Ralph Lauren shares rise after profit blows past expectations, dividend raised
Ralph Lauren Corp. shares rose 2% in Tuesday premarket trading after the luxury brand reported fiscal fourth-quarter profit that far exceeded expectations and raised its dividend. Net income totaled $31.6 million, or 39 cents per share, down from $41.3 million, or 50 cents per share, last year. Adjusted EPS was $1.07, ahead of the 89-cent FactSet guidance. Revenue totaled $1.51 billion, down from $1.53 billion last year but up from the $1.48 billion last year. Revenue in North America fell 7% to $708 million, with wholesale revenue down 10% due to weakness in some spring fashions and off-price reductions. North American same-store sales fell 4%, including a 7% decline in stores and a 6% increase in e-commerce. Ralph Lauren raised its dividend by 10% to an annual rate of $2.75 per share, payable on July 12, 2019 to shareholders of record as of June 28, 2019. Ralph Lauren stock has gained 14.3% for the year to date while the S&P 500 index is up 12.2% for the period. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.