Shares of Ralph Lauren (NYSE: RL) fell just shy of 10% at one point in morning trading on May 20. The retailer , which controls multiple brands, reported fiscal fourth-quarter 2021 earnings today. Although the news was actually fairly upbeat, investors sold the stock.
Ralph Lauren brought in $1.29 billion in the quarter, up a touch from $1.27 billion in the same quarter of the previous fiscal year. Constant-currency sales in North America and Europe were down 10% and 4%, respectively, with a 28% sales jump in Asia offsetting the weakness. Analysts had been looking for overall revenue of $1.21 billion. On the bottom line the company posted adjusted earnings per share of $0.38 compared to a $0.68 loss in the previous year and analyst projections of a $0.73 loss. Ralph Lauren also reinstated its dividend at its pre-coronavirus level of $0.69 per share.
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Why Ralph Lauren Stock Fell as Much as 10% Today