Why Ralph Lauren (RL) Shares Are Trading Higher Today - Ralph Lauren (NYSE:RL)

Ralph Lauren Cor RL reported third-quarter FY23 sales growth of 1% year-on-year to $1.83 billion, beating the analyst consensus estimate of $1.76 billion.
Revenue in North America increased by 1% to $938 million, Europe rose by 1% to $469 million, and Asia grew by 1% to $386 million.
The gross profit remained flat at $1.2 billion with a gross margin of 65%. Adjusted gross margin was 65.2%, 80 basis points below the prior year on a reported basis, but up 80 basis points in constant currency.
The operating margin was 15.4%, and operating income for the quarter declined by 2.4% to $282 million. The adjusted operating margin was 16%, 10 basis points above the prior year.
The company held $1.6 billion in cash and equivalents as of December 31, 2022. Cash provided by operating activities for nine months totaled $397 million.
Inventory at the end of the quarter rose 33% to $1.2 billion.
Adjusted EPS of $3.35 beat the analyst consensus of $2.92.
Outlook: Ralph Lauren continues to expect FY23 constant currency revenues to increase by approximately high-single digits to last year, or about 8%, on a 52-week comparable basis.
On a 53-week comparable basis, it expects FY23 revenue growth to be negatively impacted by approximately 100 basis points due to the absence of the 53rd week compared to the prior year.
For Q4, the company expects revenue to increase mid- to high-single digits in constant currency to last year.
Price Action: RL shares are trading higher by 1.82% at $119.21 on the last check Thursday.

Market News and Data brought to you by Benzinga APIs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Why Ralph Lauren Shares Are Trading Higher Today

Comments