Ralph Lauren lowers outlook
The fashion house known for its preppy styles said Q2 earnings per share were nearly flat at $2.45, topping views of $2.15. Sales fell 2% to $1.86 bil, as Ralph Lauren (RL) closed partner-owned stores and boutiques in China. Sales still beat views. Ralph Lauren will replace the shuttered stores with company-run shopping in better locations. Same-store sales, or sales in stores open at least a year, rose 5%. Retail sales jumped 5% to $901 mil. Wholesale revenue dipped 8% to $915 mil as the company shipped fewer goods to European stores. Shares rose 1.1% to 160.75.
