Ralph Lauren Guides Q1, FY23 Revenue Growth; Q4 Results Top Estimates; Boosts Dividend 9%

(RTTNews) - While reporting its financial results for the fourth quarter on Tuesday, luxury fashion house Ralph Lauren Corp. (RL) said it expects revenues to increase in a range centered around 8 percent in constant currency for the first quarter and approximately high single digits or around 8 percent in constant currency for the full year 2023.

On average, analysts polled by Thomson Reuters expect the net sales to grown 16.6 percent to $1.42 billion for the quarter and 3.5 percent to $6.38 billion for the year.

The company noted that the outlook is based on its best assessment of the current macroeconomic environment, including global supply chain, inflationary pressures, the war in Ukraine, COVID-19 variants and other COVID-related disruptions. Ralph Lauren also announced that its Board of Directors approved a 9 percent higher regular quarterly cash dividend of $0.75 per share on the Company's Common Stock, payable on July 15, 2022 to shareholders of record at the close of business on July 1, 2022.

For the first quarter, the company reported net income of $24.4 million or $0.34 per share, compared to a net loss of $74.1 million or $1.01 per share in the prior-year quarter. Excluding items, adjusted earnings were $0.49 per share, compared to last year's $0.38 per share.

Net revenues for the quarter increased 18 percent to $1.52 billion from $1.29 billion in the same quarter last year. It was up 22 percent in constant currency.

The Street was looking for earnings of $0.38 per share on net sales of $1.46 billion for the quarter.