RTTNews | Jul 30, 2021 10:07AM EDT

10:07 Friday, July 30, 2021 (RTTNews.com) - Capri Holdings Ltd. (CPRI) shares are rising on Friday morning trade after the company reported first-quarter profit, compared to loss last year on 178 percent increase in revenue. The company raised adjusted earnings per share outlook for the fiscal year.

For the first quarter, the company reported net profit of $219 million or $1.41 per share, compared to loss of $180 million or $1.21 per share in the prior year. Total revenue for the quarter surged to $1.253 billion from $451 million a year ago.

For fiscal 2022, the company projected earnings of $4.50 per share on revenue of around $5.3 billion, higher than its earlier view of $3.80 to $3.90 on revenues of about $5.15 billion.

For the second quarter of fiscal 2022, the company sees total earnings of approximately $0.90 on revenue of around $1.25 billion. Analysts expect earnings of $0.83 per share and revenues of $1.25 billion.

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