Why Capri Holdings Stock Is Trading Higher

Capri Holdings Ltd CPRI shares are trading higher Wednesday after the company reported better-than-expected financial results, issued earnings guidance above analyst estimates and announced a buyback.

Capri said fiscal fourth-quarter revenue increased 24.6% year-over-year to $1.49 billion, which beat the estimate of $1.41 billion, according to data from Benzinga Pro. The company reported quarterly earnings of $1.02 per share, which beat the estimate of 82 cents per share.

Capri said it expects full-year revenue to be approximately $5.95 billion versus the estimate of $6.08 billion. Full-year earnings are expected to be approximately $6.85 per share versus the estimate of $6.57 per share. 

Capri also approved a new share repurchase program of up to $1 billion. The new two-year buyback will replace the company's existing $1 billion buyback, which had $500 million of availability remaining.

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CPRI Price Action: Capri has traded between $36.90 and $72.37 over a 52-week period.

The stock was up 5.25% at $51.30 at time of publication.

Photo: Mike Mozart from Flickr.