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Ralph Lauren
shares were sliding Thursday after the premium apparel company posted better-than-expected adjusted earnings and only reaffirmed guidance.
Ralph Lauren
(ticker: RL) posted fiscal first-quarter adjusted earnings of $2.34 a share, rising from the $1.88 recorded a year ago and beating Wall Street’s forecast of $2.14.
Sales were $1.5 billion, up from a year ago and higher than $1.48 billion analysts had expected.
“Our solid first-quarter performance highlights the unique power and relevance of our iconic brand with consumers around the world along with our diversified engines of growth, and we are reaffirming our full year outlook,” said Patrice Louvet, president and chief executive officer in the earnings release.
For fiscal 2024, management continues to expect revenue to increase approximately low-single digits from last year on a constant currency basis.
For its second quarter, Ralph Lauren expects revenue to be flat to up slightly to last year in constant currency. Operating margins are expected to drop to a range of 9.5% to 10% on a reported basis, compared to 11.1% in the first quarter.
Ralph Lauren stock was down 3.3% to $124.30 in Thursday trading. This year, shares have gained 18%.
Write to Emily Dattilo at [email protected]
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