ralph lauren hints at weakness in n.america business, shares fall - times of india
Add details from conference call, update sharing)July 30 (Reuters)-
Ralph Lauren said it expects
Due to the tough retail environment and weak foreign visitor spending, North America\'s annual sales are under pressure to mask upbeat quarterly earnings, sending its share price down about 4%.
Fashion companies, like other clothing companies, are trying to restore growth after years of significant discounts and strategies to flood the market at lower pricesend goods.
The company has launched limited edition clothing and partnered with pro golfer Justin Thomas to revive sales of core products such as its polo shirt during the sports season.
However, the fierce competition in the clothing industry and the popularity of online shopping have put pressure on fashion companies that rely heavily on physical stores. and-
Most of what they sell is mortar shops.
The company is slightly cautious about the retail environment for the coming year and continues to see brick challengesand-
Chief executive Patrice Louvet said after the meeting that mortar traffic, including fluctuations in foreign tourists
Analyst earnings call
The wholesale business is the biggest driver of the company.
North American revenue rose 1% this quarter, offset by weak revenuethan-
Same expected retail-store sales.
In the world, the company continues to perform well, with revenue growth of 1.
5% in Europe and 4. 3% in Asia.
\"We expect our international business to continue to be strong and the outlook for North America will be more challenging,\" said chief financial officer Jane Nielsen . \".
The company expects net income in the second quarter to grow by about 1% on a currency-unchanged basis, and expects a stronger dollar to force revenue to grow by about 90 to 100 basis points.
The company maintained revenue forecasts for the rest of the year.
Net income increased to $117.
1 million, or $1.
47 ending June 29 every quarter from $0. 109 billion or $ month.
$31 per share, excluding $1 in the previous year
Time project, the company made $1.
Net income rose to $1 at $77 per share. 43 billion.
Analysts expect a profit of $1.
$66 per share, earning $1.
42 billion, according to the data of Refinitiv IBES.
Stocks in New York-
S. -based companies rose about 4% in pre-opening trading, followed by a drop of about 6%. (
Nivedita Balu, Bengaluru;
Edit Shailesh Kuber and Anil D\'Silva)
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