Ralph Lauren Corp.’s profits fell 19 percent in the fourth quarter, but still beat Wall Street estimates.
For the three months ended March 28, net income fell to $124 million, or $1.41 a diluted share, from $153 million, or $1.68, a year ago. Net revenues rose 1 percent to $1.89 billion from $1.87 billion. Net revenues included a 1.1 percent gain in net sales to $1.85 billion, which included a 2.4 percent increase in wholesale sales to $1 billion and essentially flat retail net sales at $841 million. Those results beat Wall Street’s expectations of $1.32 in EPS and $1.88 billion in revenues.
Ralph Lauren, chairman and chief executive officer, said that the company opened several stores in key markets around the world, and “fueled the momentum of our luxury accessories business with the launch of the Drawstring Ricky bag.”
Jackwyn Nemerov, president and chief operating officer, said, “Our better-than-expected fourth quarter results were achieved in a challenging global macroeconomic environment, showcasing the operational discipline of our teams.”