.00 to $72.00 and set a buy rating for the company in a research note on Thursday, June 2nd. The Goldman Sachs Group lowered their target price on shares of Capri from $69.00 to $59.00 and set a buy rating for the company in a research note on Thursday, July 21st. Telsey Advisory Group restated a market perform rating on shares of Capri in a research report on Thursday, May 26th. Finally, Barclays reduced their price objective on shares of Capri from $74.00 to $63.00 and set an overweight rating for the company in a report on Thursday, June 2nd. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Capri currently has an average rating of Moderate Buy and a consensus target price of $70.44.

Capri Stock Performance

NYSE:CPRI traded up $0.27 during trading hours on Friday, reaching $49.60. The stock had a trading volume of 1,139,799 shares, compared to its average volume of 1,881,936. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.51 and a current ratio of 1.21. The stock has a 50 day simple moving average of $46.11 and a 200 day simple moving average of $51.16. Capri has a 12-month low of $36.90 and a 12-month high of $72.37. The stock has a market cap of $7.08 billion, a P/E ratio of 9.25, a price-to-earnings-growth ratio of 0.64 and a beta of 2.27.

Capri (NYSE:CPRIGet Rating) last posted its quarterly earnings results on Wednesday, June 1st. The company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.20. The firm had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.41 billion. Capri had a return on equity of 36.48% and a net margin of 14.54%. The business’s revenue for the quarter was up 24.6% on a year-over-year basis. During the same period last year, the company earned $0.38 earnings per share. On average, research analysts forecast that Capri will post 6.82 EPS for the current fiscal year.

Capri declared that its board has authorized a share repurchase program on Wednesday, June 1st that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 13.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Capri

In other news, CEO John D. Idol sold 3,803 shares of the stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $49.63, for a total transaction of $188,742.89. Following the transaction, the chief executive officer now directly owns 933,268 shares of the company’s stock, valued at approximately $46,318,090.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Pearl River Capital LLC acquired a new stake in shares of Capri during the first quarter worth $227,000. Walleye Capital LLC acquired a new position in shares of Capri in the 1st quarter worth approximately $264,000. Bridgefront Capital LLC acquired a new position in shares of Capri in the 1st quarter worth approximately $271,000. MidWestOne Financial Group Inc. acquired a new stake in Capri during the 1st quarter worth approximately $333,000. Finally, AlphaCrest Capital Management LLC increased its position in shares of Capri by 65.6% in the 1st quarter. AlphaCrest Capital Management LLC now owns 7,288 shares of the company’s stock valued at $375,000 after purchasing an additional 2,888 shares during the last quarter. Institutional investors own 88.46% of the company’s stock.

About Capri

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Capri Holdings Limited designs, markets, distributes, and retails branded women's and men's apparel, footwear, and accessories in the United States, Canada, Latin America, Europe, the Middle East, Africa, and Asia. It operates through three segments: Versace, Jimmy Choo, and Michael Kors. The company offers ready-to-wear, accessories, footwear, handbags, scarves and belts, small leather goods, eyewear, watches, jewelry, fragrances, and home furnishings through a distribution network, including boutiques, department, and specialty stores, as well as through e-commerce sites.

Further Reading

Earnings History and Estimates for Capri (NYSE:CPRI)

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