Ralph Lauren up 8% at six month high following earnings: Additional call notes
- Ecommerce comps were down mid-single digits (better in Europe) due to decreased promotions; sees mid to high single digit decrease in comps for same reasons.
- Co is delvoping flagship ecommerce platform, which will become very important part of business.
- Co is cutting lead times.
- SG&A savings will be weighted to 2H.
- Europe comps fell low single digits.
RL at six month high after reproting first quarter since announcing Way Forward Plan (restructuring). Mgmt set expectations appropriately low in early June and upside Q2 sales guidance has been well received as co focues on improving margins.