Ralph Lauren beats by $0.04, reports revs in-line, guides JunQ revs below consensus; names new CFO; increases dividend by 10% (164.17)
- Reports Q4 (Mar) earnings of $1.71 per share, excluding non-recurring items, $0.04 better than the FactSet Consensus of $1.67; revenues rose 1.8% year/year to $1.57 bln vs the $1.57 bln FactSet Consensus.
- Co guides to Q1 (Jun) revenue being down slightly to prior year vs +3.3% FactSet consensus, or $1.55 bln. However, co expects revs will be up slightly to last year on a constant currency (CC) basis. The revenue outlook includes approximately 50 basis points of negative impact from the earlier timing of Easter, which benefited Q4 results.
- For FY25, co expects revenue to increase low-single digits to last year on a constant currency basis, centering on about 2-3%. This is not comparable to consensus.
- Co also names Justin Picicci as CFO, effective May 23, 2024. Mr. Picicci has a successful 18-year track record at Ralph Lauren with progressive responsibilities spanning Commercial and Corporate Finance functions in Asia and North America, most recently serving as Enterprise CFO. Jane Nielsen, who joined the company as CFO in 2016 and has served as CFO and COO since 2019, will remain as COO, continuing to lead key operational and strategy functions through March 2025.
- Co also announces a 10% increase in the regular quarterly dividend to $0.825 per share. New yield is 2.0%.