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Ralph Lauren Tumbles After Currency Woes Weigh on Its Forecast

Ralph Lauren Corp., the upscale apparel company known for Polo and other brands, fell as much as 11 percent in early trading after its third-quarter earnings missed analysts’ estimates and the company cut its forecast.
Ralph Lauren store | Source: Shutterstock
By
  • Bloomberg

NEW YORK, United States — Ralph Lauren Corp., the upscale apparel company known for Polo and other brands, fell as much as 11 percent in early trading after its third-quarter earnings missed analysts' estimates and the company cut its forecast.

Net income dropped 9.3 percent to $215 million, or $2.41 a share, from about $237 million, or $2.57, a year earlier, the New York-based company said Wednesday in a statement. Analysts estimated $2.50 on average, according to data compiled by Bloomberg. The company now expects revenue growth of about 4 percent this year, compared with a previous projection of as much as 7 percent.

Ralph Lauren faces a potential $100 million headwind this fiscal year as the dollar appreciates against the euro and other currencies, Robert Drbul, a New York-based analyst at Nomura Holdings Inc., said this week. Europe and Asia make up about a third of the company’s revenue.

Ralph Lauren shares fell as low as $152.04 in premarket trading. They had gained 4.9 percent last year, compared with an 11 percent increase for the Standard & Poor’s 500 Index.

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Revenue climbed less than 1 percent to $2.03 billion in the quarter. Analysts estimated $2.09 billion on average.

By: Lindsey Rupp; editors: Nick Turner and Kevin Orland.

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