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Ralph Lauren expects revenue to drop in FY'19

Ralph Lauren Corp. said in guidance it provided May 23 that it expects a net revenue decline in fiscal 2019 as the company reported results for its fourth quarter of fiscal 2018 ended March 31.

The New York-based apparel retailer expects net revenue for fiscal 2019 to decrease in the low single digits in constant currency and operating margin to increase slightly in constant currency, driven by gross margin expansion.

The company expects foreign currency to have minimal impact on both revenue growth and operating margin in fiscal 2019.

For the first quarter of fiscal 2019, Ralph Lauren expects net revenue to be flat to down slightly in constant currency, while operating margin is expected to be up slightly in constant currency.

The apparel retailer expects foreign currency to benefit revenue growth by approximately 150 to 200 basis points in the first quarter and operating margin to improve by 20 to 40 basis points.

Ralph Lauren reported adjusted net income of $74.9 million in its fiscal fourth quarter, beating the mean consensus estimate of $68.6 million, according to S&P Capital IQ. In the prior-year period, the company reported adjusted net income of $74.2 million.

Adjusted EPS for the quarter was 90 cents, compared with EPS of 89 cents in the fourth quarter of fiscal 2017. The mean consensus estimate for normalized EPS as compiled by S&P Capital IQ was 83 cents.

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