Ralph Lauren Corp. (RL: Quote) reported first-quarter net income of $193 million, or $2.03 per share, up from $184 million, or $1.90 per share, for the first quarter of Fiscal 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $1.78 per share for the quarter. Analysts' estimates typically exclude special items.
The growth in net income and net income per share principally relates to the higher operating income, in addition to a lower effective tax rate. Increased net income per share was also supported by lower weighted average shares outstanding during the first quarter of Fiscal 2013.
Net revenues for the first quarter of Fiscal 2013 increased 4% to $1.6 billion from $1.5 billion in the comparable period last year. The growth in net revenues reflects balanced expansion across the Company's wholesale, retail and licensing segments. Fourteen analysts had consensus revenue estimate of $1.58 billion for the quarter.
In the second quarter of Fiscal 2013, the Company expects consolidated net revenues to decline by a mid-single-digit percentage, as a low-double-digit decline in wholesale revenues is partially offset by a mid-single-digit increase in retail revenues. Thirteen analysts have consensus revenue estimate of $1.98 billion for the second-quarter.
The Company continues to expect consolidated net revenues for Fiscal 2013 to increase by a mid-single-digit percentage. Sixteen analysts have consensus revenue estimate of $7.24 billion for fiscal 2013.
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by RTT Staff Writer
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