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Ralph Lauren (RL) Stock Falls as CEO Announces Leave
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Shares of Ralph Lauren Corporation (RL - Free Report) closed down over 12% at $76.61 per share on Thursday after the retailer released their Q3 earnings report and announced that CEO Stefan Larsson will be leaving, due to disagreement on the future of the company.
Ralph Lauren also reported adjusted earnings of $1.86 per share which topped the Zacks Consensus Estimate of $1.64. The company’s net revenue of $1.714 billion also beat the Zacks Consensus Estimate of $1.708 billion. Net revenue declined about 12% from $1.946 billion last year.
Ralph Lauren stated that the net revenue was consistent with their Way Forward Plan, which was announced in June 2016. “This quarter, we continued to drive the execution of the Way Forward plan -- refocusing and evolving our iconic product core, cutting our lead times, and aligning supply with demand -- to put the foundation in place to drive demand back to the business,” said Stefan Larsson, President and Chief Executive Officer.
Net sales were down by 25% to $582 million year-over-year. Gross profit came in at $983 million, which also dropped 10% from the year ago period of $1.094 billion.
Under the Way Forward Plan, Ralph Lauren expects to save about $180 to $220 million annually on expenses related to operating and real estate portfolio in fiscal 2017. The company is also expecting to spend about $550 million on charges as a result of fiscal 2017 and the Way Forward Plan. In Q3, $91 million was recorded in restructuring, related impairment, and inventory charges.
Today, Ralph Lauren is a Zacks Rank #4 (Sell).
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Ralph Lauren (RL) Stock Falls as CEO Announces Leave
Shares of Ralph Lauren Corporation (RL - Free Report) closed down over 12% at $76.61 per share on Thursday after the retailer released their Q3 earnings report and announced that CEO Stefan Larsson will be leaving, due to disagreement on the future of the company.
Ralph Lauren also reported adjusted earnings of $1.86 per share which topped the Zacks Consensus Estimate of $1.64. The company’s net revenue of $1.714 billion also beat the Zacks Consensus Estimate of $1.708 billion. Net revenue declined about 12% from $1.946 billion last year.
Ralph Lauren stated that the net revenue was consistent with their Way Forward Plan, which was announced in June 2016. “This quarter, we continued to drive the execution of the Way Forward plan -- refocusing and evolving our iconic product core, cutting our lead times, and aligning supply with demand -- to put the foundation in place to drive demand back to the business,” said Stefan Larsson, President and Chief Executive Officer.
Net sales were down by 25% to $582 million year-over-year. Gross profit came in at $983 million, which also dropped 10% from the year ago period of $1.094 billion.
Under the Way Forward Plan, Ralph Lauren expects to save about $180 to $220 million annually on expenses related to operating and real estate portfolio in fiscal 2017. The company is also expecting to spend about $550 million on charges as a result of fiscal 2017 and the Way Forward Plan. In Q3, $91 million was recorded in restructuring, related impairment, and inventory charges.
Today, Ralph Lauren is a Zacks Rank #4 (Sell).
Long-Term Buys You Won't See in the NewsThe stocks you see in today's headlines may not be in the news tomorrow or next week. If you're looking for profitable long-term investments, you may be interested to see what Zacks Research is recommending to our private members. These moves have double and triple-digit profit potential. Starting now, you can look inside our stocks under $10, home run and value stock portfolios, plus more. Want a peek at this exclusive information? Click here>>