Ralph Lauren's earnings beat estimates but company is cautious on wholesale channel for the rest of fiscal 2024
Ralph Lauren Corp.'s stock (RL) rose about 5% before surrendering those gains to trade down slightly early Wednesday, after the luxury apparel company posted a profit and revenue beat for its fiscal second quarter. The company had net income of $146.9 million, or $2.19 a share, for the quarter to Sept. 30, after income of $150.5 million, or $2.18 a share, in the year-earlier period. Revenue rose to $1.633 billion from $1.579 billion. The FactSet consensus was for EPS of $1.93 and revenue of $1.606 billion. The company said its efforts to resonate with younger consumers brought it 1.3 million new customers to its direct-to-consumer channel and it reached 55.9 million social-media followers globally. The company still expects fiscal 204 revenue to grow in the low-single digits on a constant currency basis, or about 1% to 2%. "This outlook reflects slightly increased caution around the wholesale channel. Based on current exchange rates, foreign currency is now expected to negatively impact revenue growth by approximately 50 basis points in Fiscal 2024," said the company. It expects third-quarter revenue to be up 1% to 2% in constant currency. The stock has gained 6.8% in the year to date, while the S&P 500 has gained 14%.
-Ciara Linnane
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
11-08-23 0815ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
3 Dividend Stocks for October 2024
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued