Capri Holdings earns $45 mln

Capri Holdings Limited (CPRI) reported fiscal first-quarter earnings of $45 million.

The London-based company said it had net income of 30 cents per share. Earnings, adjusted for asset impairment costs and restructuring costs, came to 95 cents per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share.

The luxury retailer posted revenue of $1.35 billion in the period, falling short of Street forecasts. Eight analysts surveyed by Zacks expected $1.36 billion.

For the current quarter ending in October, Capri Holdings expects its per-share earnings to range from $1.21 to $1.26.

The company said it expects revenue in the range of $1.45 billion for the fiscal second quarter.

Capri Holdings expects fullyear earnings to be $4.95 per share, with revenue expected to be $5.8 billion.

Capri Holdings shares have declined 17% since the beginning of the year. The stock has fallen 51% in the last 12 months. (RTRS)