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Ralph Lauren Q3 earnings better but lowers FY 16 outlook

Ralph Lauren Corporation reported better-than-expected bottom-line results for the third quarter of fiscal 2016, but sales fell short of expectations. The company lowered the outlook for fiscal 2016 following the dismal third-quarter sales results.

Its adjusted earnings of $2.27 per share fared better than the Zacks Consensus Estimate of $2.11 but declined 5.8 per cent from $2.41 reported in the last year quarter. The company’s earnings jumped 4 per cent on a currency-neutral basis where as on a reported basis it posted earnings of $1.54 per share, down 36.1 per cent from the last year.

The luxury apparel retailer’s net revenue was down 4.3 per cent year over year to $1,946 million in the reported quarter and short of the Zacks Consensus Estimate of $2,043 million. On a currency-neutral basis, revenues inched down 1per cent year over year as the 6 per cent constant currency revenue growth at the international business was offset by a 4 per cent decline in North American revenues. The drop in North American revenues stemmed from unfavorable weather conditions during the fall season and the holiday period, along with lower tourist traffic and unappealing collections at the Lauren brand.