Ralph Lauren Issues Q1, FY24 Outlook For Margin, Revenues; Stock Up In Premarket - Update

(RTTNews) - Ralph Lauren Corp. (RL), while reporting higher fourth-quarter results, on Thursday issued revenues and operating margin forecast for its first quarter and fiscal 2024.

For the first quarter, revenues are expected to be down slightly to prior year. The company expects revenues to be flat to up slightly to last year on a constant currency basis.

Operating margin for the first quarter is expected to expand approximately 30 to 50 basis points in constant currency, driven by stronger gross margins.

For Fiscal 2024, the company expects revenues to increase approximately low-single digits to last year on a constant currency basis.

The Company expects operating margin for the year to expand approximately 30 to 50 basis points in constant currency, driven by gross margin expansion.

In its fourth quarter, Ralph Lauren announced a profit that increased from last year and beat the Street estimates.

The company's earnings came in at $32.3 million, or $0.48 per share, higher than $24.4 million, or $0.34 per share last year.

Adjusted earnings were $60.9 million or $0.90 per share for the period.

Analysts on average had expected the company to earn $0.61 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 1.3 percent to $1.54 billion from $1.52 billion last year.

In pre-market activity on the NYSE, Ralph Lauren shares were trading at $114.28, up 5.6 percent.

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