RL - Ralph Lauren reports FQ1 earnings beat; reaffirms FY22 guidance and issues Q2 outlook
- Ralph Lauren press release ( NYSE: RL ): Q1 Non-GAAP EPS of $1.88 beats by $0.17 .
- Revenue of $1.5B (+8.7% Y/Y) beats by $100M .
- Adjusted gross margin was 68.0%, 180 basis points below the prior year on a reported basis and down 80 basis points in constant currency.
- In the first quarter of Fiscal 2023, the company had an effective tax rate of approximately 24% on both a reported basis and an adjusted basis.
- For Fiscal 2023 , the company continues to expect constant currency revenues to increase approximately high single digits to last year on a 52-week comparable basis, with our outlook centered around 8%.
- The company continues to expect operating margin for Fiscal 2023 in a range of approximately 14.0% to 14.5% in constant currency.
- Gross margin is still expected to increase approximately 30 to 50 basis points in constant currency on a 52-week comparable basis.
- For the second quarter , the company expects revenue growth to be in a range centered around 11% in constant currency to last year.
- Operating margin for the second quarter is expected to be in a range of 15.4% to 15.7% in constant currency. Gross margin is expected to contract 40 to 80 basis points to last year in constant currency.
- Second quarter and full year Fiscal 2023 tax rates are both expected to be in the range of 25% to 26%, assuming a continuation of current tax laws.
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The company continues to plan capital expenditures for Fiscal 2023 of approximately $290 million to $310 million.
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Ralph Lauren reports FQ1 earnings beat; reaffirms FY22 guidance and issues Q2 outlook