Shares of the American apparel company Ralph Lauren Corporation (NYSE:RL) surged over 15% on Wednesday after the company released its fourth-quarter financial results.
The company had beaten the expectations that some financial analysts had predicted for the company.
According to a recent article from Reuters, analysts had predicted that Ralph Lauren’s same-store sales would drop by approximately 2.3%.
Although sales continued to fall, the company saw a “1 percent drop in same-store figures in the fourth quarter,” according to Reuters.
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Ralph Lauren Q4
Revenue for the fourth quarter also decreased by 2% on a reported basis and was down 7% in constant currency, which is better than the 8% to 10% decrease in constant currency that the company has predicted.
North American revenue fell by 14% to $759 million USD, while European income decreased by 13% to $420 million. Revenue for Asia saw an increase of 17% and reached a total of $257 million, which the company attributes to “strength in both retail and wholesale channels.”
The company predicts that for fiscal 2019, revenue will decrease in the low single digits and expect that first-quarter revenue will be flat.
Ralph Lauren, the Executive Chairman and Chief Creative Officer of Ralph Lauren Corp., has said that he is “incredibly proud of what the team is doing to elevate and energize our brand around the world.”
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President and CEO of the company, Patrice Louvet, has said that the company has “delivered on [its] commitments for the fourth quarter and full year, and…made strong operational progress.”
After the results had been released, shares of Ralph Lauren Corp. went up by over 15% on Wednesday. As of 12:50 pm EDT, the company’s share value had reached approximately $134.58.
Share value for Ralph Lauren Corp. has already reached a high of $136.43 and a low of $122.47.
Comparatively, the company closed at $116.61 on Tuesday.
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