RL - Why Ralph Lauren Stock Soared Today
2024-02-08 19:25:10 ET
Shares of Ralph Lauren (NYSE: RL) rose 16.8% on Thursday after the fashion and apparel company announced strong quarterly results.
For its fiscal third-quarter 2024 (ended Dec. 30, 2023), Ralph Lauren's quarterly revenue grew 6% year over year (5% at constant currency) to $1.934 billion. That translated to a 24% increase in adjusted ( non-GAAP, or generally accepted accounting principles ) net income to $275 million, or $4.17 per share. Analysts, on average, were only expecting earnings of $3.54 per share on revenue of $1.87 billion.
Ralph Lauren CEO Patrice Louvet called it "a strong holiday," noting that results exceeded expectations, with particular outperformance in the company's direct-to-consumer business (where comparable-store sales grew 9%). Ralph Lauren also saw better-than-expected performance in all regions, led by 16% constant-currency growth in Asia.
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Why Ralph Lauren Stock Soared Today