Shares of Ralph Lauren Corp. dropped 18.2 percent today after the company cut its revenue guidance for the year and reported a 9 percent drop in profits for the third quarter.
The stock lost $31.12 to close at $139.71, giving it a market capitalization of $12.3 billion. Citing the impact of foreign currency exchange rates and unpredictable global consumer spending, the company reduced its full-year revenue growth guidance to 4 percent in constant currency. That’s down from the 5 to 7 percent forecast in October.
Lauren turned in the weakest performance by far among the 100 fashion and beauty companies in the WWD Global Stock Tracker, which rose 0.6 percent for the day to 111.35.
Some fared better then the industry at large. LVMH Moët Hennessy Louis Vuitton saw its stock shoot up 8.1 percent to 156.25 euros, or $179.39, after a 10 percent gain in fourth-quarter sales outshined a drop in operating profits for 2014. And Shinsegae Co. Ltd. increased 7 percent to 175,500 South Korean Won, or $160.56.
The Dow Jones Industrial Average inched up 0.4 percent to 17,673.02.
Among the other fashion stocks losing ground for the day were PVH Corp., down 6 percent to $106.96 and Luen Thai Holdings Ltd., off 4 percent to 1.46 Hong Kong dollars, or 19 cents.