99.15 +0.08 (0.09%)
After hours: 4:11PM EDT
|Bid||98.62 x 800|
|Ask||98.74 x 1100|
|Day's Range||97.92 - 102.56|
|52 Week Range||82.69 - 139.56|
|Beta (3Y Monthly)||1.24|
|PE Ratio (TTM)||18.25|
|Earnings Date||Nov 4, 2019 - Nov 8, 2019|
|Forward Dividend & Yield||2.75 (2.67%)|
|1y Target Est||123.75|
Ralph Lauren Corporation announced that its Board of Directors has declared a regular quarterly dividend of $0.6875 per share on Ralph Lauren Corporation Common Stock. The dividend is payable on October 11, 2019 to shareholders of record at the close of business on September 27, 2019.
(Bloomberg) -- Neiman Marcus Group Inc. will get another chief financial officer for the second time in two years when Adam Orvos steps down next month to pursue a job with another company.The luxury retailer is in the process of naming a successor, but Orvos will remain at the company until Oct. 11 to help with the transition, according to a Neiman Marcus representative.Orvos has been in the job less than 18 months, after joining Dallas-based Neiman in April 2018. He assumed the CFO role from Dale Stapleton, who was interim CFO since June 2017. Before Neiman, Orvos was chief executive officer at Total Wine & More, according to a company release at the time.“Adam led and guided us through our debt refinancing, which was recently completed and has provided us ample runway to execute on our transformation,” Geoffroy van Raemdonck, Neiman’s CEO, said in a statement sent to Bloomberg.As Orvos departs, the company is adding to its executive team, appointing Lana Todorovich as its new president and chief merchandising officer. Prior to Neiman, Todorovich was president of North America Wholesale at Ralph Lauren, president of Women’s Apparel Group at Global Brands Group and president at Perry Ellis International, according to a company statement.Neiman Marcus is under pressure as consumers go online instead of going to department stores. The retailer said same-store sales fell fell 1.5% in its fiscal third quarter ended April 27 from a year earlier, citing heavy promotional pricing and a slowdown for some of its top 50 brands. The earnings report listed about $4.5 billion in long-term debt.The company bought itself more time for a turnaround after it completed a debt exchange that extended the due dates. Neiman said in April it’s considering strategic alternatives for its German online unit MyTheresa, without specifying what they might be. MyTheresa has been at the center of a dispute with creditors since the unit was effectively transferred out of bondholders’ reach last September.The retailer’s first-lien term loan has given back most of its gains since the debt swap in June, trading around 82 cents on the dollar. The unsecured notes have fared worse, with the third-lien bonds due October 2024 trading around 33 cents on the dollar, according to Trace bond price data.Neiman’s debt load stems from two buyouts by private equity firms. The most recent was struck in 2013 when Ares Management LLC and the Canada Pension Plan Investment Board acquired the company for around $6 billion.Raemdonck, who took over the top job last year, is overhauling senior management. Departures have included President and Chief Merchandising Officer Jim Gold, according to a regulatory filing, as well as the executive vice president for Neiman Marcus stores, according to the Dallas Morning News.(Updates with company’s new president and chief merchandising officer in the fifth paragraph)To contact the reporter on this story: Katherine Doherty in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Rick Green at email@example.com, Dawn McCartyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Polo Ralph Lauren has launched an ad campaign on short-form video social media site TikTok to promote its line of U.S. Open tennis gear, a strategy the company says is aimed at winning over “the next generation of consumers.” The campaign, built around TikTok’s Hashtag Challenge Plus platform and the hashtag #winningRL, will feature “Booksmart” actress Diana Silvers in a series of tennis videos. Using the Silvers videos as inspiration, TikTok users are encouraged to post their own videos of themselves “winning.” The video creators with the most engagement will receive official Polo Ralph Lauren U.S. Open apparel, per Women’s Wear Daily. “We think that TikTok is such an exciting new platform that we’re really looking forward to experimenting on,” Alice Delahunt, chief digital officer for Ralph Lauren, told WWD.
Ralph Lauren (RL) witnesses softness at its North America segment, particularly the digital business. However, its Next Great Chapter growth plan is encouraging.
Bank of America Merrill Lynch slashed its price target for Ralph Lauren Corp. to $76 from $98 because of the headwinds the luxury clothing and lifestyle brand faces, including challenges at department stores and the trade war. News that Macy's Inc. will "tighten its inventory" will weigh on Ralph Lauren at a time when the company is revitalizing its brand, analysts said. "In the U.S., price has benefited from lean inventory and better consumer spending, but traffic remains a challenge, signaling weak brand demand, in our view," Bank of America added, saying that the international business has successfully offset any weakness in U.S. sales. But that will wind down as the comparisons become tougher. "In the U.S., price has benefited from lean inventory and better consumer spending, but traffic remains a challenge, signaling weak brand demand, in our view. International has enabled Ralph Lauren to offset sluggish U.S. sales, but we expect the benefit to wane as Ralph Lauren laps tougher comparisons, especially in Europe. "Macy's asserted that U.S. consumers have no appetite for higher prices," the note said. "In our view, the risks for Ralph Lauren are near-term disruption with only a month notice on tariffs, any slowing in consumer spending, and further escalation in the trade war." Bank of America reiterated its underperform stock rating. Ralph Lauren stock has fallen almost 39% over the last year while the S&P 500 index is down 0.2% for the period.
Hanesbrands (HBI) grapples with weak innerwear unit and adverse currency impacts. However, strong international business along with efforts to boost savings is likely to provide cushion.
It was another largely downbeat earnings season for department stores, but Citigroup warns that those aren’t the only stocks that suffer from this ongoing trend.
Rating Action: Moody's upgrades five and affirms nine classes of MSBAM 2012- C5. Global Credit Research- 16 Aug 2019. Approximately $943 million of structured securities affected.
Delayed China tariffs on certain products is great news for companies preparing for the back-to-school and holiday shopping seasons.
In January, the Mediterranean Shipping Company vessel Zoe had 270 containers go overboard into the North Sea. The cost of lost cargo can be enormous. In the first quarter of 2019, Ralph Lauren (NYSE: RL) posted a net profit margin of 6.83 percent.
(Bloomberg Opinion) -- The slew of value- and mid-price retailers that have entered bankruptcy in recent years is getting some posh company.Barneys New York, the upscale department store, said Tuesday that it had filed for Chapter 11 bankruptcy protection after reports that it was seeking a lifeline as it grappled with high rents and tough competition. The retailer said it planned to close 15 physical stores. The remaining business will include five flagship department stores, two Warehouse stores and its e-commerce shop.Barneys isn’t a particularly large chain; Saks Fifth Avenue and Neiman Marcus are close competitors that have more stores. So its closings won’t roil the retail landscape like those of ubiquitous retailers such as Sears or Toys “R” Us. However, thanks to paparazzi photos of Kim Kardashian and other celebrities stopping by its stores, and the reputation of its Freds restaurant as a hub for New York’s elite, it looms large as a defining emblem of American luxury.Its financial woes are similarly symbolic because they demonstrate just how much the pressure to innovate in the luxury business has ramped up in recent years.Luxury apparel and accessories brands and stores weren’t exactly at the leading edge of e-commerce, with some in the industry believing that consumers would never migrate en masse to online shopping for expensive pieces that were traditionally sold with high-touch customer service. That notion has been disproved, and online is quickly becoming the category’s most important battleground.It isn’t that Barneys stood still on e-commerce. I remember interviewing a senior e-commerce executive there in 2015 and thinking the company was making good progress on buzzy industry ideas such as personalization. The problem is competition for a relatively narrow market — meaning shoppers who can shell out $4,820 for a midi dress — is becoming fiercer.Richemont’s Net-a-Porter has established itself as a go-to digital destination. Matches Fashion, which is based in the U.K. but counts the U.S. as its largest market, is becoming a formidable e-commerce force with a particular emphasis on introducing customers to new, under-the-radar designers. That is something Barneys has also been known for over the years.Meanwhile, marquee luxury brands are lavishing more attention on their own stores and websites, seeking more control over the customer experience. And resale marketplaces such as Farfetch Ltd. and the RealReal Inc. are putting secondhand luxury inventory at shoppers’ fingertips. In other words, customers who might have defaulted to Barneys five years ago have seen an explosion of other options.Barneys isn’t just a victim of evolving shopping habits, though. The company said in its press release that it has also been choked by high rents. The Wall Street Journal has reported the rent on its Madison Avenue store has risen to $27.9 million from $16.2 million earlier this year. According to data from CBRE, rents in prime shopping areas in Manhattan have fallen from recent peaks, but they remain elevated from where they were at the beginning of the decade.It’s clear that the value of the Manhattan or other big city flagships is being re-evaluated up and down the retail food chain. Lord & Taylor closed its storied Manhattan location, and Ralph Lauren Corp. and Abercrombie & Fitch Co. have also moved to give up New York flagships. These chains seem to be deciding that they don’t need flashy showpieces, just productive stores.The trouble is, an ultra-high-end retailer like Barneys does need showpieces. It needs for its stores to be emporiums of rarity and inspiration. Matches Fashion recently set up a temporary shop on a yacht and ferried customers around the Italian Coastline. The renovated Selfridges in London is setting an extremely high bar for what global luxury shopping should look like. Barneys needs to keep up, and having sprawling, well-appointed stores in big cities is part of that.So, while less-upscale retailers can afford to ditch or shrink their lavish flagships, Barneys simply can’t. And that makes its recovery that much more difficult.Barneys may emerge from its bankruptcy as a smaller but healthier company. The fact that it ended up here, though, should put the rest of the luxury world on notice. No matter how iconic your brand, you aren’t immune to sweeping change.To contact the author of this story: Sarah Halzack at firstname.lastname@example.orgTo contact the editor responsible for this story: Daniel Niemi at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Sarah Halzack is a Bloomberg Opinion columnist covering the consumer and retail industries. She was previously a national retail reporter for the Washington Post.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Ralph Lauren (NYSE: RL ) reported first-quarter earnings of $1.77 per share, which beat the analyst consensus estimate of $1.66. This is a 14.94% increase over earnings of $1.54 per share from the same ...
Another busy day awaits investors here in the middle of summer: U.S.-China trade talks resume, Personal Income & Spending data is out and Q2 earnings continue their torrent.