Ralph Lauren Corp (RL) Stock Jumps on Q1 Earnings Beat

Ralph Lauren Corp (NYSE:RL) stock was up on Wednesday after the company released its earnings report for the first fiscal quarter of 2017.

Ralph Lauren, RL stockRalph Lauren reported earnings per share of $1.06 for its fiscal first quarter of 2017. This is down from the $1.09 per share that the company reported during its first fiscal quarter of 2016. However, it came in above the 89 cents per share that Wall Street was expecting for the quarter.

Ralph Lauren’s revenue reported during its first fiscal quarter of 2017 was $1.55 billion. This is a 4% decrease from the $1.62 billion it reported during the same time last year. It’s revenue for the quarter did beat the $1.53 billion that analysts were looking for.

Net income reported by RL during its fiscal first quarter of 2016 was $90 million. This is down from the net income of $95 million that it reported in the fiscal first quarter of 2016.

The company’s gross profit for the fiscal first quarter of 2016 was $949 million. Gross profit margin was 61.1%. This is 130 basis points above what was reported during the same time last year.

Ralph Lauren has announced plans for restructuring in fiscal 2017 that will save it between $180 million and $220 million a year. It’s expecting $400 million in restructuring charges and $150 million in inventory charges in fiscal 2017 as part of its restructuring plan.

Ralph Lauren also released its outlook for the fiscal second quarter of 2017 and the full year. It expects revenue to be down mid-to-high single digits during the second quarter of its fiscal year. The company is expecting revenue to be down low-double digits for the full year of fiscal 2017.

RL stock was up 10% as of Noon Wednesday.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/08/ralph-lauren-rl-stock-2/.

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