Ralph Lauren Exits 2019 on Solid Footing, but Margin Expansion Sustainability Remains a Concern
We don’t plan a change to our $107 fair value estimate for narrow-moat Ralph Lauren, following in line fiscal 2019 results. For the year, sales grew 2% on a 61.7% adjusted gross margin and 11.5% adjusted operating margin versus our 2.4%, 61.5%, and 11.3% forecasts, respectively. Additionally, management’s initial fiscal 2020 constant currency sales and profit guidance generally aligns with our low-single-digit and flat operating margin outlook. However, even after accounting for the mid-single-d...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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