Proactive Investors - Ralph Lauren Corp (NYSE:RL) shares traded higher as the luxury fashion brand’s fourth quarter fiscal 2024 results were better than expected by Wall Street analysts.
For the three months ended March 30, 2024, revenue was up 2% year-over-year at $1.6 billion against the consensus of $1.55 billion.
Adjusted earnings per share (EPS) of $1.71 were ahead of the expected $1.65.
Revenue for the full year of $6.6 billion was in line with estimates and adjusted EPS of $10.31 beat estimates of $10.25.
Ralph Lauren also said its board has approved a 10% increase to its dividend. The new quarterly cash dividend is $0.825 per share for a total annual dividend of $3.30 per share.
"Our teams delivered continued progress on our strategic and financial commitments in year two of our Next Great Chapter: Accelerate plan," Ralph Lauren CEO Patrice Louvet said in a statement.
"Supported by our increasing brand desirability and multiple engines of growth, this year's performance underscores the strength of our long-term strategy, even as we navigate a highly dynamic global operating environment."
The company guided first quarter fiscal 2025 revenue to be down slightly year-over-year on a reported basis due to 160 basis points of foreign currency impact.
It also expects approximately 50 basis points of negative impact from the earlier timing of Easter, which benefitted its Q4 results.
For fiscal 2025, revenue is seen increasing by low-single digits over fiscal 2024 with a negative foreign exchange impact of approximately 90 basis points expected.
Separately, the company announced it has appointed long-time employee Justin Picicci as its new CFO.
Jane Nielsen, who is stepping down from the role of CFO, will remain the company’s chief operating officer to lead operational and strategic functions through to March 2025.
Shares of Ralph Lauren were up 2.6% at about $168 in early trade on Thursday.