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Ralph Lauren Corporation (RL-3.24%) has submitted its 10-Q filing for the quarterly period ended September 28, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenues to $1.726 billion from $1.633 billion in the same quarter the previous year. The increase is attributed to growth across all reportable segments.
Gross profit for the quarter increased to $1.155 billion, representing 67.0% of net revenues, compared to 65.5% in the same quarter of the previous year. This increase is due to favorable product, channel, and geographic mix shifts.
Selling, general, and administrative expenses increased to $958.4 million from $896.3 million, primarily due to higher marketing investments and compensation-related expenses.
Net income for the quarter was $147.9 million, up from $146.9 million in the previous year. The increase in net income was due to higher operating income and non-operating income.
Cash provided by operating activities was $374.5 million, while cash used in investing and financing activities was $279.8 million and $439.9 million, respectively.
Ralph Lauren had a net cash and short-term investments position of $548.2 million as of September 28, 2024. The company repurchased $274.7 million of its Class A common stock during the quarter.
The filing also details the company's ongoing Next Generation Transformation project, aimed at transforming its business operations to a global direct-to-consumer-oriented model.
The company continues to focus on expanding its retail and digital commerce footprint, with a decrease in global average store count by 21 stores and concession shops compared to the previous year.
Ralph Lauren's effective tax rate for the quarter was 21.4%, compared to 11.2% in the previous year, reflecting the absence of a one-time tax benefit recorded in the prior year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ralph Lauren Corporation quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.