While reporting its financial results for the fourth quarter on Tuesday, luxury fashion house Ralph Lauren Corp. (RL) said it expects revenues to increase in a range centered around 8 percent in constant currency for the first quarter and approximately high single digits or around 8 percent in constant currency for the full year 2023.<\/p>\n
On average, analysts polled by Thomson Reuters expect the net sales to grown 16.6 percent to $1.42 billion for the quarter and 3.5 percent to $6.38 billion for the year.<\/p>\n
The company noted that the outlook is based on its best assessment of the current macroeconomic environment, including global supply chain, inflationary pressures, the war in Ukraine, COVID-19 variants and other COVID-related disruptions.<\/p>\n
Ralph Lauren also announced that its Board of Directors approved a 9 percent higher regular quarterly cash dividend of $0.75 per share on the Company’s Common Stock, payable on July 15, 2022 to shareholders of record at the close of business on July 1, 2022.<\/p>\n
For the first quarter, the company reported net income of $24.4 million or $0.34 per share, compared to a net loss of $74.1 million or $1.01 per share in the prior-year quarter. Excluding items, adjusted earnings were $0.49 per share, compared to last year’s $0.38 per share.<\/p>\n
Net revenues for the quarter increased 18 percent to $1.52 billion from $1.29 billion in the same quarter last year. It was up 22 percent in constant currency.<\/p>\n
The Street was looking for earnings of $0.38 per share on net sales of $1.46 billion for the quarter. <\/p>\n