Q318 - Sales just in line with guidance
RL reported adj Q3 EPS of $2.03, ahead of consensus $1.87 and constant currency revenues largely in line. The beat is driven primarily by gross margin, and inventory remains well-controlled. While delivering on guidance, we believe expectations had heightened as a result of the better than expected Holiday sales reported by many retailers over the past month. Given the significant inventory and distribution reduction initiatives at RL, it would have been difficult to expect the company to be able to chase into the better industry trends. Nevertheless we expect some disappointment that RL did not benefit more from the strong Holiday period.Ralph Lauren designs, markets, and distributes lifestyle products, including apparel, accessories, home furnishings, and other licensed product categories. The company's brand names include Ralph Lauren, Ralph Lauren Collection, Ralph Lauren Purple Label, Polo Ralph Lauren, Double RL, Lauren Ralph Lauren, Polo Ralph Lauren Children, Chaps, and Club Monaco, among others. The company sells directly to customers via its retail stores, concession-based shop-within-shops, and through its own digital commerce sites; while its international licensing partners operated Ralph Lauren stores, Ralph Lauren concession shops, and Club Monaco stores and shops. The company has three segments: North America ; Europe; and Asia.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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