Reported 6 months ago
Despite Ralph Lauren forecasting annual revenue growth below market expectations, the company beat quarterly results and named insider Justin Picicci as its new chief financial officer, replacing Jane Nielsen. The apparel maker's shares rose 2% in morning trade as it predicted strong margins for the year, with a focus on improving gross margins by up to 100 basis points. Ralph Lauren has been shifting towards direct-to-consumer channels and digital sales to attract more customers, with its fourth-quarter revenue of $1.57 billion surpassing estimates, driven by robust demand in Europe and Asia. Sales in China grew over 25%, and the company reported better-than-expected earnings of $1.71 per share.
Source: YAHOO