by Christopher Freeburn | August 8, 2012 3:11 pm
Ralph Lauren (NYSE:RL) announced on Wednesday that it earned $193.4 million during its fiscal first quarter, up from $184.1 million in the same period last year.
The clothing maker recorded revenue of $1.59 billion, up 4% from $1.53 billion in 2011, and topping Wall Street, which anticipated revenue of $1.58 billion, the Associated Press noted. EPS for the quarter was $2.03, which easily beat analysts’ forecasts of $1.78 a share.
Rising demand in North America drove sales to other retail stores to $694 million, up 3% compared to last year. But weak performance in Europe dented earnings, as did falling Chinese distribution.
Company-owned stores reported quarterly revenue of $857 million, up 5% over last year. Sales at stores open at least one year edged up just 1%.
Ralph Lauren projected second-quarter revenue to drop by a mid-single digit percentage, disappointing analysts, who had expected a revenue increase of 4% for the current quarter.
The outlook for the year was more encouraging with the company predicting a mid-single digit percentage rise in annual revenue.
Shares of Ralph Lauren slipped about 1% in Wednesday afternoon trading.
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