Ralph Lauren Q1 Results Match Estimates - Quick Facts

(RTTNews) - Apparel maker Ralph Lauren Corp. (RL) posted a drop in first-quarter net income to $181 million, or $1.94 per share, from $193 million, or $2.03 per share, a year before. On average, 15 analysts polled by Thomson Reuters expected earnings per share of $1.94 for the quarter. Analysts' estimates typically exclude one-time items.

Net revenues for the first quarter of fiscal 2014 rose 4% year-on-year to $1.65 billion, from $1.59 billion, and also met analysts' expectation of $1.65 billion for the period. Excluding the net negative impact from foreign currency translation and discontinued businesses, net revenues advanced nearly 6% in the first quarter.

Looking ahead to the second quarter of fiscal 2014, Ralph Lauren expects consolidated net revenues to increase by a low-single-digit percentage, including a 200 basis point net negative impact from foreign currency translation and discontinued businesses. Retail sales are likely to grow at a mid-single digit rate while wholesale revenues are projected to be flat to the prior year, as a result of the timing of certain seasonal shipments and a planned conversion from legacy systems to SAP.

For fiscal 2014, the company still expects 4% - 7% growth in consolidated net revenues, including a 150 basis point net negative impact from foreign currency translation and an additional 100 basis point headwind from discontinued businesses.