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MarketScreener Homepage  >  Equities  >  Nyse  >  PVH Corporation    PVH

PVH CORPORATION (PVH)
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Ralph Lauren beat fuelled by fewer discounts, cost cuts

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07/31/2018 | 11:44am EST
FILE PHOTO: A man walks past Ralph Lauren Corp.'s  flagship Polo store on Fifth Avenue in New York

(Reuters) - Ralph Lauren Corp topped quarterly profit and revenue estimates as the luxury apparel maker benefited from a focus on offering fewer discounts and cost cutting, sending its shares up over 5 percent on Tuesday.

The New York-based fashion company, like peers Tapestry Inc and Calvin Klein-owner PVH Corp, has pulled heavily discounted products from department store shelves to regain its premium brand status.

Ralph Lauren, known for its signature Polo shirts and classic tweed blazers, is also investing in its core brands, cutting jobs, reducing excess inventory and shutting underperforming stores, while pushing its supply chain to bring the latest fashion to stores faster.

The company boosted spending on marketing by about 20 percent mainly for its Spring Polo campaign that features its iconic white Polo shirt, helping the men's Polo shirts category grow double digits percentage in the quarter.

Ralph Lauren also tweaked its revenue forecast for fiscal 2019. It now expects revenue to be down slightly, compared with a low-single digit decline it forecast earlier.

"Improvements in the business, as well as the raised guidance help increase investor confidence in long-term growth," said RBC Capital analyst Brian Tunick.

Ralph Lauren's shares rose as much as 8.8 percent to an over three-year high of $147.79, before paring gains. They have gained over 30 percent this year.

The iconic brand is also expanding in international markets through new small-format stores as its biggest North America market saturates.

"Mainland China is our largest near-term opportunity," Chief Executive Officer Patrice Louvet said on a post-earnings call, adding that the tariffs announced so far have had a minimal impact on business.

Ralph Lauren is also wooing millennials through new designs that add embroidery, print and color blocking, refreshed fabrics and increased functionality.

Net income jumped 83 percent to $109 million in the second ended June 30, also helped by a lower tax rate.

Excluding certain items, the company earned $1.54 per share, going past analysts' average estimate of $1.36, according to Thomson Reuters I/B/E/S.

Gross margins increased 120 basis points to 64.4 percent, while average revenue per unit sold rose 8 percent.

Revenue rose 3.2 percent to $1.39 billion, the first increase in at least 13 quarters, also topping estimate of $1.36 billion.

The company is targeting a return to revenue growth in fiscal 2020 in constant currency.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Bernard Orr and Sriraj Kalluvila)

Stocks mentioned in the article
ChangeLast1st jan.
PVH CORPORATION 2.44% 110.18 Delayed Quote.18.54%
RALPH LAUREN CORP 3.42% 111.57 Delayed Quote.7.84%
TAPESTRY INC 2.66% 37.08 Delayed Quote.9.87%
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Financials ($)
Sales 2019 9 577 M
EBIT 2019 959 M
Net income 2019 709 M
Debt 2019 2 197 M
Yield 2019 0,14%
P/E ratio 2019 12,44
P/E ratio 2020 10,88
EV / Sales 2019 1,10x
EV / Sales 2020 1,03x
Capitalization 8 345 M
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 137 $
Spread / Average Target 24%
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Managers
NameTitle
Emanuel Chirico Chairman & Chief Executive Officer
Michael A. Shaffer Chief Operating & Financial Officer, Executive VP
Eileen Mahoney Chief Information Officer & Executive VP
Joseph B. Fuller Independent Director
Henry J. Nasella Independent Director
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