Ralph Lauren Corp. (NYSE: RL) has just reported its quarterly earnings of $2.03 per share and $1.6 billion in revenue. The results were up 7% and 4%, respectively, from the same period a year ago and compare to the Thomson Reuters consensus estimates of $1.78 EPS and $1.58 in revenue. The New York-based company also said it expects revenues for fiscal 2013 to increase by a mid-single-digit percentage, but that revenues for the second quarter will decline by a mid-single-digit percentage.
Chairman and Chief Executive Officer Ralph Lauren said:
The growing global appeal of the World of Ralph Lauren is supported by our continued reinvestment in the business. … Our products are the lifeblood of our success and we are building on our leadership position in apparel to create exciting new avenues of growth with handbags, footwear, watches and jewelry. At the same time, we are expanding our presence in the world’s most dynamic markets, particularly in China and online.
Roger Farah, President and Chief Operating Officer, added:
Balanced revenue gains across all channels of distribution highlight the diversity of our business model. The resilience of our profit margins is particularly noteworthy as we continue to navigate through raw materials cost inflation and a high level of investment in our key growth objectives. While we are proud of our strong start to Fiscal 2013, the outlook for consumer spending and global economic growth remains challenging and we are planning our business accordingly.
Shares are down by 6.5% at $142.50, in a 52-week trading range of $119.41 to $182.48. Thomson Reuters had a consensus analyst price target of $173.62 before this news.