Ralph Lauren Q2 EPS Tops Consensus

Ralph Lauren Corp RL reported better-than-expected earnings for its second quarter. However, its revenue came in short. Nevertheless, the company retained its fiscal 2017 forecast.

• Ralph Lauren Reports Q2 EPS $1.90 vs. Est. $1.71, Rev. $1.8B vs. Est. $1.82B
• Comps Down 8% On A Reported Basis and 9% In Constant Currency
• Sees Q3 Rev. To Be Down Low-Double Digits To Down Low-Teens On Reported Basis
• Maintains FY17 Guidance, Still Sees Revenue To Decrease In Low-Double Digits

Among others, the company cut its inventory levels by 15 percent and reduced its stock keeping units (SKUs) for Fall 2016 by 10 percent.

“We are changing with the consumer, as we demonstrated in September with our first-ever ‘see-now-buy-now’ runway show at our flagship store on Madison Avenue. I am confident that this industry leading endeavor in combination with our other elements of the Way Forward plan are strengthening our brand to support future profitable growth,” Ralph Lauren, Executive Chairman and Chief Creative Officer said in a press release.

Shares of Ralph Lauren closed Wednesday at $102.15. The stock was up about 1.6 percent in the pre-market session.