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Ralph Lauren: First Quarter 2023 Earnings Update

Industry: Fashion & Accessories
Current: Company Performance

Ralph Lauren revenue grew by 8% in Q1 2023 year-over-year on a reported basis and 13% on a constant currency basis
Ralph Lauren reported GAAP Diluted Earnings per Share (EPS) of $1.73
For the fiscal year 2023, the management expects revenue growth of around 8% (constant currency basis)

On August 9, 2022, Ralph Lauren reported Q1 2023 revenue of $1.5 billion (an increase of 8% year-over-year on a reported basis and 13% growth on a constant currency basis) on GAAP Diluted Earnings per Share (EPS) of $1.73.

Summary: Ralph Lauren’s Q1 2023 revenue grew 8% on a reported basis compared to Q1 2022. Ralph Lauren had four segments: North America, Europe, Asia, and Other non-reportable segments

North America net sales grew by 6% vs Q1 2022 primarily due to increased sales through physical stores (+5%) and digital commerce (+2%).
Europe net sales increased by 17% vs Q1 2022 primarily due to increased sales through physical stores (+45%) and digital commerce (+7%).
Asia net sales grew by 16% vs Q1 2022 primarily due to increased sales through physical stores (+17%) and digital commerce (+37%).

The company reported a GAAP operating margin of 12% during Q1 2023, a year-over-year decrease of 420 bps. On the bottom line, the company reported a GAAP Diluted EPS of $1.73, and Non-GAAP earnings came to $1.88 per share.

Guidance: For the fiscal year 2023, the management has guided to -

Revenue growth is expected to increase approximately by 8% on a constant currency basis.
Operating Margin is expected to be in the range of 14.0% to 14.5% on a constant currency basis.
Capital Expenditure is expected to be in the range of $290 million to $310 million.

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