Why Ralph Lauren (RL) Stock Is Trading Up Today
Stock Story
Published Feb 08, 2024 02:51PM ET
Updated Feb 08, 2024 04:01PM ET
Why Ralph Lauren (RL) Stock Is Trading Up Today
What Happened: Shares of fashion brand Ralph Lauren (NYSE:RL) jumped 17% in the afternoon session after the company reported third-quarter results that blew past analysts' revenue and EPS expectations, driven by strong outperformance in its Europe ($522 million of revenue vs estimates of $471 million) and Asia ($446 million of revenue vs estimates of $428 million) segments. The company also beat Wall Street's same-store sales estimates, posting 9% growth (vs the forecasted 4.3% growth).
Ralph Lauren repurchased approximately $103 million of its shares this quarter and guided to roughly 2% constant currency revenue growth for the full year 2024, and based on current exchange rates, it expects a modest benefit on overall revenue growth (a reversal from its 2-year trend). Overall, this was a really good quarter that should please shareholders.
Is now the time to buy Ralph Lauren? Find out by reading the original article on StockStory.
What is the market telling us: Ralph Lauren's shares are somewhat volatile and over the last year have had 3 moves greater than 5%. But moves this big are very rare even for Ralph Lauren and that is indicating to us that this news had a significant impact on the market's perception of the business.
Ralph Lauren is up 18.7% since the beginning of the year. Investors who bought $1,000 worth of Ralph Lauren's shares 5 years ago would now be looking at an investment worth $1,386.
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Written By: Stock Story
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