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Ralph Lauren Q4 earnings per diluted share $1.38

Christian Fernsby |
Ralph Lauren reported earnings per diluted share of $1.38 on a reported basis and $1.71 on an adjusted basis, excluding restructuring-related and other net charges, for the fourth quarter of Fiscal 2024.

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This compared to earnings per diluted share of $0.48 on a reported basis and $0.90 on an adjusted basis, excluding restructuring-related and other net charges, for the fourth quarter of Fiscal 2023.

Net Revenue. In the fourth quarter of Fiscal 2024, revenue increased 2% to $1.6 billion on a reported basis and was up 3% in constant currency.

Foreign currency negatively impacted revenue growth by approximately 110 basis points in the fourth quarter.

A shift in the timing of this year's Easter holiday benefited revenue growth by approximately 50 basis points in the fourth quarter.

North America revenue in the fourth quarter increased 2% to $668 million. In retail, comparable store sales in North America increased 3%, with a 6% increase in brick and mortar stores more than offsetting a 4% decrease in digital commerce following stronger holiday performance.

North America wholesale revenue decreased 2%, slightly ahead of our expectations as the Company carefully manages sell-in to align with consumer demand in the channel.

The company continues to evaluate their brand presence on a door-by-door basis, resulting in approximately 20 department store exits completed in the region this fiscal year.

Europe revenue in the fourth quarter increased 2% to $469 million on a reported basis and was up slightly in constant currency.

Results included approximately 3 points of negative impact from a timing shift of wholesale shipments earlier in the year to maximize full-price selling. In retail, comparable store sales in Europe accelerated to 12% growth, with a 13% increase in brick and mortar stores and an 11% increase in digital commerce.

Europe wholesale revenue decreased 6% to prior year on a reported basis and 8% in constant currency, with stronger re-order trends offset by the previously disclosed timing impacts noted above.

Asia revenue in the fourth quarter increased 1% to $394 million on a reported basis and 7% in constant currency. Comparable store sales in Asia increased 6%, with a 4% increase in our brick and mortar stores and a 19% increase in digital commerce.

Gross profit for the fourth quarter of Fiscal 2024 was $1.0 billion and gross margin was 66.6%. Adjusted gross margin was also 66.6%, 480 basis points above the prior year.

Gross margin expansion was driven by lower freight costs, favorable channel and geographic mix shifts, and AUR growth across all regions.

Recent pressure from cotton inflation started to abate late in the fourth quarter as expected based on moderating cotton costs.

Operating income for the fourth quarter of Fiscal 2024 was $108 million and operating margin was 6.9% on a reported basis. On an adjusted basis, operating income was $137 million and operating margin was 8.7%, 380 basis points above the prior year.


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The threat of heavy rain is expected to slowly diminish across southern Florida through the next couple of days as a low pressure center moves northeast off the southeastern U.S., pulling the axis of a trough of low pressure slightly off the coast of Florida early this morning.
 
 

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