--> RL -3.15% Pre Mrket
Polo Ralph Lauren beats by $0.10, reports revs in-line; authorized an additional $500 mln stock repurchase
Reports Q4 (Mar) earnings of $1.41 per share, $0.10 better than the Capital IQ Consensus Estimate of $1.31; total net revenues rose 1.0% year/year to $1.89 bln vs the $1.88 bln consensus. Excluding foreign currency impacts, EPS was $1.69 in the fourth quarter.
- The Company's Board of Directors authorized an additional $500 mln stock repurchase program permitting the Company to purchase shares of Class A Common Stock, subject to market conditions.
- Outlook: The Company currently expects consolidated net revenues for Fiscal 2016 to increase by mid-single digits in constant currency (cons +0.1%) Based on current exchange rates, foreign currency will have an approximate 450 basis point negative impact on Fiscal 2016 revenue growth. Operating margin for Fiscal 2016 is currently expected to be 180-230 basis points below the prior year's level due to negative foreign currency effects.
- In the first quarter of Fiscal 2016, the Company expects consolidated net revenues to be flat in constant currency (cons +0.4%), as retail segment growth is offset by a decline in wholesale revenue which is impacted by our customers' receipt plans due to an earlier Easter this year. Based on current exchange rates, foreign currency will have an approximate 600 basis point negative impact on revenue growth in the first quarter of Fiscal 2016.