Ralph Lauren 4Q Profit Drops on Higher Tax Expense, Restructuring Costs

Date : 05/14/2019 @ 1:52PM
Source : Dow Jones News
Stock : Ralph Lauren Corp. (RL)
Quote : 110.685  -0.115 (-0.10%) @ 3:27PM

Ralph Lauren 4Q Profit Drops on Higher Tax Expense, Restructuring Costs

Ralph Lauren Polo (NYSE:RL)
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By Kimberly Chin

 

Ralph Lauren Corp. (RL) said profit fell 23% in the fourth quarter as the company had a higher tax expense compared with a benefit in the comparable quarter a year ago, as well as higher restructuring costs and other charges.

The retailer posted a profit of $31.6 million, or 39 cents a share, compared with $41.3 million, or 50 cents a share, a year earlier. Analysts polled by Refinitiv were expecting earnings of 17 cents a share.

Adjusted earnings were $1.07 a share, above analysts' expectations of 90 cents a share.

Net revenue for the quarter fell 1.6% to $1.51 billion from the year prior. Analysts were expecting revenue of $1.48 billion.

Comparable-store sales rose 1% excluding currency fluctuations. Analysts polled by Consensus Metrix had expected a 1.2% increase.

 

Write to Kimberly Chin at kimberly.chin@wsj.com

 

(END) Dow Jones Newswires

May 14, 2019 08:37 ET (12:37 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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