Ralph Lauren Projects FY20 Revenue Growth At Low End Of Guidance Range

(RTTNews) - Ralph Lauren Corp. (RL) said, for fiscal 2020, the company continues to expect net revenue growth of 2 percent to 3 percent on a constant currency basis but now expects results at the low end of this range, primarily based on intensifying headwinds in Hong Kong. The company continues to expect operating margin to increase 40 to 60 basis points in constant currency.

In the third quarter of fiscal 2020, the company expects net revenue to be about flat in constant currency. Operating margin is expected to be flat to down about 20 basis points in constant currency.

For the second quarter, earnings per share was $2.55 on an adjusted basis compared to $2.26 on an adjusted basis, a year ago. On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $2.39, for the quarter. Analysts' estimates typically exclude special items.

Second-quarter revenue increased by 1 percent to $1.7 billion on a reported basis and was up 2 percent in constant currency, driven by Europe and Asia. Analysts expected revenue of $1.69 billion, for the quarter.

Shares of Ralph Lauren Corp. were up 9% in pre-market trade on Thursday.